The Naval Limitation Treaty had been signed by all major nations, severely cutting back on warship production and world trade was slowing down after the postwar boom, hence fewer merchant vessels were also being built.
A reader of mine, themaninthemoon, has sent in this wonderfully atmospheric photo of River Drive, near Readhead's Shipyard, where the Rum 'n Egg bar once served its early morning repast to the hurrying hordes.
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