Hansard, 1937, March 2nd: "The result of Part II of the Act is that 50 vessels of approximately 186,000 tons gross have been or are being constructed. The total estimated cost of these vessels was £3,686,923, while the total amount advanced to the shipowners concerned was £3,548,124. Ninety-seven vessels of 386,000 tons gross, including 49 British vessels of 238,000 tons gross, have been or will be demolished."
Seems to me that they offered cheap loans as the incentive. Key word being "advanced". They do seem to be small ships (under 5,000tons) replaced by newer small ships. The flexible "tramps" with no set role or route. If you have a steady job, you might not want to speculate on a new build, even with a generous loan. A double hull rule for oilers (and other hazardous loads) in British waters might help push new builds. Having this scheme in place takes some of the sting out of that. Maybe even subsidise (grant not loan) the added cost of the double hull. Lloyds will discount insurance for the double hull too.
So putting a minimum size on the ship may be needed as well....10,000t as in the OTL WW1 N class or later J L Thompson and Sons design.
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