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If I may drop a different pebble into the pool of discussion, ships built in the Far East also benefitted from the low cost of the basic raw material, produced locally with heavy government subsidies. British yards using British Steel were on a loser before they even factored in the cost of labour.
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"You do not ask a tame seagull why it needs to disappear from time to time towards the open sea. It goes. That's all." Bernard Moitessier.
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