'Tragedy comes to Clydeside'. On 10th December 1931, almost exactly a year after signing of the contract for the construction of 'Hull Number 534', know as 'Queen Mary' Ocean Liner, the board of the Cunard Company wrote to the shareholders notifying them that the directors have reluctantly decided that it is necessary to suspend the construction of the vessel pending some changes in prospects. The Cunard Company tried to secure financial backing from banks and business, with unsuccess. Finally obtaining a loan from the British Government, in 1934, one condition was that Cunard would merge with the White Star Line, 'Hull Number 552' which became Queen Elizabeth, Cunard's chief British rival at the time and also had been forced by the depression to cancel construction on its Oceanic.