in ) on the development, which went significantly over the original budget and led to an overdraft, only to witness a consistent decline in newsprint and pulp prices after 1923, which was caused by overexpansion of the Canadian industry and wasn't predicted by either party of the project, both lacking experience in paper trade. Since on a falling paper market longtime players with established customer bases had a clear advantage, shareholders sold their well-working but overleveraged and loss-making business to International Paper & Power Company in 1927. The deal left AW with a loss of £2.8M, and the whole group collapsed. Shipbuilding Shipbuilding was the major division of the company. From 1879 to 1880 the predecessor shipbuilding company of Charles Mitchell laid down a cruiser for the Chilean Navy at Low Walker Yard. This vessel was later supplied to Japan as the 'Tsukushi' of 1883; the ship was launched as of Armstrong Mitchell build. Between 1885 and 1918 Armstrong built warships for the Royal Navy, Beiyang Fleet, Imperial Russian Navy, Imperial Japanese Navy, and the United States Navy. Amongst these were HMS Glatton which, due to bodged construction, suffered a magazine explosion in Dover Harbour less than one month after commissioning. Armstrong Mitchell and later Armstrong Whitworth built many merchant ships, freighters, tank-ships, and dredgers; notable among them was the ice-breaking train ferries in 1897 and in 1900, built to connect the Trans-Siberian Railway across Lake Baikal. The company built the first polar icebreaker in the world: Yermak was a Russian and later Soviet icebreaker, having a strengthened hull shaped to ride over and crush pack ice. Mergers and demergers In 1927, the defence and engineering businesses merged with those of Vickers Limited to create a subsidiary company known as Vickers-Armstrongs. The aircraft and Armstrong Siddeley motors business were bought by J. D. Siddeley and became a separate entity. Production at the Scotswood Works ended in 1979 and the buildings were demolished in 1982. Products Hydraulic engineering installations The forerunner companies, W. G. Armstrong & Co. and later, from 1883 Sir WG Armstrong Mitchell & Company, were heavily involved in the construction of hydraulic engineering installations. Notable examples include: Development of the Hydraulic 'Jigger', and lifting apparatus, some exhibited at the 1851 Great Exhibition at the Crystal Palace, London. Hydraulic mains system, Limehouse Basin, London, 1850s Swing Bridge, River Tyne, 1873 120 ton hydraulic 'Sheer Leg' crane at Elswick Works,