Palmer's employed as much as 80% of the town's working population until its closure in 1933 following purchase by National Shipbuilders Securities Ltd. (NSS). This organisation had been set up by Stanley Baldwin's Conservative government in the 1920s, but the first public statement had been made in 1930 whilst the Labour Party was in office. The aim of NSS was to reduce capacity within the British shipyards. In fact Palmer's yard was relatively efficient and modern, but had serious financial problems. As from 1935, Olympic, the sister ship of RMS Titanic, was partially demolished at Jarrow, being towed in 1937 to Inverkeithing, Scotland for final scrapping.