Clue: Cutters with ship going round Ross Island cape capsized (8)
Answer: SCISSORS
Explanation: Definition: Cutters
 SS(abbrev. for "steamship" in ships' names) **containing**(going round) **reversal of**(… capsized) [Ross + I(abbrev. for "island") + C(abbrev. for "cape" as in names of such geographical features in maps) ].