Step 1: Extension of the spring.
The extension produced in the spring is
\[
x = L - \ell.
\]
Step 2: Using equilibrium condition.
At equilibrium,
\[
mg = k(L - \ell),
\]
where \(k\) is the spring constant. Hence,
\[
k = \frac{mg}{L - \ell}.
\]
Step 3: Equation of motion.
For simple harmonic motion,
\[
\frac{d^2x}{dt^2} + \frac{k}{m}x = 0.
\]
Comparing with the given equation,
\[
P = \frac{k}{m} = \frac{g}{L - \ell}.
\]
Step 4: Conclusion.
Thus, the value of \(P\) is \( \sqrt{\dfrac{g}{L-\ell}} \).