Business: Italian Lines
Three weeks ago Steamship Row heard of a big Italian shipping merger more closely knit than the British and German pooling agreements. Officials of two trans-atlantic Italian lines refused to comment. Giuseppe Cosulich in New York said he had heard nothing about it. Rome despatches last week confirmed the rumors. A new company, Italian Lines, was formed with capital of 800,000,000 lire. Banca Commerciale took a 42% interest, Credito Maritime 40%; the remaining 18% was divided between the shipping companies:
Navigazione Generate Italiana, 19 ships; Lloyd Sabaudo, ten ships; Cosulich, 22 ships. Senator Guglielmo Marconi was in line for presidency of the company which will control 412,761 gross tons. Guiding hand in the deal, which not all the companies welcomed: Benito Mussolini.
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