The State became a shareholder in the first group, Ansaldo-Cogne, bringing in 72 millions of cash, against 78 millions' worth of shares allocated to the creditors for works constructed, and further taking u.p 41½ millions of mortgage bonds. No. 135 of the "Agenzia Economica" contains a notice of the appointment of Commendatore Rosboch, a member of the Cabinet, to the board of the new Co1npany ; and of the fact that a combination with the Fiat Company was· envisaged. There is also talk of a combination with the French firm of Giraud, that is, with Creusot. The State has also undertaken to pay 22 millions to the builders of the six Battisti steamers, who are holding the vessels for their own private account, although they were not entitled to more than a small part of this subsidy. · The State has further recognised the right of the same private Company to a subsidy of 900 lire per ton in respect of certain other steamers, although they are not to be completed until 1924 instead of 1923, as provided by the Bellotti decree. 1 The State has also undertaken to have 230 locomotives repaired in the works of the private Ansaldo Company, without prior settlement of prices, and without obtaining competitive offers from other firms. The State is further committed to an annual contribution to the private Ansaldo Company, on consideration of the maintenance by the latter of certain plant in efficiency and of the plant being held at the disposal of the Government. The amount of the contribution will be fixed by a Commission ; no effective equivalent for it is being rendered. The State has accepted by arrangement the sum of 52 millions in lieu of all taxes and duties, ordinary and upon excess profits, due from the Ansaldo Company in 1 See section (f), paie 23. Biblioteca Gino Bianco
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