Business: Iwasaki Ships

Swept from the seas by Depression, nearly one-half the world's ships ride at anchor, rust-streaked and dingy. Dwindling water-borne commerce has forced the great shipping lines to lay up ships, slash services, cooperate with traditional rivals in eliminating duplicate runs. When these economies failed to shore up crumbling merchant marines, pride and profit have dictated mergers. North German Lloyd and Hamburg-American signed a 50-year pact partitioning their North Atlantic trade. In his Fascist forge Benito Mussolini hammered three big Italian firms into the Italia Line, cocky owner of the new S. S....

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!