Danube Steamship Company

   Established as a joint-stock venture in 1830 by two Englishmen, John Andrews and Joseph Pritchard, the Danube Steamship Company started freight and passenger service between Vienna and Budapest one year later. Two Austrians had been licensed for a similar undertaking in 1818, but had never exploited the privilege. The company expanded its service to Linz in 1837. Ten years later, it had acquired 41 vessels, which were transporting over 850,000 passengers and around 200,000 tons of freight per year. The company used its capital to finance other important projects in the Austrian Empire, such as railroads, waterways, and some mining ventures. Until 1914 it was the largest inland shipping company in the world.

   As part of its compensation from Austria for damage incurred during World War II, the Soviet Union acquired a role in the direction of the company. In an economic side agreement to the Austrian State Treaty of 1955, Austria paid the Soviet Union $2 million in return for the latter’s share in the company.

   See also Economy; Transportation.