LLOYD SABAUDO SOCIETÀ ANONIMA PER AZIONI.

L227 was the original livery, replaced in 1914 according to Bonsor. Its eagle is that of Savoy. Bonsor gives yellow LI and does not describe the wreath surrounding the circle in Lloyds; Lloyds’ lettering is indistinct but appears white.

Loughran gives the eagle a proper shield rather than a circle. The emblem varies between sources, and the cross is not clearly specified as white. Larousse 1930 shows a blue Savoy eagle with a red oval breast shield and a small yellow crown on white. Company postcards show light-blue funnel bands and eagles facing different directions. Rosanoski considers the company-document illustration consistent with L228.

Bakker’s first illustration used a military flag in the Piemonte Sabaudo museum as its model; his second followed Loughran’s white flag with a blue eagle, red triangular shield and a red crown above. Rosanoski questions this reconstruction: the museum flag has a blue field and black eagle, unlike the company evidence. L267’s eagle design and colouring are therefore suspect, and its unrecorded funnel is only assumed to be the same.