From Graces Guide
The Veolcino was an Italian novelty introduced in the early 1930’s.
The inventors claimed that it was safer, more comfortable, and more easily carried and stored than the orthodox machine. It is comparatively easy for the rider to 'step out of' this type of bicycle in an emergency or to minimize the danger in a collision by protecting himself with his hands.
It did not gain any popularity in the UK although it proved to be satisfactory as a town-riding machine and for short distances. Because the rider has to sit upright, it is hard to propel against a headwind and it is sluggish on hills. 
Sources of Information
- Tony Pickering.