Russian gold

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Monograph

Identifikator:: 1772009490

URN:: urn:nbn:de:zbw-retromon-156190

Document type:: Monograph

Title:: Russian gold

Place of publication:: [New York]

Publisher:: Amtorg Trading Corporation, Information Department

Year of publication:: 1928

Scope:: 72 S.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: The Soviet Gold Reserve (1921-1923)

Collection:: Economics Books

The Soviet Gold Reserve (1921-1923) From “European Currency and Finance”, Commission of Silver Inquiry, United States Senate Foreign Currency and Investigations, Serial 9. Vol. II: Washington, 1925. Gold and Exchange DISSIPATION OF THE GOLD RESERVE By M. L. JacossoN At the outbreak of the war the total gold holdings of the state bank were about 1,744,000,000 rubles, of which about 1,604,000,000 constituted the portion held in the country. One of the earliest financial measures: following the declaration of war was the law of July 27 (August 9, Gregorian Calendar) 1914, which suspended gold payments by the bank and modified the provision of the bank act, which restricted the issue of uncovered bank notes to 300,000,- ooo rubles. This opened the era of paper money inflation, dis- cussed in previous sections. The bank was authorized to issue an additional 1,200,000,000 of uncovered notes, and the new issues were made largely for account of the Government and against the security of short-term Government obligations. But these measures were in- sufficient to meet the war necessities of the Government. Large war orders for munitions had to be placed abroad, funds had also to be sent to foreign financial centers to pay the interest and amortization on Russian state and corporate obligations held in the allied and neutral countries, while the efforts of the Government to obtain for- eign credits did not prove immediately successful. In October, 1914, therefore, the Russian Government in accord with the British Government made a first shipment of gold to England of 75.3 million rubles (equivalent to about £8,000,000 sterling), which was to cover a credit granted by the British Gov- ernment for war orders placed in Great Britain and in the United States. As the war proved more protracted than expected, and the British Government found it impossible to extend further credits, unless the allied Governments shared in gold shipments to the United States for the purpose of maintaining sterling exchange in New York, the Russian Government in conjunction with the French and Italian Governments undertook to make further shipments of 7 6

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