Russian gold

Bibliographic data

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:: Soviet Gold Movements (1923-1928)

Collection:: Economics Books

gold. These shipments up to the outbreak of the. revolution in I917 totaled 60,000,000 pounds sterling, viz; ’ December, 1925 ee een, June, 1916 oo... eben eee earner, November, 1916 A ET ins Testrseeesriamrontene sso February, 1917 £10,000,000 10,000,000. 20,000,000. 20,000,000 Including the initial shipment of £8,000,000, the Russian gold reserve suffered a loss of £68,000,000, equivalent to 640,200,000 rubles. In addition, the Kerenski provisional government on the eve of the November, 1917, revolution shipped 4,850,000 rubles gold to Stockholm, where they were to serve as the basis of bank credits, Deducting the amounts of gold shipped abroad and including the amounts of newly mined gold, also the relatively small amounts of gold withdrawn from circulation, the portion of the gold reserve of the State bank held within the country at the time of the Oc- tober revolution totaled about 1,164,000,000 rubles, or 440,000, 000 rubles less than on July 16-29, 1914, just before the outbreak of the war. * Of this total, less than one-half was held in Moscow and Pet- fograd (Leningrad), while slighly more than one-half had been removed out of the danger zone to Samara and Kazan, A further loss of 120,400,000 rubles in gold was caused by the payment to the German Government of part of the war indemnity under the Berlin agreement supplementary to the BrestiLitovsk treaty. Under the terms of the armistice this gold was turned over to the Allies, and Subsequently divided between the French and British treasuries. According to V. Novitzky, former Assistant Minister of Finance, ** the amount of gold abandoned by the Soviet authorities In Kazan and subsequently appropriated by the Kolchak Government totaled 633,600,000 rubles. In the published accounts of the Omsk Office of the State bank gold holdings (including small amounts of Silver) figure to a total of 645,256,000 rubles. During 1919 a considerable part of this reserve had to be shipped to Vladivostok in Payment of munitions, and as collateral for credits opened to the Kolchak Government by Japanese, British, and American banking Nterests. Part of the gold thus shipped (viz., 42,200,000 rubles) fell into the hands of Ataman Semionov, and it does not appear 8 _* According to E. Preobrajenski (Five Years of Finance and Currency in the Oviet Republic, Moscow, 1922) the entire gold stock taken over by the Soviet fr thorities amounted to about 1,000,000,000 rubles, of which 651.000 500 tell toc D © hands of Admiral Kolchak. Of the latter amount only two-thirds (about 20,000 ©0ds — 722,240 pounds) was recovered in Siberia. ** See a translation of an article by V. Novitzky in this pamphlet, pp. 9-25. Xe

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