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:: Editorials in the American Press regarding the recent shipments of Soviet gold to the United States

Collection:: Economics Books

$2 i» at a. ia 38 1s at a re re in )f al Jy $ re 7e £2 1- 3 Sales to Russia inevitably result in payment of some sort, and the majority of them have to be financed somehow, but no official has presumed to say that goods sold to Russia must not be paid for or that sellers mav not advance short time credits to the Russian buver. “American citizens may not only sell to Russia if they choose, but they are free to make liberal loans to the buyer provided they are careful to advance funds in the form of short time credits. But if they attempt to find the resources for financing long time Russian capital requirements by assisting in the disposal of Russian securities in this market, they fall under the ban of official disapproval. Similarly if Americans selling to the Soviet Government are care- ful to take their compensation in approved form all will be well, but it now develops that they will be very ill-advised to receive pay- ment in gold shipped under the Soviet seal. “Russian trading organizations may establish branches in our midst and effect financial connections with highly reputable banking institutions. If, however, for any reason they desire to liquidate their obligations by direct gold shipments they will find that the Federal Reserve Bank refuses to recognize the gold in any way whatever. If these absurd distinctions served any purpose beyond causing mingled irritation and amusement, together with considerable unnecessary expense, they would be easier to pardon. As it is they represent a sort of planless harassment thay may ultimately do a certain amount of good by convincing people of the folly of our present lack of consistent policy in dealing with Russia. “According to the latest information President Coolidge is re- ported to accept the plain common sense view that gold shipments from Russia are a legitimate outgrowth of commercial dealings with Riiacia News, Indianapolis, Ind., February 25, 1928 SOVIET GOID “Russia sent $35,000,000 in gold bullion to the United States this week. It was consigned to two of the great financial institutions in New York, to be held for the account of the Soviet State Bank at Moscow. Such transfers of monetary metal ordinarily attract little notice. They are a part of normal processes in trade inter course among nations. The significance in the case of Russia is greater. The shipment was the first Soviet gold to come directly to this country since the Communistic revolution of 1917. Economic and political bearings are involved.

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