of the financial reforms. Among others he (Bronsky) mentions the follow- 
ing table in reference to the alteration in the purchasing power of the 
rouble in subsequent times. 
[n January 1927 
[In February 1927 
In March 1927 
In April 1927 
[n May 1929 
According to the Index of 
Department. 
r October 1927 
r April 1928 
: May 1928 
June 1928 
July 1928 
54 kopecks 
32 
3. 
detailed Trade of the Central Statistic 
51,4 roubles 
The unrest caused by the latent inflation had also created a panic on 
he exchange market and the commercial market. The peasantry that had 
already begun to use the Cherwonez as a means of investment, hastened 
again to convert it into current money or into goods. The so-called “black 
>xchange’’ responded to this action by an acute rise in value of the ten- 
rouble gold pieces, as well as for foreign mediums of exchange. At the 
same time the State Bank, exchanged foreign currency at par, but only in 
very reduced quantities. 
The third period is characterised by the attempts to stem the tide of 
‘nflation at any price. The Bolshevics, who have not the possibility of 
undertaking some radical measure, — to withdraw a portion of the issue 
from circulation, or at all events, to hold back with new issues, — at times 
take refuge in measures of administrative action. Banishment for sale 
or purchase of currency bonds begins, the difficulties of transferring 
Cherwonzes abroad are increased, and furthermore — under various pret- 
exts, — the exchange of Tscherwonzes for the currency of foreign monetary 
values on the local market are curtailed or finally completely inhibited. 
During this period it has, however, been accomplished partly to retard the 
rate of issuing money for circulation. From the beginning of the Winter 
of 1926 to the Summer of 1927, the issue of currency in comparison to 
the general circulation, amounts to 6 to 7 oo. The deposits in the banks 
effected by State organs increased by 24 0. The wave of inflation was 
stemmed up to a certain degree, but at the beginning of the Summer of 
1927, a reaction in business again becan In a direction unfavourable to 
1NQ