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Statement by the State Bank of the U.S. R. R. 
on the Shipments of Soviet Gold 
to the United States 
FRENCH CLAIMS TO SOVIET GOLD 
A Statement By Mr. A. L. SCHEINMAN 
Chairman of the Board of Directors of the State Bank of the USSR 
{Translated from ‘“Eeonomicheskava Zhizp” of March 16, 1928) 
“The action taken by the Bank of France in the United States 
in regard to gold of Soviet origin calls for certain elucidations. 
“The trade turnover between the Soviet Union and the United 
States has of late experienced a large and steady growth. The United 
States is the principal source of supply of raw materials (such as 
cotton, hides, metals, etc.) and of various machinery and equipment 
for the U. S. S. R. In addition the United States serves as an in- 
termediary for Soviet import operations with other parts of North 
and South America and with the Far East. 
“Unlike exports to most other countries Soviet exports to the 
United States are less in value than imports and the balancing of 
accounts between the two countries requires the covering of the 
difference in favor of the United States by payments in cash. 
“The adverse balance in the accounts befween the State Bank 
of the U. S. S. R. and banks of the United States have impelled the 
former on many occasions to sell gold in London or Berlin and to 
transfer the proceeds of the sales to the United States. This round- 
about method of settling accounts was neither in the interest of the 
State Bank of the U. S. S. R. nor in the interests of its American 
Correspondents. Therefore the State Bank attempted to establish 
direct relations with the Amcrican credit market. 
“For the purpose of carrying out this policy and also in order 
to settle accounts with the German Garantie und Kredit Bank in 
Connection with some contemplated additional purchases to be made 
in the United States through the German bank, the State Bank of 
the U. S. S. R. made a consignment of gold to New York to the value 
of about five million dollars. Upon the arrival of the gold in the 
United States doubt arose in Treasury Department circles as to the 
A