capital consisting only of a certain quantity of depreciated paper 
currency. 
With the inauguration of normal trade relations with foreign 
countries and in preparation for the reestablishment of a stable 
currency, the Soviet Union began to accumulate a new gold reserve. 
The State Bank as the future bank of issue went into the domestic 
and later also into foreign markets to procure the metal. Various 
other financial operations also served to build up the gold reserve in 
the vaults of the Bank. On January 1, 1923 the total precious metal 
and foreign currency reserve of the State Bank amounted to but 
27,900,000 rubles. This figure, however, was increased several 
limes during the same year. On October 1, 1923 the precious 
metal reserve alone amounted to 90,500,000 rubles. The table on 
page 69 shows the increase in the gold reserve of the Issue Depart- 
ment of the State Bank from its early beginnings up to April 1, 1028, 
when it amounted to 180,208,750 rubles, while the total foreign 
currency and precious metal reserve of the State Bank on the same 
date was 262,536,000 rubles. 
A large part of the new gold reserve comes from the mines 
of the Urals and Siberia. Soviet gold production which at one tite 
dwindled to practically nothing exceeds in value $20,000,000 per 
annum at present. The State’ Bank of the U. S. S. R. has been 
both exporting and importing gold during the past several years, 
its turnover since 1924 amounting to 200,000,000 rubles. Soviet 
gold is accepted in all the leading countries of the world. 
This booklet containing authoritative studies of the Russian 
gold reserve, a statement by the State Bank of the U. S. S. R, 
and statistical data regarding the movement of gold from Russia, 
Russian gold production, the foreign trade of the Soviet Union and 
its present gold reserve, is intended to give the American public 
convenient access to data which ordinarily is difficult to obtain. 
On page 40-56 will be found reprints of editorials from 
the American press on the subject of the recent incident with the 
Soviet gold. 
AMTORG TRADING CORPORATION 
Information Department 
May, 1028