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£20,000,000 of gold was shipped from. Moscow, under the terms of 
the second arrangement, on the eve of the Revolution, in February 
1917. 
As a result of all these shipments, Russia’s gold stock decreased 
by a total amount of £68.000.000  (640.200.000 gold rubles, or 
$329,703,000). 
In addition to the shipments of gold to England, the Russian 
Government, which had to place war orders in Sweden, started 
negotiations in the Fall of 1917, on the eve of ‘the Rolshevist coup 
with a syndicate of Swedish bankers, with a view to securing credits 
in kronor for Russia. Those credits were to be opened upon the 
delivery by Russia to Sweden of 4,850,000 rubles in gold. In October 
1917 gold to that amount was shipped to Stockholm. and it remains 
to this time in the Swedish Riksbank. 
These were the only credit operations connected with the ex- 
ports of gold from Russia during the Great War. The subsequent 
operations with gold were effected by the Bolshevist authorities, and 
in the Fall of 1919, by Admiral Kolchak. We shall summarize those 
operations in the following chapters.. 
Gorp Cepep UNDER THE PROVISIONS OF THE TREATY 
oF Bresr-LitTovsk 
Of the gold stock which remained in Russia at the time of the 
Bolshevist coup, and which amounted in the aggregate to over 
1,164,000,000 rubles, one half was kept at firs at Samara and then 
at Kazan, while the other half was held at Moscow and Petrograd. 
The Soviet Government, forced to accept the terms of peace im- 
posed by Germany, was required to ship to Germany, after the 
signing of the Treaty of Brest-Litovsk and on dates prescribed by 
the Treaty, 245,564 kilograms of gold, from the stock held in Mos- 
cow. Besides the gold, the Bolshevik authorities undertook to remit 
to Germany banknotes of the types known as “Ronianoff” and 
“Duma” notes and to make certain deliveries in kind. 
Articles 2 and 3 of the Financial Convention supplementary 
to the Treaty of Brest-Litovsk provided as follows: 
Art. 2. “With a view to compensating the Germans who suf- 
fered damages as a result of measures enacted by the Russian Gov- 
trnment, with due allowance for the corresponding counterclaims 
Presented by Russia and for the value of supplies requisitioned in 
Russia by the German forces after the conclusion of peace, Russia 
will pay to Germany an amount of six billion marks. 
Art. 3. “The payment of the six billion marks provided in 
Article 2 will be effected in the following manner: 
1) A sum of 1% billion marks will be paid through the trans- 
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