These figures indicate that for every year since the new regime 
came into existence Soviet-American trade showed an adverse balance 
against the Soviet Union. As a matter of fact, out of a total ad- 
verse trade balance for the period 1918-27 of 729,000,000 rubles, not 
less than 650,000,000 rubles, or about go per cent, represents the 
adverse balance in the trade with the United States. This “one- 
sided” character of the trade between the two countries is likely to 
continue for years to come in view of the policy of the Soviet Gov- 
ernment to push the industrialization of the country and to introduce 
modern up-to-date industrial and agricultural machinery preferably 
of American manufacture. Imports from the United States of cotton 
are also likely to continue on a large scale in the near future, not- 
withstanding the efforts of the Soviet authorities to increase cotton 
cultivation in Central Asia and Transcaucasia, mainly for the reason 
that domestic production is as yet unable to keep up with the steadily 
growing demand for cotton goods on the part of the large masses of 
the village and town population. On the other hand, most of the 
leading exports from the Soviet Union (oil, grain, lumber, etc.) 
find their natural market in Europe and for some time to come are 
not likely to seek an outlet in the United States. It is evident, there- 
fore, that gold exparts from the Soviet Union will continue on a large 
scale, so long as the “unbalanced” trade between the two countries 
persists. 
3 A