Lo ie tw a ad e is 18 8 Oe d 1S .€ at e lo 13 3b! oe J - 33 f 1€ e 1] | h) 18 3s 6. n id od ar £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- =