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