ia, let ad as -nt as re ay he by se ds ve 30- ne it ite it G5 on ‘he in on nk ar- to 148 rty 1 c- ize the jon the ant an that repudiates its obligations and refuses to play the game with the rest of the world.’ “‘The French bank has sued,’ explains the Newark Evening News, ‘not the owner of the gold nor even the Soviet bank, the owner’s primary agent, but the New York banks where the gold is on deposit. But if those banks come into court, as expected, with the idea that they are merely the agents of the Soviet bank, and de- cline responsibility save as custodians of the treasure, there is no suit. For there is no defendant which American courts can recog- nize, the federal courts, in which the suit is brought, being part of the same government which denies the existence of the present Russian government. It is a fiction, of course, that the Russian government does not exist. So another counteracting fiction seems likely to be set up to the effect that the Soviet bank is not what it is, the state bank of the Soviet union, but that it is a private institution whose existence can be legally recognized here’ ” Springfield, Mass., Republican, April 9, 1928 MIGRATORY GOID “An end has been made to the effort of the Russian government to reinforce its credit by the shipment of $5,000,000 in gold bullion, and the rejected gold has been sent back to Europe after lying in the vaults of two New York banks since February with a loss in interest computed at $1000 a day. The legal questions raised by the claim of the Bank of France to ownership of the gold are stiil to be disposed of, but it is not believed that the claim was very seriously intended; seizure of so relatively small a sum would not materially help in the adjustment of the immense claims and counter- claims outstanding between France and Russia. “The direct attack having failed, resort will be had to indirec- tion, and it is understood that the migratory gold will be sent next to Berlin for conversion into currency. It might perhaps have been taken to London but for the rupture of diplomatic relations between Great Britain and Russia, for Great Britain like Germany is not so disdainful of gold as the United States which has a glut of the precious metal. In one way or another the wandering millions will no doubt get into circulation, for gold is still gold, even though its prestige has fallen below that of the dollar. “Perhaps the most significant aspect of the adventures of this much-traveled gold is the light which it throws on the obstacles put in the way of Russia's foreign trade by countries of which Russia might with proper facilities be a valuable customer. A level- = 0