the middle of August, 1931: transport equipment for
Magnitostroy and Kusnetskostroy, 28.8 months ; cranes,
28.8 months; tools and tool machines, 14-18 months;
locomobiles and Diesel motors, 21 months; motor lorries.
24 months.
It is interesting to note that the duration of credit
provided for in this agreement exceeded that of the
credit granted to the Soviet Trade Delegation at the end
of 1930 by from 3 to 4 months. Not only was full use made
of the financial facilities stipulated for, but the amount of
additional orders placed nearly doubled the sum originally
agreed upon. It was expected that the total value of orders
placed during 1931 would reach 900 million marks.
The German Government was not a party to the
April agreement, but it was signed on the assumption that
a government guarantee should be forthcoming. Actually,
during last year the German Government and the governments
 of different states undertook to guarantee 700
million marks divided in the following proportions:
Reichs, 400 millions; State, 300 millions. On October
1st, 1931, something was left over from this sum, the reason
being that orders not having been executed and goods
delivered, bills remained undrawn.
The Government guarantee, while lessening, did not
remove the difficulties of financing the new orders of the
U.S.S.R. Here it is necessary to bear in mind that the
first guarantee of the German Government in 1926 was

“hiefly financed, up to 70 per cent., by American, British
and Dutch banks. It was doubtful whether these banks
would, in the disturbed economic conditions of 1931,
andertake to finance Russian orders for a sum double
‘hat advanced by them for the same purpose in 1926.
Indirectly the moratorium extended to Germany by
sreditor-countries, relieved her from dependence upon
‘oreign sources, as far as Russian credit was concerned.
According to our information the financing of Soviet
surchases in Germany was conducted at the end of 1930/31
hy the following means :
Credit of the Golddiskontbank .. 200 million marks.
Rediscount credits of the Reichsbank 50
Jriginal credit of Ifago ve ee Cf
Additional credit of Ifago .. .. 48
Short-term credits extended by
German banks .. ve ..
Capital invested by the suppliers
themselves .. 0% i. .
Foreign credits ou ie
Total

890 million marks.

Thus, according to our estimate, the total capital
invested by Germany in trade with the U.S.S.R. amounted
on October 1st, 1931, to 890 million marks, or 409.4 million
roubles.