Russian gold

Bibliographic data

Monograph

Identifikator:: 1772009490

URN:: urn:nbn:de:zbw-retromon-156190

Document type:: Monograph

Title:: Russian gold

Place of publication:: [New York]

Publisher:: Amtorg Trading Corporation, Information Department

Year of publication:: 1928

Scope:: 72 S.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: The Russian Gold Reserve before and during the World and Civil Wars (1883-1921)

Collection:: Economics Books

On the eve of the World War the gold reserve attained 1,604 million rubles, without counting the gold deposited abroad in one form or another; this at the time was the largest. amount of gold held by any central bank and it slightly exceeded the amount of notes in circulation. The growth of the gold reserve was a result of good harvests, of a skillful foreign exchange policy, which con- sisted of acquiring foreign bills at the height of the grain export season, when their supply was most abundant and of the practice of placing at the disposal of the railway companies the equivalent in rubles of the proceeds of their loans placed abroad. The following table shows the Russian gold reserve (whether held in Russia or abroad) as of January Ist of each of the fifteen vears preceding the World War: January 1: 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 Millions of rubles 843 7317 709 769 909 1,082 927 1,191 1,169 1,220 1,416 1.450 ,436 1,656 1.695 GoLp SHIPMENTS TO ENGLAND AND TO SWEDEN Notwithstanding the fact that Russia had entered the war with a gold reserve of this magnitude, her financial position was much weaker than that of any other belligerent country. The bulk of the Russian rural population were not accustomed. to subscribe to public loans, and as a result of the relatively small amounts of capital funds available within the country, the government was compelled to meet the greater part of its war expenditures by large issues of paper money. The government was not disposed to spend any part of the gold reserve of the State Bank, as it was afraid that an un- favorable impression might be produced, if the metallic cover of the notes in circulation became impaired. There was, however, no other way. On the one hand, Russia required considerable funds abroad to assure the service of her loans and to pay for her war orders. On the other hand, it proved impossible to secure any credits in the Allied countries during the first months of the war. The L 3

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