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:: Soviet Gold Movements (1923-1928)

Collection:: Economics Books

'W n- ar ud, rs 1e e, ie I= to I's 38 =d 1t a- 2 ts h xd S- re y. 1d 1 rt {0 1e nt of mn uf . ne | 18 \y Soviet Gold Movements (1923-1928) FOREIGN TRADE, GOLD EXPORTS, AND TRADE OF THE SOVIET UNION WITH THE UNITED STATES By M. L. TacoBssoN In the Senate Document entitled “European Currency and Finance”, published in 1925 (Vol. II, pp. 204-207) data were pre- sented regarding the amounts of Russian gold received by the United States indirectly through Europe during the years 1920-1922. An analysis of the gold movements reported for these years by the customs authorities of Sweden—the primary country of destina- tion—also of Switzerland and France, led to the conclusion that the Soviet Government exported during these three years a total amount »f about 680,000,000 rubles or about $350,000,000, which ultimately found its way to the United States. This huge total was shipped to cover an adverse trade balance, which, stated in terms of pre-war rubles, reached a total of over 400,000,000 rubles, and reckoned in ‘erms of then current prices must have amounted to a great deal more, and in addition an unknown amount of “invisible’ ’imports, such as the cost of war material and equipment, imported by the military authorities, the expenses abroad connected with the launch- ing of the several new trading and credit organizations in the prin- cipal foreign countries, the salaries and expenses of the Soviet diplomatic and trade agents stationed abroad, freights payable to foreign shipowners and carriers, etc. These expenses were parti- cularly heavy immediately after the termination of hostilities against the contiguous countries and of the civil war, when the Soviet Gov- ernment, after proclaiming its foreign trade monopoly, began to set up in the leading foreign countries along novel and untried lines its own trade representations and banking machinery for the financ ing of Soviet foreign trade operations. While the official trade accounts of the Soviet Republic for the years 1923, 1924 and 1927 indicate an excess of 225,000,000 rubles of merchandise exports over imports, this excess is almost counterbalanced by an adverse trade balance of 228,000,000 rubles for the years 1925 and 1926. If account is taken of the several mentioned “invisible” import items, it is evident that the balance of payments was attained by means of export items other than merchandise exports. n <

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