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

tional upon a certain amount of gold being placed at her disposal by Russia in advance. The negotiations dragged along without any result. Finally, Russia yielded only after France, which had also asked that credits be opened for her in England, declared her readi- ness to export there a portion of her gold. The Russian Minister of Finance was thus placed in an awkward position and had to give in, He succeeded, however, in securing special terms for Russia. It was agreed, namely, that the gold would be returned to Russia after the end of the war. Furthermore, the Russian Government reserved the right to keep the arrangement secret, so as to keep the impair- ment of the gold reserve from affecting in an injurious manner the balance sheet of the State Bank. The British Treasury also con- sented to open in favor of Russia a non-negotiable credit to the amount of £200,000,000, which was to appear in the statements of the Russian State Bank as gold held abroad. We quote below a translation of the full text of the agreement relating to deliveries of Russian gold. Art. 2. “In view of the arrangement concluded between the British Government and the Government of the French Republic, under the terms of which each of the two contracting Governments is to, make available an amount of £40,000,000 for exportation to the United States, the Russian Government is ready to place gold at the disposal of the British Government, at such times and in such quantities as gold will be exported hy the French Government. The Russian Government will, however, be under no obligation to export more than £20,000,000 up to March 3ist, 1916, or, under any circumstances, more than a total of £40,000,0000, and: this with the general understanding that exports will be effected only as the need thereof will he determined by the Bank of England. The gold thus exported by the Russian Government will be applied by it to the purchase of bonds of the British Treasury, bearing no interest, redeemable in gold, and maturing in 3, 3%, 4 and 4% years, in series of equal amounts. Said bonds will be held by the Russian Government until maturity. Art. 6. “In view of the issue of bank notes in Russia, and, as a temporary measure until such time as Russia shall have success- fully funded her domestic debt, the Government of His Britannic Majesty is ready to effect with the Russian Government an ex- change of obligations of equal value, which shall be remitted in Installments at the order of the Russian Government and shall not exceed the aggregate amount of £200,000,000 in British currency. On the part of the Russian Government, these obligations shall consist of Russian Treasury bonds bearing no interest. On the | &

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