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

Full text

part of the British Government, they shall consist of “non-tangible” credits. The term of this arrangement expires at the latest one year after the conclusion of peace, and the obligations of equal value exchanged by the two parties shall be redeemed within the same period. ” Thanks to this arrangement, the diminution of the Russian gold stock which resulted from the export of £40,000,000 in gold passed unnoticed by the general public. The balance sheet of the State Bank showed a decrease in the amount of metal entered as “gold in coin, bullion, and mine warrants,” but this decrease was offset by the increase in the item ‘gold held abroad.” After the war, the gold exported was to be restored to the Russian State Bank. What has just been said accounts for the changes that appeared in the statements of the State Bank, the meaning of which was hidden from the public, inasmuch as the agreement between the British Treasury and the Russian Ministry of Finance was not published. There exists no longer any objection to making these facts public. When’ the credits opened under the terms of the above agree- ment between the Russian and the British Governments were ex- hausted, in 1916, and when new credits had to be obtained, Russia had to enter a new agreement with the British Government, by which she placed at England’s disposal an additional amount of £20,- 000,000 in gold, as a loan subject to repayment. We reproduce here the corresponding paragraph of this arrangement: “Upon demand of the British Government, the Russian Gov- ernment undertakes to deliver gold, at such places and such times as may be fixed by the British Government, to a tctal amount of £20,000,000, on condition that no such demand shall be made by the British Government except in the event that the gold stock of the Bank of England, including the cover for notes in circulation, shall decline to or below £85,000,000. In any case no such demand shall be made upon the Russian Government prior to January 1st, 1917.” The gold shipments provided by those arrangements were ef- fected in the following manner, Of the £40,000,000 which were to be remitted under the terms of the first agreement, £10,000,000 was shipped in December 1915, £10,000,000, in June 1916, and £20,000,000 in November 1916. The gold was shipped partly to Japan and partly to Canada. In accordance with an arrangement between the British Admiralty and the Japanese Ministry of the Navy, the gold was carried by Japa- nese warships, under Japanese escort. In a similar manner

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