Russian gold

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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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Document type:: Monograph

Structure type:: Chapter

Title:: Statement by the State Bank of the U.S.S.R. on the shipments of Soviet Gold to the United States

Collection:: Economics Books

1€ ce 1- ot 1e tO J o- ze ly Mm t- 1 i 1 P J re re 2g Statement by the State Bank of the U.S. R. R. on the Shipments of Soviet Gold to the United States FRENCH CLAIMS TO SOVIET GOLD A Statement By Mr. A. L. SCHEINMAN Chairman of the Board of Directors of the State Bank of the USSR {Translated from ‘“Eeonomicheskava Zhizp” of March 16, 1928) “The action taken by the Bank of France in the United States in regard to gold of Soviet origin calls for certain elucidations. “The trade turnover between the Soviet Union and the United States has of late experienced a large and steady growth. The United States is the principal source of supply of raw materials (such as cotton, hides, metals, etc.) and of various machinery and equipment for the U. S. S. R. In addition the United States serves as an in- termediary for Soviet import operations with other parts of North and South America and with the Far East. “Unlike exports to most other countries Soviet exports to the United States are less in value than imports and the balancing of accounts between the two countries requires the covering of the difference in favor of the United States by payments in cash. “The adverse balance in the accounts befween the State Bank of the U. S. S. R. and banks of the United States have impelled the former on many occasions to sell gold in London or Berlin and to transfer the proceeds of the sales to the United States. This round- about method of settling accounts was neither in the interest of the State Bank of the U. S. S. R. nor in the interests of its American Correspondents. Therefore the State Bank attempted to establish direct relations with the Amcrican credit market. “For the purpose of carrying out this policy and also in order to settle accounts with the German Garantie und Kredit Bank in Connection with some contemplated additional purchases to be made in the United States through the German bank, the State Bank of the U. S. S. R. made a consignment of gold to New York to the value of about five million dollars. Upon the arrival of the gold in the United States doubt arose in Treasury Department circles as to the A

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