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

Usage license:: Get license information via the feedback formular.

Chapter

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

admissibility of this gold in view of the fact that the gold was of Soviet origin and that as far back as 1920 the Federal Reserve Bank was prohibited by the United States Government from accepting gold of Soviet origin or gold belonging to the Soviet Government. “The raising of this question came quite unexpected not only to the State Bank of the U. S. S. R. and the German Garantie und Kredit Bank but also to the American banks in agreement with whom the shipment had been made, and even to the heads of the American Government who, in the persons of the President of the United States, Mr. Coolidge, and the head of the State Department, according to the press, stated after the arrival of the gold that they saw 10 objection to the admission of gold of Soviet origin. “The reference to a ruling of 1920 appears still more inexplic- able in view of the fact that after its issue, specifically at the end of 1921, an agreement was concluded in London between the Amer- ican citizen, Mr. Brown, and Mr. Krassin, representative of the U. S. S. R,, under which the Soviet Government was to export to the United States gold to the value of ten million dollars for the purchase of food supplies, this gold to be placed to the credit of the American Relief Administration. The gold was admitted to the United States without anv obstacles. “Notwithstanding the statements of President Coolidge and Secretary of State Kellogg, the consignment of gold was not admitted for assay and for transfer to the Federal Reserve Bank.. An action of this nature on the part of United States Government departments cannot, of course, aid the development of Soviet-American trade relations, since gold is the natural medium in adjusting unfavorable trade balances or seasonal fluctuations of one kind or another “Furthermore, it is necessary to point out that for the State Bank of the U. S. S. R. gold of Soviet origin—produced in the country itself—apart from serving as a reserve against note issue. is also an export commodity precisely in the same way that oil is for the Soviet Naphtha Syndicate, cotton cloth for the Soviet Textile Syndicate or furs for the corresponding Soviet industrial and trade organizations. If the United States prefers that accounts between economic organizations of the Soviet Union and business firms of the United States, and also accounts with the Far Est and South America be cleared by the State Bank through the mediation of other countries, especially by means of gold exports to such countries, the result of this method of setting accounts, while undoubtedly advan- 28

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