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:: Editorials in the American Press regarding the recent shipments of Soviet gold to the United States

Collection:: Economics Books

As is well known, the Soviet is the only European country which did not incur any foreign funded debt since the conclusion of the great war. Its invisible exports, such as revenue from the tourist traffic, sea-carrying trade, other transportation, banking, brokerage and insurance services, for the use of which foreign na- tionals would be called upon to make payments to the nationals or the ‘Government of the Soviet Union, are altogether insignificant. The only item among the invisible exports, which temporarily assum- ed sizable proportions—remittances from the United States to friends and relatives in the Union and disbursements by various benevolent organizations, such as the Joint Distribution Committee, the American Relief Administration, the Jewish Colonization Society, the Society for Promoting Industrial and Agricultural Labor among the Jews in Russia, etc., of funds mainly collected in the United States, has lost some of its former importance, though still represent- ing relatively large amounts. It follows, therefore, that an excess of imports over exports, and other net debits on international account have to be liquidated either by means of short-term unfunded credits, or else by foreign shipments of gold. Now, while the security markets in Europe and the United States remained closed to the Soviet Union, its short-term credit, with the developments of trade relations with the outside world, showed a slow though steady growth. At present its amount exceeds probably $100,000,000 and possibly approximates $150,000,000. : Shipments of gold during 1920-22 practically exhausted the monetary gold reserve of the Union. In fact the new State Bank started operations about the close of 1921 without any gold reserve, its capital endowment by the government consisting of trillions of unredeemable and steadily depreciating paper rubles. Its present gold reserve of over 180,000,000 rubles, shown in the statements of the Bank’s Issue Department—is largely the result of imports, new output, and purchases in the domestic market, since the adoption of the gold standard and the maintenance of a stable currency. Russia’s gold production for the year 1914 was valued at 67,000,000 rubles, or about $35,500,000. During the great war and the subsequent period of internecine warfare gold production steadily declined and in 1921 reached a minimum below $1,000,000. Since then, owing to governmental efforts involving the employment of foreign capital and skill, and the installation of modern machinery, the industry became partially rehabilitated, and, according to recent information taken from the Annual Report of the U. S. Director of the Mint, its annual output has reached a total of nearly one million fine ounces, valued at $20,500,000. Part of this gold—mined largely 19

Access restriction

Copyright

fullscreen: Russian gold

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation