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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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

“Notwithstanding that the government of the United States has yet to recognize the existing government in Russia, commerce be- tween the two countries now amounts to more than $100,000,000 a year. This is more than in the days of the czars. An official delegation of eleven Russians recently made a tour of American industrial centers to make purchases including gas engines, steam shovels, automobiles and drilling machinery. Farm machinery, cotton and other commodities have also been purchased in quantities recently. The shipment of gold indicates that the Soviet authorities may be planning to maintain an increasing part of their banking reserves here for commercial credit “The monetary metal is coming from the mines of Siberia. After the Communistic upheaval a decade ago, $300,000,000 in gold remaining in the old Imperial Bank was scattered and dissipated without any regard for its established place as a basis for currency. The theories of the Bolshevists included no reliance on this symbol of capitalism. But the fixed practices of other nations did not yield. So the rulers at Moscow turned toward the Siberian re- source. They are mining now about $25,000,000 annually. Out of the product a reserve has been built up for the Soviet State Bank. The amount sent to the United States will help to settle an adverse balance of visible merchandise trade. “On the political side what has been done is a renewed sign of the gradual recedence of extreme radicalism in Russia. More and more Moscow is using the commercial and financial system that it once was determined to spurn. The remittance received at New York from the Soviet Bank is not the first of the kind it has made, but the others have gone to London. The change in destination very likely is not unrelated to official resentment of Great Britain's severance of diplomatic relations with Russia Journal, Milwaukee, Wis., March 5, 1928 OUR RUSSIAN COMPIEX “We read that $5,000,000 arriving in New York from Russia to be used in promoting trade lies idle in a bank. Gold is not gold in the United States until the government indorses it, and our gov- ernment says this gold was stolen. This is one of the anomalies of our attitude toward Russia. We might claim a certain logic for our attitude, if the navy had not very recently purchased oil for its ships in Asiatic waters which the Standard Oil Co. has bought from Russia. This oil was stolen by the soviets, if the gold was. IL +

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