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

Collection:: Economics Books

1ef ald its -he he he in -an ew 2n- ter to ule ld ian 1de bly Dy- 1512 nat 1 nd 120 red 18 it m- ile ‘ort ns uld hat ap” ues ach le relations to the confusion of the United States and the aggrandize- ment of France is hard to understand. “In the first place, French trade with Russia is not of a char- acter to profit by any losses that this country might sustain in deal- ings with the Soviets. Secondly, interference with gold shipments is merely a pin prick by comparison with the major obstacles to the development of Russo-American trade which are created by the re- fusal of the United States to establish a definite basis for trade with Russia.” New York Times, April 10, 1928 THE “SOVIET GOLD” “The question what became of the old Russian Imperial Bank’s gold reserve after the Bolshevist coup d'etat in 1917 has long been shadowed in mystery, but interest in it now bids fair to be super- seded by the question about the international status of the gold now held by the Soviet national bank. The $5,200,000 gold sent by that institution last February to establish a Russian credit balance at New York knocked at doors and was denied admission ; no one was ready to conform to the Government's requirement and ‘guarantee title.” This was unusual enough, but a still more singular controversy followed, of which the end is not yet. Friendless as the $5,200,000 gold appeared to be, a legal claim for it was put in by agents of the Bank of France and the Bank of Rumania on the ground that in 1917 the Soviet had seized and misappropriated gold held by the old Russian bank for their account. Eventually, however, and without withdrawal of the law-suits, the Soviet gold was quietly shipped out last week to Germany. What Germany will do about it is not yet known. Probably the gold will be received in a friendly spirit, seeing that remittances of Russian gold have been accepted without question during the past year, not only by the Reichsbank but by the Bank of England. “Counsel for the Bank of France declare, however, that if the courts were to sustain its claim the New York banks which held the gold would be responsible for it, even with the gold back again in Europe. So the litigation still has possibilities. But the controversy has some confusing aspects. The Soviet bank has been quoted, in the first place, as declaring that it has nothing to do with ‘pre-rev- olutionary reserves’; that it had not itself gone into business at all until 1921, since when it has accumulated its present reserve of $90,000,000 from new Russian production in the Ural. It might still be contended that at the time of the Bolshevist coup d’etat the SR

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