According to the calculations of A. Segall (“Vestnik Finansov”, i. e., 
Financial News, Moscow 1928, No. 4, The Finances of the State In- 
dustries), the investments of the State exchequer in the State industries at 
the beginning of 1927/28, amounted to: 
(In mill. Rbl) 1922/22 1023/24 1924/25 1925/26 1926/27 1927/28 
[ndustry: nab 380 811 1,090 1,240 
Electrification: 50 50 119 200 270 
Total 143 275 430 930 1,290 1,510 
In the course of six years, industry has absorbed 3,862 mill. Rbl.; 
electrification 716 mill. Rbl., making a total of 4,578 mill. Rbl. According 
to the calculations also made by Segall, 85% of the budgetary financings 
fall on the heavy industry. The State budget, however, does not form the 
only source of financing; during 1925/26 and 1926/27 important amounts 
in the form of long-dated loans have been placed at the disposal “by reason 
of the loan for the reconstruction of the economy’; even from the sources 
of the local budgets a financing of the industry has taken place: in the 
form of allowances for house construction (from the fund for improving 
the condition of the workers), in the form of “issues of premiums for 
deficit-export”, and lastly also for liquidation of arrears in taxes (For 
instance, the arrears of taxes of the sugar-trust amounting to 53 mill. Rbl., 
were liquidated in 1926/21). 
To this item must be added that amount which the industry has received 
from the State exchequer as compensation solely for price-depreciation 
in 1926/27 amounting to 200 mill. Rbl. In spite of these sacrifices so 
prejudicial to the State, the industry was compelled to sell its goods at very 
high market prices. 
On the strength of pre-war calculations and calculating material of the 
chief economic council, the institute for surplus products in Moscow (vide 
Bulletin for 1927, Nos. 11/12) furnishes particulars of the movement of 
primecost prices of a unit of industrial production (at a percentage com- 
parison with 1913). 
Wining Industry: 1924/25 
Coal output . . r= 8 
[ron-ore extraction . 
Sulphurine acid production 
Heavy Industry: 
Cement . 
Cast-iron . . 
Siemens bar-iror. 
Assorted iron 
202.3 
10.C 
92.0 
202.3 
221.0 
209.8 
198.1 
197.7 
J 
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