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
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