purchasing power of the currency is continuously decreasing. “The budget” 
writes the official recorder (the above mentioned periodical, No. 8. 
p. 108), “can be characterised as strained”. In order to cope with this 
‘strain’, the industrial loan amounting to 4oo mill. roubles has been 
issued. This loan, however, is in reality nothing more or less than a masked 
support of the industry by the State exchequer, for the whole loan, which 
realised far less than 400 millions, has been solely and exclusively signed 
by the institutes of the State. It is no wonder then that, according to 
private information received, 3 Cherwonez were being paid for a golden 
10 rouble piece at illegal exchanges in §etersburg and Moscow during the 
month of August.