official figures which represent an over evaluation.
With reference to imports, we consider that they
are undervalued ; but no adjustments have been
made for it was found to be practically impossible
to ascertain to what extent the credit costs charged

by foreign industrial suppliers, are included in
the price of imports.
Below we give estimates of the trade returns,
as revised by us, together with the official figures
(A.R.A. supplies and gifts not included):

IMPORTS

EXPORTS

BALANCE

Official Customs
Returns

Revised
Figures

Official Customs ! Revised I Official Customs
Returns Figures Returns

Revised
Figures

—

Mill. rbls. Mill. rbls.
Pre-war Prices | Current Prices
179 250
270 | 375
148 202
234 140

Mill. rbls. Mill. rbls. Mill. rbls.
Pre-war Prices | Current Prices Current Prices
10 18 —169
109 —206
232 — 15
522 +135

Mill. rbls.
Current Prices
—232
—266
+ 30
+ 82

1920/21 ..
1921/22 ..
1922/23 .
1923/24 ..

64
133 |
369
Mill. rbls.
Current Prices
724 559
756 677
714 780
946 778
836 878
1,068 | 1,002
1.044 |W

Mill. rbls.
Current Prices
1924/25 .. 724
1925/26 .. 756
1926/27 .. 714
1927/28 .. 946
1928/29 .. 836
1929/30 .. 1,068
1930/31 .. 1.044

520
650
735
743
40
baj
R36

—165
79
66
‘A8
0)

—154
—106
+ 21
—203
+ 4
—103
—208

The value of the imports and exports in the
above table is expressed in roubles, which we will
call foreign trade roubles. They are used in Soviet
foreign trade statistics for calculation purposes
only (vide Appendix No. I).
(b) Precious Metars. The Soviet official
Customs returns do not contain any figures relating
to the movements of gold and silver ; official figures
are given only for platinum. In order to ascertain
the value of imports and exports of gold and silver,
we have analysed the Customs returns of other
foreign countries importing precious metals from
the U.S.S.R. The results of our enquiry are given in
the Table on page 13. They show that until the year
1927/28, the U.S.S.R. was not only an exporter,
but an importer of these commodities. The
exports consisted mostly of gold and platinum
for the purpose of meeting payments maturing
abroad and imports consisted partly of gold,
and mostly of silver, particularly in the year
1924/25, when the currency reform was carried
out. Whilst movements of gold fully reflected the
condition of the foreign trade of the U.S.S.R., the
rate of the chervonets, in terms of foreign

currencies which is regularly made known by the
Soviet State Bank, did not show any downward
or upward movements which would correspond
to the movements in the foreign trading accounts.
This fact supports the view that the official
juotations of the rate of the chervonets are purely
artificial, and in the absence of a free market in
the Soviet Union, could not be regulated by the
ebb and flow of trade, but are simply fixed by the
Central Bank of the U.S.S.R.
(¢) Parcers. This traffic originated during
the famine in the years 1921/22, when gifts of
commodities were made to Russia to the amount
of 180 million pre-war roubles, including the
food, medical and other supplies of the American
Relief Association (A.R.A.). Subsequently,
firms and private persons made a practice of
sending parcels to the U.S.S.R., for even after
extremely high duties were defrayed, the difference
between prices abroad and in Russia ensured
substantial profits. It was estimated by the
Commissariat of Finance that in 1924/25 the total
value of such imports amounted to 3.3 million
roubles. and in 1925/26 to 9.0 million roubles.