The Honolulu republican. [volume] (Honolulu, T.H.) 1900-1902, 1901-02-13
TGEIEE TRADE WITH THE BEARS
FOREIGN WAR is SOMEWHAT
DEPICTING THE GOLD
STOCKS OF RUSSIA.
Nearly One Hundred Millions Of
ReubIes Less in the Treasury al
the Conclusion Of Last Year Than
the Year Before.

correspondence OF the Associated
Press)
ST. PETERSBURG. January 10
Americans OF Englishmen who gen
orally leave budgets. annual estimates
and balances. tax biIis and ap-
rruuristion bills 70 the states
mon politicians and lobbyists, would
- sTt0nished at the intensity Of in
-ersst iu the Russian budget II Is an
sngroseing topic Of conversation in
eide circles a month or more after
publication. The reasons for this are
not difficult TO find. The first Is that
tho annual estimates in Russia, owing
70 the direct Intervention Of the gov
eminent In every sphere Of business
and AZ life. directly affect an infinitely
ETezter number OF people than in Eng
land. America or. indeed. in any
European country. The second is the
comparative paucity OF public utter
uuces by this government The min
lister OF finance is the only minis
Eor who has the moor at a stated time
F1r general remarks His report on
ne annual estimates therefore cor
responds 10 some extent TO the presi-
zeuts annual messages and the
speeches from the throne Of other
nonnrchies.
The figures and statements which
are published here on January l told
Etylel, arr worth the interest which is
taken in them. 4 fully intelligent
reading OF the figures will give a fair
knowledge OF what goes on in Russia.
x Is safe 10 say there are few such
readers outside OF the ranks of the
government A just appreciation Of
the document would require six
months study. Nevertheless even the
iuexpert can learn much rom even a
casual perusal
Minister Whites address TO the En-
Deror. which was no doubt made at
Yalta before the budget was submitted
10 the council of state, instead of after
yards as is usually the case. contains
many interesting passages which
could not be teleCraphed on account
n the length Of the document In dis
russinE the uufayorable state Of the
country. economically considered. min
ister Witte in the budget gives several
-EIsCs which. in his opinion. reinforce
the wars In South Africa and in China
a disturbing factors. One of these
is the general economic progress of
the United States. II is gratifying 10
uu1e that Minister White couples his
appreciation OF American growth and
prosperity with no re-eCho of the Aus
trlzu statesman. Goluchowsky's pro
Dustls of a continental league against
American products. According to the
SAYS, There is another cause of a
special character, which acts very
strongly in the same direction how
ever. OF late years the position of the
United States OF America in the
worlds money market has been I'M
6crgQiug a serious change. Notwith-
staining the expenses entailed by the
Spanish war. American capital has
taken far smaller share Jhan Europe
IN undertakings OUTSIDE the country
A series Of good harvests conduCed
greatly in raising the economic con-
iitiou OF the country. Side by side
with the growth Of capital and the
sevelOpment OF industry involved
thereby. the export trade of the
United States made great progress.
Nhich insured n favorable balance of
1rade and balance OF payments. Since
1887 the flow of go.u into the United
States has constantly been in excess
Of the outflow: the abundance of mon
ey in the American market has led TO
large investments in European loans.
Although part or the debt. due to Am
erica from Europe for exchange for
goods and for money invested in loans
IS covered hy the interest and divi-
bends on American securities placed
in Europe and their reimportation.
still. even taking this into account.
there is a considerable balance in IA
vur OF America, which Europe pays
IN gold Thus the transatlantic re-
public attracts a considerable amount
II resources OF the old world.
This discussion is apropos of the |
Eiu1inution OF the gold stocks COM |
pared with former years. At the close
Of 1900 the gold stocks amounted to /
I .f92, 500 600 roubles or about $780, |
COO 600. OF which 6S4 sec. 600 roubles |
was IN circulation and 500. SOC. 600 |
E7ss in the state oank and the treas |
ury. The stocks st the close of 1899 /
we're |, sec. 400 CO., rouoles or 74.l0o Zoo |
AzrSvr. At that time the bank and !
zrexsury held $1,000. 20 and there |
Vas only 6Ss.ie0000 in circulation. |
The hank notes in circulation are COW
cred 60 the amount of lao per cent
Referring 70 the estimate of the cost
II the Chinese troubles, TO date as
5000 600 roubles. Minister White |
states that this sum is composed of |
grants above the estimates. made to
the ministries OF war. marine. interior /
aud communications TO cover the out |
lSy required in 800 in order 10 put /
the troops OF the Amur and Siberian |
districts on a war footing He says 1
that OF course tnls sum together with /
the extra assignments 10 be made for
the purpose in 1901. does not form /
the only expenditure TO be borne by
us as a consequence OF the complica-
tons in the east and does not en-
brace all losses caused 10 Russia by
these lamentable occurrences. Part
II the expenses have fallen on '-other
and local resources"
The losses sustained by the Man
ehurian railway nave already affected
the budget Of 1900 In the form of loans
20 railway companies.