New-York tribune., 1917-07-16
Russia Declares
New Finance Laws
Are for War Only
Legislation Safeguards the
Transfer of Funds, Says
Embassy Here
Acting under instructions Of his gov

Acting under instructions Of his gov
ernment, the Russian financial attache
has issued the following tatement:
1.-TWO measures recently inaugurated
by the Russian government, one OF
which deals with the importation into
Russia of bonds and coupons from
abroad and the other with the trans
fer Of funds from Russia, have given
place outside Of Russia 20 comment
and misnterpretation, this being due
10 the fact that the general public is
not being well informed of the general
purpose Of said measures. As such
comment or misinterpretation is able
to create uneasiness among the holders
Of such bonds and coupons, the fnan-
cial attache to the Russian Embassy
deems it advisable 10 acquaint the pub
lie with the tenor Of laws embodyinG
the measures taken, which are as fol-
lows:
Law Covering Bonds
81. Law dated Nav 5 and published
on June last. This prohibits the impor-
tation into Russia of bonds and cou-
pons from abroad either by post or
carried by travellers. Such disposition
is conceived with the special purpose
Of safeguarding the interests of hold
ers Of bonds which remain in invaded
territory, and to so prevent their nego-
tiation by the enemy. 1t does not in
the least interfere with the interests Of
neutral bondholders who are deslrous
TO either cash the coupons or send the
bonds over TO Russia, provided that
the bonds are accompanied by docu
ments purportng 20 prove N formal
way that such bonds are the property
Of the sender and have been acquired
by him prior to the war. The accom-
panying documents are examined by the
state bank, which decides whether the
coupons may be paid or not. In the
latter case when documents are judged
insufficient. coupons and bonds are de-
posted with the state bank for account
of the sender.
"In the case Of travellers carrying
such coupons and bonds, these, to-
cether with all justifving documents
are dispatched by the customs authori-
ties TO the state bank. which proceeds
along lines similar to those estab-
nshed for bonds arriving by post The
examining of documents by the state
bank has been rendered necessary,
owing 10 the fact that the customs ad-
ministration does not possess the com
petence necessary for examining the
questions relating thereto.
"The above procedure does not at all
concern state loans issued since the
war nor bond sent by post from Al
lied countries by credit establishments,
nor the bonds arriving in possession
Of travellers from Allied countries. The
necessary condition in this case IS of
presentation of certificates issued by
authorities Of such Allied countries,
vised by Russian consular or diplo-
matte authorities and purporting 10
prove that such bonds come effective
ly from Allied countries, and did not
at all belong TO the enemy since the
beginning Of the war.
"2. This law is not yet promul-
gated. 1t forbids TO effect transfers of
funds or Of rubles abroad other than
on authorization of the Ministry of
Finance.
This measure has for its aim solely
to safeguard the Russian exchange,
through limitation of new sales of
rubles and prohibition of expectation
Of capital. This law does not IN the
least concern rubles being already TO
the credit of foreign accounts estab-
lshed before its promulgation. De-
rositors may dispose of these accounts
entirely at their wish, if, however, at
the opening of such accounts, no stipu-
lston to the contrary has been made.
The same is to be applied TO ruble
transfers abroad. which will have been
effected since the promulgation, on the
strength of due authorization Of the
Ministry of Finance; TO this institution
will pertain the right TO give such au-
thority, after examination by the Rus
sian Chamber Of Compensation OF all
commercial contracts and Of all docu-
mcn's 70 be presented by the Interested
partieS. Il is understood that the Min
istrv Of Finance will take into accoun,
the needs of the market and the IN
terests Of foreign merchants, as far as
resources Of foreign exchange will
allow. Transfers Of non-cOmmercla
character will be allowed in the limits
fixed by the Minister Of Finance. Sucr
limit will actually be Of 500 rubles pei
month per person. A special commit.
tee will examine requests. which Will be
judged as 10 merit 70 be satisfied. lr
this case the Ministry Of Finance will