Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-04-18
HUGHES COMMENTS
ON RUSSIAN TRADE
Writes Gompers, Setting Forth
Detailed Conditions Affect
ing Relations.
NOTE DEALS WITH FACT
Communication Is Acknowl
edgemcnt of One Sent by
Labor Head.
NOTE DEALS WITH FACT
CONTINUED From Firs, p,po ,

Continued From First rrecD
coal, OF iron and steel. Of flax. cot
ton, leather. lumber. sulphuric acid
or copper, agricultural products. OF
textiles and the maintenance ami re-
pair OF railroad equipment. have de-
generated steadily from 'h"ir level
OF production a, the time Of she Boz
shevik revolution.
AS suggested your second state
mcnt. IL is true that agents purport-
ing to be representatives OF the So
CO led Bo!shevist commissariat Of
Foreign Trade have placed im:n .nse
orders for the purchase of goods in
the United states. Europe and Asia.
II is estimated that perhaps six and
one half billion dollars worth OF p--
dcrs have been booked. But ship
ments as result OF these orl"rs
have been made only in small volume.
because the Soviet agents were un-
able either to pay cash or TO obtain
credits so as TO insure the delivery
of the goods ordered
Much has been written apunt The
large sums of Russian gold which
have found their way abroad IN cN-
change for foreign goods. In reality.
such transfers of gold have been rel
atively small. According to IN" IN st
liberal estimates the Soviet authori-
ties do not now have in .ncir POS
session more than Sl75. 100000 worth
Of gold. l; is apparent that The pro-
portionatc share of this amount Of
gold which might be exp .ctod to
reach the United States, and even the
ir,,tr a ~ of all nr hfs
amount OF gold III the United States.
would not have a pronounced or last
ing effect upon the advancement OF
American industry and trade. wnilc
it's loss to Russia would van. away
the scant hope that is left OF a sound
reorganization OF the Russian system
OF currency and finance.
In response to your question re-
Eard.ng the transfer OF funds from
Russia to the United States. it may
be stated that there are no rcstric-
tions on the importation of Russian
gold into the United States. and since
December is. 1929. there have been
no restrictions on the expectation OF
coin. bullion and currency to Soviet
Russia or on dealings or exchange
transactions in Russian rouhlcs or on
transfers OF credit or exchange trans
actions with Soviet Russia. /; is
true that no assurances can bo given
that Russian gold Will be accepted
Ivy the Federal reserve banks or the
Mint. in view Of the fact that these
public institutions must lie fully as
sured that the legal title TO the gold
accepted by them is not open TO
question.
It has often been stated hat If
the government of tn. United states
would recognize the so-ctllcd .Snvir:
~ cXpor; immense quantities az iuu-
modities. The facts in rcga.i TO
supplies in Russia completely :-futc
such statements.
Note is taken Of tho statement that
81 restriction on trade with Russia
were removed, many mills. shops and
factories in this country. whieh a..
now closed would resume operations.
ana unemployment would thereby pe
diminished Even before tic war.
trade with Russia. including petu ,N-
ports ana imports, constituted only
one ana ,hrcc-icu,hs per cent 81 IN,
total trade OF the A!rtcd ft;tss.
According to ~ r.r,c;ts Of Ito va
partmcnt OF Commerce, our total
trade with Russia FOR The fiscal year
ending June 80. 1918. WAS as tulIuN, 81:
ports from European
RUssia ............... ;gG.goS $50
Imports from Asiatic
Russia ................ 2.%5G.527