The New York herald., 1921-08-21

REvAL. Aug. 3.-In the commercial
treaties that have been concluded by
Russia with several western Powers
Russia's gold plays AN important part,
for Russia has at present no other way
of paying for goods except in raw
material and concessions, which are
not quite as satisfactory as currency
An American manufacturer, for ex-
ample, who sells the Soviet Govern
ment million pairs of boots is rather
reluctant to accept payment for the
same Ia the shape Of forest some
where in central Siberia.
How much gold has Russia now got?
In the Russian Bolshevik press we
find little on this point. True we read
a good deal of vague talk about Rus
sia's 'large.' gold reserve and about
the gold washings in eastern Siberia,
by means of which this reserve is sup
posed to be increased. In the British
press it has been stated that Lenine
can still dispose of gold to the value Of
f250,000,000. In the American press
IL has been estimated at s175.O00,OOO.
Both figures are probably too high, and
IL Is more reasonable to suppose that
the Russian gold reserve could not
have been more than 400,OOO,Ooo gold
rubles on January !. 1921
Analysis of Figures.
This figure is arrived at in the follow
ing way:
On July l6 1914. Russia had l,6o4. eco
rubles in the country and 14Ooo0,oc0 out
side; total. 1.74i. 10000 rubles.
On January J. 1915. she had 1,56O 100000
gold rubles inside the country and 172,-
100000 outside; total. 1.7S2,moooo
On January /, 1916, she had 1,6l4,oo0c0
In Russia and 646,0Oo0o0 outside; total.
za6O, 900 900
On January !, 1917. she had l,476,o 900
in Russia and 2l41, 200. 90 outside; total,
8.617,00o,00
From published data Of the Czarist
Government il is clear that the gold
reserve inside fell during the war by
22s, 600 900 and increase outside by 2,0Vl,-
600 0O0 The gold in Russia went largely
TO America and to Japan. and England,
by opening a special credit, covered
the Russian treasury gold by paper
gold emission.
In October, 1917 came the Bolshev'k
revolution and, according to the data of
the Peoples Commissariat OF Finance,
the gold reserve at the beginning of the
Bols1hevik regime was 1922, 100000 gold
rubleS inside and 2,14l.OW,uW OUTSIDE as
security for the Russian state debts.
This 2,141, ,000,0 was attached by the
Powers In whose hands 1t happened TO
be-
On October /, 1919. the gold reserve or
the Soviet Republic was. according to
the data OF the Peoples Commissariat
OF Finance, 117.113.000 rubles. The diff
ference is explained By the fact that
600 900. 900 fell into the hands Of the kol-
chalk Government and l9o,oc0.oOo were
sent to Germany as part payment of the
indemnity. About what remained to be
accounted for nothing is said.
KoIchak Gold Recovered.
In 1920 the Bolshevik gold reserve In
creased. owing to the Kolchak gold be-
ing recovered by the Reds, who claimed
that they got back about half billion
OF rubles. Against that must be put the
payment to Esthonia. Lettland, Finland
and Turkey (Kemal Pasha), so that at
the beginning of 1921. the gold reserve
cannot have besn over 800, 100000 rubles.
During 1921 gold was sent abroad In
large quantities for the purchase of
goods in Germany. Sweden, America
and England. so that the Bolshevik
gold reserve must have fallen in the
middle OF 1921 to 10000. 600 rubles.
IL was reported to me on July II, 1921.
that this reserve had entirely disap-
peared, and Litvinoff had arranged
with the Esthonian Government to use
its credit in foreign countries in order