and the Imperial Russian Government Economic and Financial The information contained in this pamphlet, although not guaranteed, is derived from sources which we regard as reliable. ~1%. J. - * * THE NATIONAL CITY BANK OF..NEW YORK June 13, 1916 RUSSIA The Russian Empire is the largest of all countries, comprising as it does, an area of 8,417,115 square miles, or approximately one-sixth of the land surface of the world. The territory of Russia is equal to four times the size of the European continent, and is more than double the area of the United States, including all of our island possessions. In population Russia is surpassed only by China and India. The population on January 14, 1913 was authoritatively estimated at 174,099,600 which com- pared with 128,123,270 reported by the 1897 Census, showing an increase of 35% in 16 years. DevelopMENT or Resources’ The Russian Government is gradually making ef- fective broad and comprehensive plans for the utiliza- tion of the enormous undeveloped resources of the Empire. Most of their current purchases in this country consist of machinery, metals, steel, cotton, locomotives, rails, cars and other railway and industrial materials which will be productive after the war. Plans are under way materially to supplement existing orders, and the Government may aid in the purchase of agricultural implements, elec- trical apparatus, mining, crushing, milling, sampling and concentrating machinery. A network of grain elevators is being established throughout the South- east provinces. The Imperial Ukase of November 9, 1906, made individual ownership of land by peasants possible. By January 1, 1914, 2,598,815 householders had applied for allotments and the increased produc- tivity of land tilled in small parcels by owners is be- coming apparent. Modern methods of fertilizing and crop rotation are being introduced, and the loans upon crops and for agricultural improvements are being pro- vided for by the State. - It is claimed that Siberia alone with a population of but 10,000,000 scattered over an area twice the size of the United States, has sufficient resources, if properly developed, to feed and clothe a population equal to that of all Europe. - • - The Government is constructing numerous exten- Sions to the existing railway system, and plans to es- tablish upon the 15,000 miles of navigable waterways of Siberia, lines of steamships especially adapted to river transportation. Better roads are being built and it is proposed to establish regular motor service to hitherto inaccessible districts. Hydro-electric develop- ments are under contemplation. Machinery is being purchased to dig ditches, deepen rivers, and to drain fertile river valleys where floods have prevented grain raising. Great deposits of iron ore, coal, copper, silver, graphite, marble and semi-precious stones are being un- covered in the Ural, the Altai and other districts as a result of modern research methods. Salmon, sturgeon, porpoise, herring and other fish are plentiful in the waters of Siberia's 6,000 miles of coast line bordering upon the Pacific Ocean. Tin- plate and can-making machinery are required for the salmon fisheries on the Pacific Coast. Considered in relation to its undeveloped natural resources, Russia’s debt and current taxation, includ- ing the additional burden of the war, is the lowest of the belligerent countries. ECONOMIC CHARACTER OF THE COUNTRY." Agriculture, forestry, cattle-raising and mining normally constitute the backbone of Russia's economic system. Three-fourths of the population are engaged in farming, and Russia is known as the granary of the world, normally producing a larger excess of food- stuffs over its own needs than any other country. The Central Statistical Committee reports that the cereal crops for 1915 aggregated 73,587,052 short tons (as compared with 66,046,700 for 1914), of which the surplus Over consumption requirements and avail- able for export under normal conditions amounted to 23,823,000 tons, or practically one-third of the total. There is abundance of food in Russia and the condition of the 1916 winter cereals is reported as very favorable. The following table shows the relative production— in millions of bushels—of the principal crops of Russia and the United States: - RUSSIA UNITED STATES Average Average 1909-1913 1914 1915 1909-1913 1914 1915 Rye . . . . . . . . 824.1 825.4 866.0 34.9 42.7 49.2 Wheat . . . . . 727.5 750.5 676.8 686.6 891.0 1,011.5 Barley . . . . . . 447.3 395.7 429.9 181.8 194.9 237.0 Oats . . . . . . . . 992.4 882.9 782.6 1,131.1 1,141.0 1,540.3 In 1913, Russia produced 935 million bushels of wheat, or one-quarter more than the United States in that same year. Next to grain, the most important crop is potatoes. In 1913, Russia produced 1,308,100,000 bushels of po- tatoes, as compared with 331,525,000 bushels produced by the United States. Other important Russian crops with their respective production in 1913 follow:— Sugar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,662,797 tons Tobacco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248,472 pounds The principal mineral products of European Russia are petroleum, coal, iron and steel, copper, platinum 5 and gold. In 1913, Russia produced 39,940,700 tons of coal; 60,935,500 barrels of petroleum; 4,452,700 tons of finished iron and steel; 74,320,000 pounds of copper, valued approximately at $10,000,000; 1,303,- 090 ounces of gold, valued at about $27,000,000; and 275,000 ounces of platinum, which at present prices would have a value of over $25,000,000. Russia ranks second in the output of petroleum, producing in 1913 about one-fourth as much as the United States. In 1911, Russia had 34,554,932 horses, 51,622,417 cattle, 78,331,475 sheep and goats and 14,087,802 hogs. Russia has more horses, sheep and goats than the United States; nearly as many cattle, and about one- fourth as many hogs. In 1913 Russia exported 90,065,- 000 pounds of raw hides, valued at $18,363,000. In normal times, Russia annually exports horses re- quired for agricultural work in Germany and Austria- Hungary. Manufacturing is of growing importance. In 1913, there were 17,877 manufacturing establishments em- ploying 2,319,577 operators. In 1915 Russia produced 3,695,000 long tons of pig iron, a decrease of 851,000 tons as compared with the normal year of 1913. Many branches of industry are being stimulated by the ab- sence of German and other competition, and new fac- tories have been established for the manufacture of cotton goods, autos, electrical apparatus and various articles formerly imported. The Russian Empire (including Siberia) has a larger forest area than any other nation, and thus is in a position eventually to take the leading place in the world’s timber market. The American-Russian Cham- ber of Commerce has prepared the following table showing in one group the countries which have not 6 sufficient timber and in another group the countries which are able to export: - Group I Group II Acres of Acres of Timberland Timberland Germany . . . . . . . . . . . . 38,430,000 Russia ... . . . . . . . . . . . . 1,125,000,000 Balkan States. ... . . . . . . . 28,380,000 Canada ... . . . . . . . . . . . 889,380,000 France (without colo- United States.. . . . . . . . 603,000,000 nies) : . . . . . . . . . . . . . 27,141,000 Sweden and Norway. 81,000,000 Spain (without colo- Austria-Hungary . . . . 63,000,000 nies) . . . . . . . . . . . . . . . 17,844,000 Italy (without colonies) 11,256,000 Great Britain (without colonies) . . . . . . ... ... 3,375,000 Other European Coun- tries . . . . . . . . . . . . . . . . 6,426,000 Total. . . . . . . . . . . . 132,852,000 Total. . . . . . . . . . . 2,761,380,000 Over one-half of the timberlands of the Russian Empire is worked directly by the State. Forty-one per cent. of the wood cut in the five northern Govern- ments of European Russia in 1913 went to the vil- lagers and peasants free or in exchange for Service, the remaining fifty-nine per cent. being sold in the open market for home consumption and export. The forest revenue of the State in 1913 amounted to $47,586,000. Exports through the European frontier in 1913 amounted to $84,259,000. NATIONAL CURRENCY According to the content of pure gold, $1 United States Gold equals 1.943799 Roubles. The Rouble thus equals $0.5145673. For convenience all statistics con- tained herein which relate to money have been converted at the approximate mint parity of $0.515 as the value of the Rouble. According to the official statement of May 14, 1916, the gold reserve of the Russian “State Bank” amounted to $839,767,526, the balance abroad to $630,286,918 and the Notes in circulation to $3,199,672,050. The gold reserve thus is 26% and the gold plus the balance abroad amounts to 45% of the circulation. 7 At the present time, Russian exchange is quoted at about $0.3034. The following table shows the range of exchange from 1913 to date: Low High 1913 . . . . . . . . . . . . . . . . . . . . } e s e s s • e e 51 1/4 51 11/16 1914 to August 1. . . . . . . . . . . . . . ... 51 51 3/4 1914 after August 1. . . . . . . . . . . . . 42 51 1/8 1915 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 3/4 44 7/8 1916 to June 13. . . . . . . . . . . . . . . . . 29 5/16 32 1/2 While the Rouble has declined about 40% abroad, its purchasing power in Russia is holding its own quite well, advances and decreases in the prices of various commodities being due chiefly to changes in supply and demand. The country's internal financial condition is reported to be satisfactory. FOREIGN TRADE The transformation of a substantial credit trade balance, a constant feature of the Russian foreign trade in normal times, into an enormous debit balance (to- gether with the stoppage of gold shipments from Russia, the closing of the international trade in secur- ities, heavy purchases by the Government and the paralysis of exports) is the chief cause of the present depreciation of Rouble exchange, being undoubtedly more important than the temporary suspension of gold payments or the extensive issue of paper money during the war. Millions of Dollars of Excess Average Exports Imports of Exports 1881-1885 283.1 272.1 11.0 1886-1890 324.6 214.0 110.6 1891-1895 320.8 241.4 79.4 1896-1900 359.5 313.5 46.0 1901-1905 484.8 325.4 159.4 1906-1910 620.0 468.1 151.9 Actual - 1911 818.8 598.4 220.4 1912 781.7 602.5 179.2 1913 782.8 707.6 75.2 1914 492.3 565.4 73.1+ 1915 204.5 573.7 369.2% *Excess of Imports. Under normal conditions, most of the credit balance is required to meet annual payments to foreign invest- ors in Russian Government, municipal, railway, indus- trial and commercial securities, the aggregate of which may be roughly estimated at about $150,000,000 per annum. Adding private indebtedness, sea freight and insurance paid to foreigners, and the expenditures of Russian travelers abroad, it is probable that some $300,000,000 had to be paid in foreign countries each year. Prior to the war, the similar invisible balance against the United States, according to the testimony of Sir George Paish before the National Monetary Commission, was estimated at about $750,000,000 annually. The heavy fall of the exports is due not only to the total closing of all ports except Archangel and Vladivostok, but also to an embargo placed upon the staple articles of export, only limited quantities being exempted from time to time for shipment to allied and neutral countries. Shipping facilities will be increased during the present season by the opening of the new port of Soroka on the White Sea and the Siberian port of Nikolaievſsk at the mouth of the Amur River. During the five-year period ending 1913, exports to Germany and Austria-Hungary amounted to one-third of the total. At the close of the war these goods may have to find new markets. The exports to the United States have increased from very little in 1900 to $26,000,000 in 1913, due to the growing demand for Russian furs, hides and skins, coarse wool for carpets, flax, hemp, drug products, etc. Prior to the war Russia purchased directly and indirectly $50,000,000 worth of cotton annually from the United States, and about $30,000,000 of other goods. NATIONAL DEBT AND WEALTH From January 14, 1905 to January 14, 1914 the National debt of Russia showed the following increase: Roubles Equivalent in Dollars 1905. . . . . . . . . . . . . . . . . . 7,081,746,000 3,647,099,000 1914. . . . . . . . . . . . . . . . ... 8,824,524,000 4,544,630,000 In addition to the foregoing, the Russian Govern- ment on January 14, 1913, guaranteed $896,867,000 bonds and $15,482,000 shares of private railroads, and on January 14, 1915, $701,118,000 bonds of the Peasants’ Land Bank and $460,349,000 bonds of the Imperial Land Bank of the Nobility. The private rail- roads, however, are practically owned by the Govern- ment, having been built with the proceeds of bonds guaranteed by the Government and being operated under concessions. Practically all are self-sustain- ing, and the share of the surplus accruing to the Govern- ment according to the terms of the concessions, con- stitutes an important source of revenue. The bonds of the Land Banks are issued to finance farm and other real estate loans and are merely contingent liabilities of the State. Prior to the war, Russia had a per capita debt of only $26.10. Its national debt from a per capita stand- point was very low. - - It is the policy of Russia to gradually amortize its loans by annual drawings, provision being included in the ordinary expenditures therefor. In other words, in times of peace, Russia, besides providing for current expenditures annually retires a considerable proportion of her debt. From 1905 to 1914, Russia amortized 1,766,618,000 Roubles ($909,808,000) of its public debt, equal to about one-fourth of the entire debt out- standing at the commencement of the period. 10 In 1913, $868,268,000 of the debt consisted of issues made to provide for the construction of railroads di- rectly owned by the State. In 1915 Russia had 43,058 miles of railroad, of which 29,001 were owned and oper- ated directly by the Government. The above $868,- 268,000 does not represent the full cost of the State railroads, as a large amount of the bonds had been amortized up to 1913, and over $1,300,000,000 addi- tional had been advanced directly by the Imperial Treas- ury for railroad construction. An important part of the debt was the result of the expenditures of the Russo- Turkish and the Russo-Japanese Wars. The current estimate of Russia's wealth is $50,000,000,000. No official estimate has been pre- pared but the conservativeness of this figure appears when we compare Russia’s known physical assets with those of the United States. In 1912, the live stock of the United States, about the same in number as Russia, was valued by the Census at $6,238,388,985. Russia produces a larger aggregate amount of cereals and potatoes than the United States, the farm prop- erty of which was valued at $40,991,449,090 by the 1910 Census. If we allow for Russia's 43,058 miles of railway, her urban realty, mining, the lumber and the fur industries, manufacturing, machinery, tools and implements, street railways, waterworks, ship- ping, electric and gas lighting, and gold and silver coin and bullion and platinum, it appears as though a detailed estimate of the aggregate wealth of Russia would show well Over $50,000,000,000. The Russian Minister of Finance, M. Bark, on April 13th, in his speech before the Council of the Empire, gave the following facts relative to the cost of the war to Russia: 11 It is calculated that by April 13, 1916, the war ex- penditures of Russia amounted to 13,200,000,000 Roubles ($6,789,000,000); for France, the war ex- penditures for the same period approximated 13,700,- 000,000 Roubles ($7,050,000,000); and for Germany 18,500,000,000 Roubles ($9,525,000,000). A com- parison of the figures shows that all the great bel- ligerent powers have been subjected to enormous war expenditures, and that the outlays of Russia run about the same as those of France, and are materially lower than those of England and of Germany. The war ex- penditures are depicted in their true colors, when con- sidered in relation to the economic resources—national wealth, annual income and annual savings. According to the calculation of the author of an article in the London Economist, the cost of the war to the belligerent powers has been as follows: RELATION OF Cost of WAR To Value of To Annual To Annual National Wealth National Income National Savings Russia . . . . . . . . . . . . 14.1% 11.3% 678% France . . . . . . . . . . . . . 14.7 128 766 Germany . . . . . . . . . . . 15.9 121 727 Austria-Hungary ... , 15.9 120 717 England . . . . . . . . . . . . 8.8 71 424 The market for Russian Loans during the war has exhibited stability. The depreciation which has occurred has not been materially larger than that of such first class funds as English Consols and French Rentes. Taking for instance, two typical Russian securities dealt in on the London Stock Exchange, we find that the 5% Loan of 1822, sold on May 24, 1916, at 95%, to net 5.3%, and the 4% Series 1, Consolidated Railroad Loan, sold June 1, at 68%, to net 5.8%; whereas in 1914, the average price for these securities was respectively 120%, to net 4.16% and 84% to net 4.72%. 12 Short time Treasury Bills due February 21, 1917, recently placed in London, sold on May 31, 1916, upon a 5.34% discount basis. In Copenhagen, the Society for the Study of the Social Consequences of the War has recently pub- lished some interesting estimates. Its findings have been checked by a number of leading authorities, and are believed to be substantially correct. Annual Debt Debt National Wealth National Revenue Before War August 1, 1916 Russia. . . $50,000,000,000 $ 6,000,000,000 $4,544,630,000 $13,000,000,000* France. .. 56,600,000,000 7,061,000,000 6,402,000,000 14,162,000,000 England. . 72,500,000,000 10,670,000,000 3,428,950,000 14,065,000,000 Germany. 72,500,000,000 9,700,000,000 1,212,500,000 11,882,500,000 Austria. .. 25,400,000,000 3,031,000,000 3,637,500,000 8,730,000,000 Debt Charge Debt Charge Before War August 1, 1916 Pre-War Budget Russia . . . . . . . $218,555,000 $625,000,000+ $1,767,070,000 France . . . . . . 257,050,000 606,250,000 1,008,800,000 England . . . . . 106,700,000 602,000,000 960,300,000 Germany . . . . 41,020,000 595,000,000 846,000,000 Austria . . . . . . 155,200,000 485,000,000 1,067,000,000 *Revised to accord with official data in speech to Council by M. Bark, Russian Minister of Finance, April, 1916. REVENUES AND EXPENDITURES The Budget for 1915-16 does not contain the ex- traordinary expenditures of war time, which comprise, on the one hand, Outlays for the maintenance and equip- ment of the field army and the fleet, and, on the other, expenditures on account of the families of reservists called to the colors, wounded soldiers, the assistance of the population suffering from military operations, etc. All these expenditures on the basis of the Funda- mental Laws are made out of the cash resources of the State Exchequer by administrative order. 13 Ordinary Extraordinary Revenue Expenditure Revenue Expenditure 1911 Actual $1,520,168,000 $1,306,037,900 $1,322,500 $159,492,900 1912 “ 1,599,547,000 1,401,707,900 933,700 231,387,900 1913 “ 1,759,940,000 1,593,538,000 7,130,000 148,662,000 1914 Estimate 1,839,667,000 1,704,404,000 6,901,000 156,583,000 1915 “ 1,613,069,000 1,580,048,000 36,213,700 69,235,000 1916 “ 1,500,752,000 1,634,674,000 173,469,000 39,547,000 The following table presents the detailed budget for 1916 together with the actual revenues for 1913, the last year of peace: 1916 1913 ORDINARY REVENUE Estimate Actual Direct Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . $185,232,000 $140,346,000 Indirect Taxes. . . . . . . . . . . . . . . . . . . . . . . . . 413,405,000 364,672,000 Duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222,790,000 119,083,000 Royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,741,000 527,815,000 Revenue from Property and Funds belong- ing to the State. . . . . . . . . . . . . . . . . . . . . 489,856,000 537,527,000 Expropriation of State Property. . . . . . . . 641,000 1,471,000 Payments in Redemption of Land. . . . . . . 805,000 615,000 Reimbursement of Treasury Expendi- tures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,631,000 60,089,000 Miscellaneous Receipts. . . . . . . . . . . . . . . . . . 8,651,000 8,322,000 Total Ordinary Revenue. . . . . . . $1,500,752,000 $1,759,940,000 EXTRAORDINARY REVENUE. . . . . . . . . . . . 173,469,000 ,130,000 General Total. . . . . . . . . . . . . . . . . . $1,674,221,000 $1,767,070,000 Revenues from Property and Funds belonging to the State comprise ordinarily about one-third of the total ordinary revenues. The state property includes government Owned railroads, state banks, factories, rentals from agricultural land and forest revenues. A war tax amounting to from 20% to 40% of the in- creased profits of commercial enterprises and indus- tries in 1915 and 1916 is expected to furnish consider- able revenue additional to that provided for in the 1916 budget. Extensive natural resources belonging to the State are to be developed and the revenue from oil fields, coal and copper mines, forests, etc., will be ma- terially increased. 14 Prior to the war, Royalties comprising profits from the state monopolies, including the mint, liquor busi- ness, posts, telegraphs and telephones, and mines, were next in importance. In 1913, the revenue from the Government spirit monopoly was actually $463,139,000 or 38% of the total ordinary revenues. Since the war, the Government has restricted the sale of alcohol to industrial and medicinal purposes only, and as a result this monopoly in 1916 is figured at only $25,678,000. The loss of the revenue however, has left in the hands of the people available for increasing taxation a billion of Roubles previously squandered annually on drink. Prohibition is bringing about an enormous moral and economic effect upon the popula- tion, shown in a 30% increased efficiency of labor as officially estimated. Customs duties normally contribute but one-tenth of Russia's Ordinary Revenue. Soon after the out- break of the war, in order to offset the loss of the vodka revenue, almost all direct and indirect taxes were in- creased, including land, house, lodging, and trade taxes; also excise taxes on tobacco, Sugar, petroleum, cigarette paper, yeast and beer, while customs duties and stamp duties were increased appreciably. Excise taxes upon textiles, electric energy, molasses and powder are proposed. The Government is considering the establishment of State monopolies for naphtha and by-products, and the participation in industrial enter- prises to manufacture articles heretofore imported from abroad. A progressive income tax, the first in the history of the country, has been passed and becomes operative January 14, 1917. The direct taxes are derived from levies upon industries and land. Duties 15 º consist of a tax of 25% on railway tickets, fees on trans- fers of property, insurance documents. and registration of 1916 1913 ExPENDITURES Estimate Actual Ministry of Imperial Household. . . . . . . . $8,425,000 $8,941,000 Higher Administration. . . . . . . . . . . . . . . . | s e 4,686,000 4,862,000 Holy Synod. . . . . . . . . . . . . . . . . . . . . . . . . . . 27,793,000 23,518,000 Ministry of Interior. . . . . . . . . . . . . . . . . . . . 117,112,000 95,472,000 & & * Finance . . . . . . . . . . . . . . . . . . 166,943,000 248,363,000 & 4 " Justice . . . . . . . . . . . . . . . . . . . . 52,420,000 47,736,000 § { “ Foreign Affairs. ... . . . . ... . . . 3,705,000 5,923,000 { { “ Education ...... . . . . . . . . . . . 85,057,000 73,683,000 & 4 “ Ways of Communication... 353,709,000 329,953,000 § { “ Commerce and Industries. . 32,710,000 33,247,000 { % “ Agriculture . . . . . . . . . . . . . . . 71,478,000 69,959,000 Administration of Studs...... . . . . . . . . . . . 1,961,000 1,707,000 Ministry of War. . . . . . . . . . . . . . . . . . . . . . . 304,076,000 299,266,000 § { “ Marine . . . . . . . . . } • * * * * * * * * * 94,032,000 126,096,000 Audit Ministry. . . . . . . . . . . . . . . . . . . . . . . . . . 6,551,000 6,257,000 Public Debt Services. . . . . . . . . . . . . . . . . . . . 298,866,000 218,555,000 Expenditures, unforeseen in the Budget, for extraordinary requirements arising in the course of the year. . . . . . . . . . . . . 5,150,000 $1,634,674,000 $1,593,538,000 Surplus Revenue. . . . . . . . . . . . . . . . . . . . . . . . 24,870,000 Extraordinary Expenditure. . . . . . . . . . . . . . 39,547,000 148,662,000 General Total. . . . . . . . . . . . . . . . . . $1,674,221,000 $1,767,070,000 The activities of the Russian Government include many productive enterprises which we in the United States ordinarily regard as belonging in the field of private endeavor. The expenditures of the Ministry of Ways of Communication in 1913 included $257,000,- 000 for the working expenses, $20,390,000 for the purchase of rolling stock and appurtenances, and $24,600,000 for improving and increasing the efficiency of the State railways. The expenditures of the Ministry of the Interior include the postal and telegraph services; while those 16 of the Ministry of Agriculture include swamp drain- age, colonization of undeveloped parts of the Empire, as well as the administration of the Russian land laws and the promotion of fire-proof building construction. The actual expenditures of the Ministry of Com- merce and Industries in 1913 included an item of $13,- 900,000 for the operation of State mines and works, and another of about $4,380,000 for subsidies to steam- ship lines and other aids to trade and industry. Despite the large army and civil service of Russia, the actual expenditures of the Ministry of Finance for state and other pensions amounted to $52,590,000 in 1913, whereas the United States in the same year ex- pended over $175,000,000 on pensions alone. As compared with our Federal Government, the Russian Imperial Government bears a much larger proportion of the total public expenditures for Federal, state, provincial, and municipal purposes. The total actual expenditures of the Russian Government in 1913 amounted to $1,593,538,000 or $9.16 per capita; whereas in the same year the expenditures of the United States Government—exclusive of the Panama Canal and of postal and public debt disbursements other than interest—amounted to $681,743,000 or $7.02 per capita. Including post-office expenditures, the Federal Government spent $9.73 per capita in 1913. Including expenditures borne by the States, counties and incor- porated places having a population of 2,500 and over, governmental expenditures were $30.56 per capita in the United States. 17 THE RUSSIAN STATE BANK OFFICIAL BALANCE SHEETS On May 1 (May 14, our calendar) Assets: 1915 1916 1. Gold in coin, ingots and Roubles Roubles assignations . . . . . . . . . . 1,571,237,648.57 1,630,616,556.63 2. Gold abroad. ............ 139,020,384.48 1,223,858,093.82 3. Silver and copper coins.. 55,417,689.25 61,803,301.97 4. Bills of exchange and other term obligations. 390,208,357.82 345,755,299.53 5. Short term obligations of the Treasury. . . . . . . . . 1,489,829,291.66 3,646,649,912.01 6. Loans against interest bearing securities..... 246,092,259.99 640,497,198.61 7. Loans on goods. . . . . . . . . 68,818,156.07 68,402,000.00 8. Loans to small credit in- * stitutions . . . . . . . . . . . . 108,821,946.75 79,179,831.74 9. Loans to farmers. . . . . . . 21,416,343.40 18,794,195.98 10. Loans to industrial enter- prises . . . . . . . . . . . . . . . . 12,106,022.97 7,729,512.54 11. Advances to Petrograd and Moscow State Loan Banks. . . . . . . . . . 18,362,758.85 14,612,892.25 12. Bills protested. . . . . . . . . . . 3,329,572.38 743,907.30 13. Interest bearing securi- ties owned by Bank. . . 92,970,201.28 205.289,596.42 14. Various accounts. . . . . . . . 109,111,526.91 98,317,157.58 15. Balance on branch ac- - Counts . . . . . . . . . . . . . . 541,872,538.75 196,320,635.66 Liabilities: 4,868,614,699.13 8,238,570,092.04 1. Bank notes in circulation. 3,361,846,109.00 6,212,955,437.00 2. Capital of the Bank. . . . . 55,000,000.00 55,000,000.00 3. Deposits . . . . . . . . . . . . . . . . 32,085,892.21 20,090,598.63 4. Current account of the Treasury . . . . . . . . . . . . . 209,147,929.82 223,631,004.40 5. Special means and de- posits . . . . . . . . . . . . . . . . 365,320,000.00 448,664,000.00 6. Current accounts of vari- ous persons and insti- tutions . . . . . . . . . . . . . . . 766,979,661.13 1,021,859,935.74 7. Uncashed drafts and let- ters of credit. . . . . . . . . 12,272,735.97 27,545,611.35 8. Interest on operations... 33,739,723.83 37,389,057.10 9. Pass in g a n d other amounts . . . . . . . . . . . . . 32,222,647.17 191,434,447.82 Apart from above: 4,868,614,699.13 8,238,570,092.04 Deposits on trust. . . . . . . 6,442,034,543.45 7,941,094,929.24 Bills and documents on commission . . . . . . . . . . . - 18,462,907.46 16,396,515.38 Discounts of Bills, up to three months . . . . . . . . . . . . . . 6% 6% Discounts of Bills, up to six months . . . . . . . . . . . . . . 6%% 6%% Interest on Loans, against interest bearing securi- ties . . . . . . . . . . . . . . ... . . 6%-7% 6%-7% Interest on Loans, against goods . . . . . . . . . . . . . . . 6-7% 6-7% 724.1T 18 D0 NOT REMOVE 0R UTILATE CARD -- - ſº : º-3-3 º …- ...tº gº * * * * * * *:::::::::::::::::::::::: - “... 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