- Project Runeberg -  Through the Caucasus to the Volga /
19

(1931) [MARC] Author: Fridtjof Nansen Translator: Gerald C. Wheeler - Tema: Russia
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TIFLIS
19
Armenian vice-president in the Trans-Caucasian
government. The capable Armenian commissary for
agriculture, Erzinkian, was also present. Lukashin
was able to say that the Trans-Caucasian govern
ment was in agreement also, and to my joyful
surprise he told me that it would have nothing to
say against the loan being raised through the
League of Nations. I had been afraid of difficulties
on this point, for the Soviet governments will not
recognize the League. He went on to say that the
Trans-Caucasian government was ready, together
with the Armenian government, to guarantee the
redemption of the loan ; and he believed that the
Soviet government in Moscow and the Russian
State Bank would also give their backing to this,
if it were wished. With such guarantees as these
there would be no difficulty in getting a loan on
reasonable terms. I could not share his optimistic
outlook on this point, and I had my fears that the
European bankers would demand more concrete
guarantees than general ones such as these, which
might be thought likely to lose their value, should
changes come about in the governments. Even
though he might say that there was no likelihood
of this, yet it was always a possibility which the
banks would take into reckoning. I brought forward
the great difficulties wc had had to overcome when
wc were trying to raise a loan of the same kind
for settling fugitives in Greece, in spite of the fact
that the Greek state offered fixed guarantees and
securities which in value were far greater than the
sum to be raised. It had to be remembered that

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