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(1923) [MARC] Author: Fridtjof Nansen - Tema: Russia
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volume of paper, calculated in pre-war roubles,
declined from 104 millions to 88 millions.
In the course of the summer months, on the
other hand, the development of trade, as a result
of the country’s new resources furnished by the
harvest, induced a partial stabilisation of the
rouble. Though the speed of the issue of notes
has noticeably fallen off since then (in November
only 30 per cent. of the notes in circulation was
issued), yet the gold-value of the total amount of
notes (which had dropped in May to 57 million
pre-war roubles) has gradually risen* At the end
of August it had reached 137 millions, and at the
end of October 185 millions of pre-war roubles.
It is important to notice that although the
Soviet Government’s note-issue is still enormous,
it is not haphazard, and a real effort is being
made to reduce its proportionate dimensions. In
particular it is encouraging to convert the monthly
issues during 1922 into pre-war roubles and
compare them with the sum of the Russian Gov
ernment’3 normal sources of income in kind :
taxes and receipts from the States property and
enterprises. Wc are then able to see how these
normal sources of income are gaining in
importance. Whereas in January, 1922, they did
not amount to more than one-eleventh of the note
issue, they advanced in April to more than one
fourth, in August to more than one-half, and in
October to more than three-fourths of the amount
of notes put in circulation. This may be seen
from the subjoined table :

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