- Project Runeberg -  Russia & Peace /
95

(1923) [MARC] Author: Fridtjof Nansen - Tema: Russia
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RUSSIA’S FINANCE 95
according to the last quoted statement is equivalent
to 2>7 million gold roubles, is exceedingly small
compared to the country’s requirements. I have
entered rather fully into the question of bank-note
issues, which go on side by side with the issue of
Soviet roubles, because it proves that the Russian
Government understands the necessity of creating
a stable and healthy financial organisation. It is
of greater importance in estimating the condition of
Russia to-day, to mark the direction of its efforts,
than to measure the results it has so far achieved.
Space does not permit me to mention all the
details M. Scheinman gave me about the operations
of the State Bank, which has more than 170
branches in all the important towns, and corre
spondents in many of the smaller ones. It under
takes all transfers in Russia and from abroad to
Russia. If the senders do not express a wish to
the contrary, it pays in foreign currency all
transfers of dollars or sterling in order that the
recipients may not incur loss through the decline
in Soviet roubles.
(In the interval since the above information was
issued, however, the state of affairs appears
to have altered, judging from a report, dated
April 30th, from my representative in Moscow.
The State Bank was then unable to pay us a
dollar check, but offered pound sterling instead,
or the corresponding value in Soviet roubles at
the exchange of the day (102 roubles to the
dollar), or tchervonets at the day’s exchange.
Dollars could possibly be paid in three or four
weeks’ time ; but that was not certain. In response

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