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97

(1923) [MARC] Author: Fridtjof Nansen - Tema: Russia
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RUSSIA’S FINANCE 97
over the various premises of the State Bank ;
especially the great armoured vaults, where the
gold and stable foreign currencies covering the
" tchervonets," and also the bank reserves, are
stored in huge safes.
He also spoke of the development of the State
Bank’s business, which would ensue when the credit
institutions in every country entered into regular
and direct relations with it.
In the course of one year’s working the State
Bank has collected a considerable supply of bilis,
only including bonds in undertakings which do
not run at a loss. One of its great tasks has been
to finance Russian exports. But it has too little
capital for this work, or for allowing its branches
to launch out into great activity. Its rapid
development would be very greatly facilitated if
foreign countries would give it credit in the three
following ways :
i . Advance on bilis.
2. Credit on goods.
3. Credit to industrial trusts in Russia against
the State Bank’s guarantee.
In addition to the State Bank, the last few
months have seen the formation of numerous
industrial banks, trade banks, agricultural banks,
and mutual credit societies. Some of these institu
tions are very important, but, of course, they are
very far from being able to secure the credit
which is indispensable for the country. This
question will be discussed in the succeeding
chapters on agriculture and industry.
7

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