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INDUSTRY 125
in my opinion, impossible without the aid of
foreign capital.
As mentioned in Chapter 111, the principle em
bodied in the " new economic policy," adopted in
the spring of 1921, was the organisation of industry
on a commercial basis. The smaller industries
were handed over to private traders, while
industries of medium size remained partially
nationalised and were leased in part to co-operative
societies and private individuals. The State re
tained control of the large industries, which were
grouped in trusts, including a certain number of
similar undertakings, textile factories for instance,
or forming a combine of different branches of
industry complementary to each other (e.g., coal,
chemical products and glass). These trusts are
subordinated to the Council for National Economy,
which, however, has learnt by repeated experience
the necessity of conferring on the management the
widest possible financial and administrative powers.
The new economic policy has at once stimulated
the production of articles which are in demand
among the peasants, especially since the harvest
of 1922, which to some extent gave them the
means of purchasing. I have noticed the increased
production of cotton-yarn between October, 1921
and October, 1922; this continued during the last
three months of the year, when, according to a
report just sent me by the Council of National
Economy, the spinneries manufactured 1,053,000
poods, as against 333,000 poods in the correspond
ing period of 192 1.
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