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INDUSTRY 133
The metal industry registers the lowest output,
32 per cent. of what it was in 191 3. But here,
too, an advance has taken place; the figure was
only 21 per cent. in 1921, and 17 per cent. in
1920.
M. Bogdanov, President of the Supreme Council
of National Economy, whose courageous and
methodical work for the regeneration of his country
is well known, told me about the efforts made by
the Russian Government to set industry on its feet
again .
Upon the regeneration of agriculture [he said] depends
the restoration of our entire national economy. Last summer’s
harvest was better, and the effect of that has at once been
reflected in our industry, which has increased its production
by 23 per cent.
As soon as the agricultural conditions improve, the peasants
will have capital sufficient to enable them to begin buying,
and so to put fresh life into our industry. The effect of this
harvest has especially been noticeable on the textile industry’s
market.
As to the heavy industry, it cannot recover unless con-
siderable credit is available. Foreign capital is therefore
indispensable—unless, of course, a series of good years with
rich harvests make it possible for us to raise the necessary
working capital in Russia.
We hope even this year to improve our petroleum industry
very considerably. We have sunk many wells and have
purchased machines to expand our operations. In Baku we
compared to 1,050 poods (1 7’ 2 3 tons) in
1913-
In the textile industry the output per worker in
1920 sank to 20 per cent. of what it was before
the war. The percentage rose in October, 1922,
to 64 per cent.
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