Page 3, 5th February 1937

5th February 1937
Page 3
Page 3, 5th February 1937 — SOVIET FOREICN TRADE

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Organisations: Soviet Government
People: Rosengoltz
Locations: Whilst Great


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Credit Abroad— Starvation at Home From Out Russian Correspondefiit About a fortnight ago the Pravda published a boastful leader upon " The U.S.S.R. as the Land with the Best Credit;' obviously inspired by the Soviet Government, An official pamphlet, "Soviet Foreign Trade, New Developments," has now been published, which represents extracts from a speech of Mr. Rosengoltz, Commissar for Foreign Trade. The Commissar points out that trade relations between the U.S.S.R. and the rest of the world have undergone considerable changes during these last few years.

The first two Five-Year Plans, it is stated, have improved the economic position of the Union to such an extent that no more foreign loans are necessary, and therefore in her credit operations Soviet Russia may discriminate and dictate conditions to the grasping capitalists anxious to make profits from such a teade.

Accumulating Currency Rosengoltz shows the direction taken by Soviet trade organisations. The first object is the accumulation of " exchange reserves," actually reserves of foreign currency and gold. The U.S.S.R. know the utter valuelessness of their own currency which, if offered abroad, would find no buyers. 'Therefore by means of exporting commodities the people of Russia are deprived of vital necessities.

An active trade balance allows the accumulation of a reserve of foreign currency, to which is added a growing gold reserve due to the discovery of new rich gold mines in Siberia.

The next two objects deal directly with foreign trade, and are: a drastic reduction of imports of goods for the consumption of the people and the maintenance of the import of goods necessary for the tech

nical reconstruction of the Union. In other words. Russians must be contented with the shoddy goods produced by the home industry of which so much has been heard even in the criticisms of various commissars.

Britain Pays for German Exports to U.S.S.R.

Germany is finding it an easier task than Britain to do business with the U.S.S.R.

Foreign exports to Russia will be restricted in the future to technical equipment and other specialised articles.

The Monthly Review issued by the Soviet Trade Delegation in England gives in its January issue figures for the exports and imports to Russia during the first eleven months of 1936. Whilst Great Britain imported £13,000,000 worth of goods from the U.S.S.R., elle exported goods only to the value of £7,500,000, an adverse balance of £5,500,000. At the same time Germany, to which Soviet Russia has no friendly feelings, exported to the U.S.S.R. £6,000,000 more goods than she imported from the Soviet Union, thus already in 1936 Russia paid her orders in Germany with cash received from England.

With the new conditions established by Rosengoltz, the same process will only develop, for Germany is able to satisfy Russia in a better way in her demands for technical equipment.

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