The possibilities of _internal_ loans are not very great. During the
first month of the war about 380,000,000 rubles of savings were
withdrawn from the banks. Of this sum only 76,000,000 were redeposited
later when the first excitement had passed. The rest of the money
evidently was either used up for production, for consumption, or for
private storing of ready cash. How much of this money will come forth to
buy the various short-time loans no one is able to tell beforehand. But
the big manufacturing interests are craving for _foreign gold loans_,
not for internal paper money loans.
How Russian Manufacturers Feel
[Digested from Russkia Vedomosti, No. 266, Nov. 18, (Dec. 1,) 1914, P.
6.]
The manufacturers of war supplies are making large profits through the
war. All they need is Government advances to buy their raw material. The
Government permits them to borrow from the State bank upon Government
orders for war supplies. The only difficulty lies in the extent of the
credit. The Government would not permit borrowing more than one-third of
the amount of its orders, while the manufacturers are asking for
two-fifths.
The manufacturers who are using imported raw material and are working
for the private consumer are suffering heavily from the war. The lack of
coal, of hides, of wool and of cotton is threatening Russian industry
with a crisis.
Pages:
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64