The first proposition is impossible, since the Government will not
permit any exportation of gold at this moment. The second proposition
won't work owing to the demoralized transportation. Thus the only escape
from a serious national crisis seems to lie in a large foreign gold
loan.
This idea is favored by such prominent manufacturers as S.I.
Tschetverikov, G.M. Mark, and A.E. Vladimirov of Moscow, the first
speaking for the wool interests, and other two for the tea wholesalers.
Mr. N.A. Vtovov voices the same sentiments on behalf of the Russian
cotton mill owners.
New Sources of Revenue Needed
By A. Sokolov.
[From Russkia Vedomosti, No. 171, July 26 (Aug. 8), 1914.]
Russia entered upon the present war better equipped financially than
ever before in her history. But it is evident that her ordinary
resources will not suffice, and the Ministry of Finance will have to
find new sources of revenue to meet the gigantic expenditures. The
Ministry of Finance has begun the usual banking and credit
operations--the supervision of specie payments, the issuance of paper
money, and the discounting of the Treasury notes in the State Bank. In
addition to these the Ministry is ready to turn to new taxes.
It proposes to increase the tax on tobacco and to raise the price of
whisky. Both are desirable objects of taxation. The tobacco tax has been
relatively low in Russia.
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