The State Bank had exercised utmost caution during the first months of its activity. Of the 2,000 billion roubles placed at its disposal 85 per cent. have still not been touched. The deposits amount to 253.7 billions, ~of. which b3 per cent. were made by Government institutions 36 by cooperative societies, 7 by labour unions and only 2} each by private persons and firms. During the first month the bank received 80 applications for loans for an aggregate of 1,220 billion Soviet roubles, but only 45 of these for 418 billions, were grant-° ed. Government enterprises were granted 130 billions for their development, but since everything is being recognized now in connexion with the new economic policy, they were unable to make use of these credits.
Cooperative societies applied for 2,000 billions. They were allowed only 584, but apart from this they obtained a credit on drafts of 161 billions and a credit on goods of 45 billions.
The bank counts only one private rerson among its clients to whom it has granted a credit of one billion roubles and there are three others working through the merchandising department where they are all owed 14.5 billions.
The bank nade the following cash operations: billions.
Financing of enterprises 8.5 Payments against goods and Bills of Lading 5.6 ments against Letters of Credit 32 Payments against drafts etc. 51
Total 68.3 Converted into gold this sum would represent only one million roubles, in other words, the oper:- tions of the first month could scarcely be compared with those of an average branch office of a Russian commercial bank. Oporations with foreign countries were also conducted, but on @ very modest scale, they amounted to the purchase of.38,012_ gold roubles worth of foreign currency and the bank also took over 106 drafts for an aggregate of G. roubles 6,916.
The Soviets have admitted the complete failure of industry in Russia. Al] machines and appliances are worn out, there is no food to supply the workmen with and money is also tacking. Only those enterprises which were leased to private persons or companies somehow find a way to make both ends meet. It is scarcely necessary 10 add that practically all machines will have to be replaced before the factories can start work profitably.
Text read from the printed page and cleaned; old type leaves the occasional error.