RUSSIAN DEBT

Dominion, Volume 11, Issue 146, 9 March 1918, Page 7

RUSSIAN DEBT

WHAT" REPUDIATION WOULD MEAN

MILLIONS OWING IN BRITAIN

(By Charles Duguid, Financial Editor .- . of tho "Daily Mail.")

It is almost inconceivable that even the Lenin gang could commit such an act of gross folly as the repudiation' of the jßnssian Debt. The world will require other evidence than the statement in the Extremists' organ, "Truth,"- -KQiicli is reported by our Petrogrud correspondent.

Yet with a record of uriscrupulousness;and iguoranco such as tho irresponsible gang has achieved; it is difficult to say that ropudiatio'n-is impossible. It would nevertheless involve the 1 financial suioMe of the Lenin party. If'that party spoils- Russia's clean record 'of finance—sho has never defaulted—whore can the "gang look for any future financial assistance ? And ■ Without -financial assistance ■ where is 'its power?' Should Gencati concur,' however, fn'direotlyy:'in any' stteh repudiation, then Germany will'be a dishonest financial defaulter as well. ' This is' a list of Russian Gbvfernv ■ ment' securities known hero, though by "tio means held'hfcre." together with the names of the English, agents-for the various "loans:— : '-' ".' '■" '■'•'■• ' : - Amount Outstanding *■■":■•< LOAN. ■ -•£■■■' Honbleß. Itu6siansp.c.lß22, 3,661,335 • - „ 3 p.c. 1859 .......'...:'..... 1,621,400 -. „.4p.o.Bonds 1860 .... - 130,763,000 .'„i"4 p.c. Gold-Loan 1889 . ■ (Ist- issue) : — 115,221,875 „ 4 p.c. 1890 (2nd issue) — ' 82,959,375 ,;■- 4p.c.:1890(3rd-iBBUe) .-■ ■ 69,653,125 „ 4'p.c.1690 (4th issue) - , 8,634i375 „ 4 p.o. 1890 (sth issue) - . 41,990,625 „ 4 p.c. Railroad Bonds (Series I) 25,584,895 ' i, 4 p.c.Kallroadßonds.' "■ ■■■■■■■ (Scries II) .: 45,394,185 - : „ 4 p.c. Railroad Bonds (Series III) ..:;...'11,605',924 '-„• 3J p.c. 1894 .14,768,898': ■- - .-J, 3.P.C.1891 ...-.,....;:>..-.. r- . 112,528,125 -„. 3 p.c. 1894 (2nd issue) - •. 37,709,376 '. „ 4p.c;lß9,4.(6thisßue) —' 107,171,875 ,', J-p.0.-1896 ...'...;.....'. - '■ '100,000,000 ''~; 4 p.c. 1894 :.V..'.„... - 2,830,000,000 „ 3 8-10 Conv. Loan 1698 - 81,602,700 „ 4p.o.Cons..Kentcl9ol - -169,000,000 ,' !4 p:c: State Loan 1902' - , 172,112,842 „ 4i p.c. 1905 ;....'.'...:.:. •"- 202,895,629 '„ 5 p.c. 1905 89,325,000 v. -;..„•;.4ip.c. 1909 •;.-.. 55,560,000 ■ • - . Dbnetz Eailway 4 p.o. ' . . 1893 '...:.;...........:...... •-.'■• 6,133,750 ■DWnsk-Vitebsk'--Ely ." •:.4p.c- ; .:: ;....:„.. 2,551,2C'8 -:. ■ Grand Russian Railway ' 4p.c.1858 -.' 23,568,000 Grand Russian Railway (2nd issue)'lß6l ....:.... ':".— .' '1,592,625 Grand Russian Railway - - 3 p.c. Bonds 1881- — 5.700,000 Grand Russian Railway ' 4 p.c. (Nicolas Rly) 1888 1,554:300' "• - Grand Russian Railway.' ' Railway 4 p.o. 1890 .. - 13,006,575 Koursk-Khark-Azof Rly. ' 4.p.6. Ser, A. .'...-..... 1,069,900 KoursMChark-AzoJ Rly. '■•'■•... 4 p.o. 1894 - 6,161,375 Morchanek-Syrane Railway 3 p.c. ~ .; - . 2,258,375 Moscow Jaroslavk-Arch-angel Rly. 4 p.c — Em'. 26,221,000 Nicolas Railway' 4 p.c. ' (1867 and ,1869) '. 18.179,420 -. Orel-Vitebsk Rly.'4 p.C J894 ....:.:..;..„. .....;• - : 9,776,675 Riga-Dvlnsk Rly. 4 p.c. t- 6,549,000 .Tambofi-Saratoßßly.M . P-C , — 6,308,125 Trans-Oaucasian Ely. ■ ■ ■' • ' 5p.0. .......'. 6,740,060 ' -:' Trans-Oaucasian Ely.-. , ■- J P.O. 1889. .-. : - Fes. 21,370,500 . Bano.ne Imperiale Ton- ' r . •cfere de.la Noblesse " ; ' 3i p.o. .;.„...-....;.- --.-•. ,-Hs; 70,660,300 Russian Govt. Stlg. -. . .Treas. Bills 10,000,000 ' - Armavir Touapse Rly. ■■ ' -. 44 p.ol 1909 ' 5,738,000 ' ' - : Kahetian-Rly. 4J p.c. 1912 1,398,160 — Kokand Namangan Ely. , <i P.c 399,260 - Russian S.B. Rly. 4J p.c. 3,033,900 '. — . £298,335;837R5.4,434,259,221; ' : This totalisterliiig" debtjof £258,335,.837, "togefciierwith the "rou'ble"debt' of 'Hb1e5.4,434,259,221. ' (eqmvalent "to £12l;486,800 at the present, depreciated value of the rouble) and the franc debt equivalent to £791,500, makes a grand total of £420,(314,000. . Itepudiation would mean that no interest would be forthcoming on, this immense amount. Fortunately little of the debt, comparatively, is held in Britain by the public investor, llussian finance has never been popular. It is different;' however, in ' franco. ■ Undoubtedly repudiation would also mean the raising of many complicated questions in Government and diplomatic circles in England. The British Government has rendered-much financial assistance to Russia since the war began. It is understood to liave arranged for the financing of a coupon on a small loan which' fell due in England recently, But even taking the blackest view of the: present'position, it seems certain that this matter of repudiation is only a passing phase in "Russia's however damaging. Mexico, -with far more excuse, recently defaulted and is already returning to the..paths' of honesty. . In the ■present condition ;<a£ civilisation no great country can retain an-attitude of repudiation and remain within tho •hounds of civilisation. The vast wealth and resources of Russia will he there and - available to pay ; her debts, when-the Lenin-gang has run .the.short;-length of its tether.