PRINTING-PRESS MONEY

Dominion, Volume 11, Issue 235, 22 June 1918, Page 3

PRINTING-PRESS MONEY

RUSSIA'S SOEKY PLIGHT. The depreciation of the paper money of .Russia, is only one of the bad results of tho revolution. In his speech to the shareholders of the Bank of New Zealand yesterday Mr. H. Beauchamp made the following remarks on this result of anarchy :— In Russia, the revolution and the incompetent Anarchist Government which has since had control of that unfortunate country have told their tale, for, instead of .£lO being equivalent to only 95 5-8 roubles, as in July, 1914, it is now equal to 3G5 roubles. Russian credit is at a very low ebb indeed, and is likely to remain so until a stable Governme.it has been evolved and the country reorganised on sound)lines. Meantime the Russian a-uthoriUes—such as they arc—are resorting to the printing press as a means of providing themselres with currency. It is stated that on March 1 last 8000 Russian printers were working on the production of currency notes. Before the war, in July, 1914, the total note circulation in Russia was about r 7OO million roubles; when the Tear abdicated it had grown to 9000 million roubles; when Iverensky's Government vras swept from power, 18,000 million roubles; but at the close of February last the circulation was computed at 60,000 million roubles. In Hie circumstances it is not difficult to predict the futur-3 of the paper rouble Failing tho reSJinption of competent Government, it will undoubtedly continue to depreciate until it will.stand on a par with the assignats of the French Revolutionary Government of 1790-1796, i.e., become practically valueless.