SOVIET RUSSIA.

Hokitika Guardian, 5 September 1923, Page 2

SOVIET RUSSIA.

AUSTRALIAN AND N.Z. CARLE ASSOCIATION. RUSSIAN TRADE. BRITISH MISSION QUEST. LONDON, Sept. 3. The “Morning Post” in an interview with members of Mr Baldwin’s Commercial Mission to Russia, says that they were much struck by the attempt- that Russia was making to stabilise her new currency, which is on a gold basis, 25 per cent, of the issued currency being secured against gold, and the remaining 75 per cent._ on short-term hills. 4be Soviet hoped to replace the paper rouble with a new currency within a year. Unfortunately, it is carrying "itli it both depression and an increased cost of living; but Russia is facing the problem with courage. Another thing is the Soviet Government’''. anxiety to balance its budeel., by a reduction of its expenditure, and by further taxation. Tile maximum income tax is now 20 per cent., while the average income .tax is 5 -Jer cent. There is also a turnover tax <4 3 per cent. The Mission state that the forme: Russian policy of nationalised industries has been dropped. The railways however, which were nationally owned before the war, remain so.

The exports of Russia also are greater than her imports, aiul the Russians lmve made up their minds to retain this favourable balance.

There are great opportunities for British trade with 'Russia, says the mission, as Russia produces raw material, and England manufactures. The two countries can work together. Russia is also re-establishing her transport conditions. On the whole, the Mission-returned very optimistic.