DESPERATE STATE OF RUSSIAN FINANCES.

Samoa Times and South Sea Gazette, Issue 4, 27 October 1877, Page 3

DESPERATE STATE OF RUSSIAN FINANCES.

Wbitiso nn this subject tin- London Correspondent of the "S. M. HeniM " says:—- Tile St. Petersburg UoVernmenl i> in til-.' most desperate straits for want of money. No less than 100 millions of roubles, or the nominal value thereof, lias been issued in paper money, since the beginning of the present war. Russia can force this paper on her own subjects, but she requires hard money for her foreign creditors, and this is being obtained on the most ruinous terms. A few of the leading financiers in Europe hold many millions of Russian stock. It is a marvel to most persons how the price of that commodity is maintained. The process is not difficult of comprehension, but it discloses a most desperate game. The financiers are supplying Kussia with all her ready money at a fifty per cent, discount, for the sake of keeping up the price of the paper they already hold, so that when a Russian victory gives a fictitious value to Russian prices, they may at least save something out of general ruin. The assistance of these financiers must be rapidly exhausting itself. It was not initiated for the sake of maintaining a campaign, but for the purpose of supporting the Russian game of brag. It was thought that a little bounce would secure all that Russia demanded, and run up Russian stocks, but Turkey declined to be bullied, and the financiers have found themselves launched upon a more dangerous venture than they had bargained for. The question of (ways and means will, therefore, compel Russia to come to terms at the earliest possible opportunity."