RUSSIA’S DEBT.

Taihape Daily Times, 29 May 1918, Page 3

RUSSIA’S DEBT.

It is noteworthy that diplomats from all the nations represented in Petrograd (nineteen in nnmber) joined in a protest to the Bolshevik Government against the repudiation by it of the Russian national debt. In a document signed by them collectively and presented to Foreign Minister Trotsky, they declared, in order to prevent misunderstandings in the future, that they considered the decree on the subject of the repudiation of the national debt, the confiscation of property of all sorts, and other analogous measures as without value inasmuch as they concerned their nation, and, furthermore, that the foreign diplomatic, representatives reserved to themselves the right to claim, at any hour they desired from the Russian Government, damages for all losses which the decrees and measures in question put up on their nationals. This protest, which w r as drafted at the American Embassy was signed by the Ambassadors from United States, Japan, Great Britain, France, Italy and Spain, and by the Ministers from Belgium, China, Portugal, Switzerland, Sweden, Norwmy, Denmark, Holiland, Brazil. Argentina, Greece, Serbia, and Persia, The action of the foreign diplomats dieted from Trotsky a characteristic utterance, addressed to the Central Executive Committee of the Alli-Russian Workmen’s and Soldier’s To that body he. declared that “the protest of all. the Ambassadors against the nullification of loans locks around us a ring of international Imperialists”—a new name for those wdio protest ■ against the repudiation of debts. According to the Paris correspondent of -the London Times, it is estimated that the foreign capital invested in Russian State guaranteed securities and in Russian enterprises amounts to some . £800,000,000, of which -about £600,000,.000 is stated to be French capital, Of total amount about £-180,000,000 is invested in Russian State bonds and State guaranteed railways. Since the /war the Allied Governments have given enormous financial assistance to Russia, thus greatly increasing the total indebtedness of Russia'.' In order

to ensure payment of the interest on ■ its foreign Joans and to pay for war j material, the Allied States advanced Russia in actual cash or in the opening of credits in each country a total amount which the Petrograd papers compute at £840,000,000. No details are available as to how this sunt is made up, but from figures supplied by the French Treasury, it would appear that the French Government’s share of those advances amounts to £120,000,Coo_ The United States Government has given credit to Russia to the tune of £72,000,000. American bankers have Supplied a further £8,000,000. Japan has supplied £20,000,000 and the British Exchequer, it is said, £600,000,000 Altogether, Russia owes Allies a total of £1,600,000,000.