MONEY USELESS

Taranaki Daily News, 13 June 1922, Page 5

MONEY USELESS

THE CHAOS IN RUSSIA, COING BACK TO BARTER. OUTLOOK FOR TRADE. By Telegraph.—Press Assn —Copyright. Received June 12, 7do p.m. Washington, June 12. Mr. H. C. Hoover (Secretary for Commerce) has issued a statement, in the course of which he states there is nothing in the trade treaties between Russia and Britain, Germany, Italy or any other countries which permit or establish trade with private individuals in Russia. The treaties really provide authority for the Russian Government itself to establish buying agencies in several countries. He adds that there is no hope of laying future foundations for selling goods to Russia so long as the Soviet Government monopolises the import trade. The Soviet Government itself maintains a so-called blockade of Russia. The Soviet imports in 1921 were 248 million gold roubles, which is only a >ixth of the pre-war imports, while the exports were 20 million, or l-75th that of the pre-war total. The paper money in Russia was hastening the cat astrophy. It was of utter unacceptability within the country itself, and coon all business would have to be done by barter. The British had been grievously disappointed with the result of their trade treaty. Without the large investment of foreign capital, in order to aid the production of commodities in Russia itself, there would be even less opportunity to sell goods to Russia, for ehe cannot continue to pay in gold.—Aus.-N.Z. Cable Asan.