Professional Documents
Culture Documents
ECONOMIC
FUTURE
By
C. G. R A K O V S K Y
(Official Agent of the Union of Socialist
Soviet Republics in Great Britain)
Reprinted
from
I n f o r m a t io n
and
RUSSIAN
R e v ie w ,
41
SP
HC&
C 5 p t3
1867
r&fl
Jl>
10. P6 ;
Th e Union of Soviet R e
publics m ight give w ork to
thousands o f workers abroad
if
between
It
and
the
Capitalist States there was
restored
norm al political
and economic relations.*'
C. G. R A K O V S K Y
Industrial Progress.
Turning now to our industries, their production
may be characterised by the following figures. In
1920 the output was valued at 511,000,000 gold
roubles, in 1921 at 528,000,000, in 1922 at
829,000,000, and in 1928 at 1,118,000,000. (The
Russian economic year is calculated from October
1 to September 80.)
Heavy Industry.
In general, our heavy industry is already pro
ducing thirty per cent, of the pre-war output.
W orst o f all is the production o f iron (seven per
cent, o f pre-war output), and o f steel and rolled
steel (in all thirteen per cent, o f the pre-war
figure). Compared with last year, the production
o f iron this year has increased tw o and a-half
times, while that o f steel and rolled steel has multi
plied five and a-half times. These figures speak
for themselves.
Trade Balance.
Our trade balance for the year, October 1, 1922,
4
BudgetFinancial Recovery.
Our financial recovery is already well known to
all, especially now that the chervonetz is quoted
on a number o f foreign stock exchanges.
Of a
total expenditure in
September, 1923, of
170,000,000 gold roubles, only 15,000,000 is
covered by the issue of Soviet roubles. W e are
advancing rapidly to the creation o f a balanced
State budget. To this end enormous economies
have been effected in State accounts. Our army,
which numbered 5,000,000 men in January, 1921,
was reduced to 1,600,000 in January, 1922, and
to 600,000 in January, 1928. Corresponding re
ductions were made in all the State apparatus, the
number o f Soviet workers being greatly cut down,
a process which is still continuing.
W e are not, however, ourselves so carried away
by excessive optimism as not to be aware of the
great gaps still existing in our economic structure.
I will here indicate some o f these.
Beginning with our finance, it must be
mentioned that o f the total 170,000,000 gold
roubles o f estimated expenditure in September,
19*28, only 110,000,000 are covered by ordinary
State
receipts. 15,000,000 are
covered
by
emissions, while the remaining 45,000,000 are
covered by various credit operations, by the six
per cent, internal gold loan, and by the bread
loans which are making gradual progress.
Our
chervonetz occupies an honoured position along
with the dollar and pound sterling, thanks only
to the extrem ely lim ited quantities which have
been issued, and because there still exists the
5
L o n d o n C m js o n u h
S m
L tb ^
74 Sw im oa StrM t, W .C . i . - t tO M