SOVIET TRADE POLICY

Press, Volume LXX, Issue 21314, 6 November 1934, Page 11

SOVIET TRADE POLICY

Prompt Payment Of Debts MOKE TRADE WITH BRITAIN IUIIEU l'Rr.s«,HS '.UTI'.'N- i-V y.LSiililO I ELIU UAPH —C OPTIi IG HT. I (Received November 5. 10.50 p.m.) LONDON, November 5. The diplomatic correspondent of the "Daily Telegraph" says: "Of the Soviet's anxiety to re-establish her credit in the eyes of Western powers, there has recently been much evidence. Her entry into the League of Nations is symptomatic of this; while in the commercial field she is seeking a reputation for dependability by punctual observation of her undertakings. "Moscow has been increasingly interested in cultivating the British market since the Hitler regime in Germany virtually extinguished the formerly extensive trade between the two" countries. A large portion of this is now coming to Britain." The Moscow correspondent of the newspaper says that payments under the Lena Goldfields settlement will be £50.000 on ratification. 20 half-yearly payments of £92,500, beginning on May 1, 1935, and 20 further half-yearly payments of £55,000. It is believed in Moscow that the' settlement may open the way for negotiations for a treaty between Britain and Russia. LENA GOLDFIELDS DISPUTE AGREEMENT REACHED MOSCOW. November 4. An agreement settling the Lena Goldfields dispute has been signed on behalf of the Soviet and the company. The price is believed to be between £2,000,000 and £ 3.000,000. The Soviet had cancelled the company's mining concessions, alleging a breach of contract. The company referred the issue to arbitration m England and was awarded £13,000.000, which the Soviet declined to pay. offering £1.000,000. The company then asked for a minimum of £3,500,000. MACHINES TO BUILD MACHINES SOVIET ENTERPRISE EARNEST PLANT OF KIND IN" WORLD MOSCOW. October 2. Approximately 24.000 people will be employed in Russia's newest giant industry, the Kramatorsk ma-chine-building plant in the Don basin, the centre of the Russian coal industry. The announcement was made at the formal opening of this enterprise, which is to produce the machine that will make the machines. It is claimed that the plant will be the largest of its kind in the world; its output will be twice that of the great Krupp works, which have hitherto supplied Russia with much of her equipment for heavy industry.

No longer, it is held, will the country be dependent on foreign markets for the purchase of equipment for her ferrous metallurgical industry. The Soviet Government is not repeating the practice of former years, when costly equipment in newlyopened factories was entrusted to semi-skilled operators, peasants fresh from the plough. Russia has ::o\v called in her young engineers, the products of her technical training' schools, and placed them in command, each with a number.of apprentices. Kramator.sk will provide annually equipment for six blast furnaces. 30 open-hearth furnaces, three blooming mills, 10 rolling mills, equipment for chemical and coke industries, and cranes with a lifting-cap-acity up to 20.000 tons. While in the inauguration of her industrialisation programme, only ?'X years ago, Russia relied primarily uoon foreign technical, guidance, this plant, the press proudly asserts, was constructed largely with Russia's own technicians, very few foreign engineers having been employed.