RAISING THE WIND

Evening Post, Volume CIV, Issue 116, 12 November 1927, Page 20

RAISING THE WIND

THE SOVIET'S LATEST SCHEME,

Bolshevik sympathisers abroau will soon have air opportunity ..of investing in Soviet securities, according to Comliiissar Sheinman, Director of. the Soviet State Bank, who has just announced a new and large issue of Soviet Interior: Bonds, which will be shortly advertised in the foreign money markets, states the Riga correspondent of the "Chicago Tribune." The State Bank proposes to sell the bonds without the aid of foreign financiers, who have thus- far refused to handle Soviet securities. The new loan will be offered through Soviet rJ rade Delegations and Consulates, the latter having been authorised to accept subscriptions. A special, "guarantee" will accompany each bond stating the Soviet Government's, willingness at any time to purchase back the security for the same amounts*! foreign currency as was paid by tho ■ purchaser at the official Moscow ; exchange rates. Trade Delegations have;. been instructed to offer bonds to firms hoping to do business in Bussia through.this medium, and it is expected that the. total sales will be considerable. . .. ;

According to the. present plan, ' tho issue will be conducted in a similar way to the recent lottery-loans, which were floatedVwifhin^Russia', and which call for the* periodical'retirement of a cer-tain-number of bonds; the winning numbers receiving" large cash'prizes. The small denomination securities issued makes the lottery loan: a popular gambling device, but owing to low wages, the high cost %«£ Jiving)r and bad economic conditip.iis^;the •flotation of the last 2O0,00O,00();i.;gold : .ruble; loan has been difficult; v;-;:'\"'^;r. ,V .': . ' . •••

In commenting uppn.th? proposed sale of the bonds' Atoadjithe-'-Spyiet Press is extremely bptiinißtie, and reports that many foreigners-\ f 'possessed of large incomes .^<l s ßympathetic'. towards the Soviet regime*'' will undoubtedly invest a. portion ..,.&£.their wealth in Bolshevik Russia. : ' \ : i