RUSSIAN TRADE IN BRITAIN

Evening Star, Issue 19617, 25 July 1927, Page 8

RUSSIAN TRADE IN BRITAIN

LAUGH BUSINESS OX CREDIT. An account of the composition of Arcos, Ltd., was given by the ‘ Manchester Guardian ’ shortly after the sensational raid on its premises in London. The name is short for tho AllRussian Co-operative Society, Ltd., a company registered in Great Britain, with a paid-up capital of £900,000, and the first trading organisation established after the lesumption of Anglo-Russian trading relations. Its name is somewhat of a misnomer, because it is a Government trading company, and not a distinctively cooperative organisation under Government control, Arcos, Ltd., was registered in 1920 with a capital of £50,000, which was subsequently increased to £1,000,000, of which £900,000 has been issued. It was_ formed to conduct the trading in Britain on behalf of the Soviet Government. Apart from actual trading, it dealt extensively in placing contracts and securing credits. In the scope of its trading Arcos included practically every form of merchandise, including even precious stones. Its turnover in purchases and sales from June, 1920, up to September, 1925, was over £70,000.000, and last year was between £20,000,000 and £30,000,000, Us purchases in England were largely on credit. In fact, it was 'stated officially last year that ciedit to the extent of 70 per cent, of the value ol orders placed had been given by British manufacturers for a period of one or two l years.