REVIVAL OF RUSSIA.

New Zealand Herald, Volume LX, Issue 18496, 5 September 1923, Page 9

REVIVAL OF RUSSIA.

EFFORTS BEING MADE.

STABILISING CURRENCY.

Australian and N.Z. CaKtn Association. CRecd. 9 p.m.) LONDON. Sept. 8. Describing an interview with members of the Commercial Mission to Russia of British encineevs. headed by Mr. F. L. Baldwin, the Morninsr Post says they were much struck bv the attempt , Russia is rnnking to stabilise the new currency, which is on a gold basis of 25 per cent., the issued currencv bpincr secured against gold, and the remaining 75 per cent, on short-term bills. Russia hoped to replace the paper rouble with new currency within 8, year. Unfortunately there was depression and increased cost of living, but Russia was facing the problem with courage. Another thing was the Government anxiety to balance the Budget by a reduction of expenditure and further taxation. The maximum income tax now was 20 per cent., and the average tax 5 per cent., while the turnover tax . was 3 per cent.

The policy of nationalised industries had been dropped. Railways, which were national before the war, however, would remain so.

Exjxjrts were greater than imports, and Ith Russians had made up their minds to retain this favourable balance. There were great opportunities for British trade with Russia. 'As Russia, produced raw material and England manufactures, the two countries could work together. Russia was also re-establishing transport conditions. »

On the whole the mission returned feeling very optimistic.