RUSSIAN TRADE

Southland Times, Issue 19102, 21 November 1923, Page 5

RUSSIAN TRADE

ENORMOUSLY IMPROVED CONDITIONS. AN OPTIMISTIC REPORT. (By Telegraph—Press Assn.—Copyright.) (Australian and N.Z. Cable Association.) LONDON, November 19. The Central News Agency states that the Commercial Mission, which Mr Stanley Baldwin sent to Russia in July last, will report that the general conditions in Russia have improved enormously. The country’s finance is on the way to stability. There are good prospects for trade with Britain but Russia still badly needs credit. The Soviet Government will recognise the old debits when development is assured. In the course of a preliminary report, the Mission stated that the members were much struck by the attempt Russia was making to stabilise the new currency, which is on a gold basis, 25 per cent, of the issued currency being secured against gold and the remaining 75 per cent, on short term bills. She hoped to replace the paper rouble with the new currency within a year. Another thing was the Government’s anxiety to balance the Budget by a reduction of expenditure and further taxation. Russia's exports were also greater than her imports and the Russians had made up their minds to retain this favourable balance. “There are,” continued the Mission, “great opportunities for British trade with Russia as Russia produces the raw material and England manufactures and therefore the two countries can work together.