The Waikato Times With which is Incorporated The Waikato Argus. THURSDAY, MAY 29, 1924. SOVIET LOAN SEEKERS.

Waikato Times, Volume 97, Issue 15998, 29 May 1924, Page 6

The Waikato Times With which is Incorporated The Waikato Argus. THURSDAY, MAY 29, 1924. SOVIET LOAN SEEKERS.

According to the summary of a communique issued by the AngloRussian conference, cabled out from London last Thursday, the Soviet delegation was not particularly successful in its efforts to negotiate a long-term loan in Britain. The Soviet made certain proposals in regard to Russian pre-war debts to British holders of bonds, but the British representatives considered that further examination of these proposals would be necessary. In any case, it was added, assistance in the flotation of the proposed loan would be most limited and there could be no question of a British Government guarantee, though efforts by the Soviet to raise a loan privately would be sympathetically regarded. The remarkable thing is that the Soviet delegation should have received even such luke-warm encouragement as this. Most of its personnel are representatives of Soviet-controlled trade unions, and none of them belongs to the inner circle or holds the highest rank in the Soviet oligarchy. Neither is any one of their number particularly competent on commercial or financial questions, nor particularly friendly towards Britain. The attitude of some, on the contrary, has always been most antagonistic, and though the conference was ostensibly arranged to promote friendly relations, the Soviet press since their Government was accorded full recognition have taken pains to invent epithets expressing their hostility and contempt for the present British Government.. The situation is one of extraordinary confusion. The British Government has to deal not only with a National Government, but with an extremely elusive entity which appears now as the Soviet Government, now as the Communist Party, now as the Third International. The Soviet Government professes lo govern Russia and to consult Russian interests. The Communist Party, or rather its Political Bureau, dominates the Government on behalf of a small and compact organisation; The Third International, another aspect of the same Government group, devotes' its energies to the promotion of revolution throughout the world. The Soviet Government plead the urgent need of reconstruction in Russia and demand assistance from British capitalists. At the same time they wilt not permit Russian citizens to trade with the West, nor will they allow British or other capitalists to trade with Russia except through 3 Soviet Government organisation. Capitalist initiative in developing the resources of ilussia is prohibited. Yet vaunting their repudiation of debts and other claims, the Bolshevist delegates apparently Went to London on the assumption that by making some exceptions or concessions in the matter of repudiation they might wheedle new credits out of British capital. It was a , singular pretension, and the more re-

markable in the light of the analysis of the present Russian situation marie in the House of Lords a week or two previously by Lord Emmott, who spoke with great knowledge. Lord Emmott spoke particularly of the renewed public activity of the Third International and of the recent violent speeches of Zinovieff. Those fresh attempts to foment world revolution on the eve of important negotiations with the British Government were not without significance, and the cablegrams have quite recently informed us that Trotsky is still trying to instil martial spirit into the Red army by painting word-pictures of great and glorious' revolutionary wars, especially in the East. Speaking at the Moscow Military Academy, he told his hearers that all Russia's peace time industries must be organised on a war footing, and the whole of her economic life must be regarded from the military standpoint. Even more lurid were the utterances of Kamcneff when addressing the Communist conference at Moscow recently. He said: "Whatever agreements our delegation in London may make with the bankers, are not for love of the bankers. We hate them and they hate us. England wants our trade, but first she must give us money with which to buy. The Russian proletariat will never work for English capital." In face of such cynical candour it seems problematical whether British capitalists will give the Russian proletariat any chance to do so.