Monday, Aug. 13, 1923
Krassin Out
Leonid Krassin, Soviet Trade Commissioner in London, "who made a gallant but unsuccessful attempt to combine Bolshevism and business," has been replaced by Christian Rakovski.
Krassin was identified with the Russo-British Trade Agreement, and had a disappointing career, endeavoring to promote trade at a time when Russia had little to export. Krassin was recently reported to have favored recognition of Russia's pre-War debts, but later denied this heresy.
Rakovski, who was associated with Tchicherin at the Genoa Conference of 1922, takes a different and more tenable line. He proclaims that Russia's highly protective policy is "as necessary in the present situation in Russia as America found it in the McKinley period." He urges foreign capital to invest in Russia, stating that the Soviet Government is stable and that the State-owned enterprises are making money.