Bolshevik Finance

Finance Commissar Sokolnikov, before a financial conference at Moscow, said in effect that, although Bolshevik Russia had annulled all debts, she was now willing to negotiate terms of repayment compatible with her financial strength, provided that they (the terms) "give us certain advantages."

The budget receipts for next year, he continued, will amount to 3,560,000,000 gold rubles ($1,780,000,000), or more than a million rubles more than this year's budget. This is to be collected mainly from indirect taxation (1,568,000,000 rubles), transportation (1,250,000,000 rubles) and State property (500,000,000 rubles).

Increase in expenses is accounted for by a proposal to supplement military defences. "This," he said, "is not because we are eager for warfare but, like the good owner whose property is growing, we must take care to strengthen our guards."