'Lord Curzon's Notes on Persia: About 1889-1890' [‎603v] (1227/1486)

6
RUSSIA.
published by the Minister of Finance, ami this table shows
approximately 91,000,000 r. in gold, and about 93,000,000 r.
in bank notes and securities, besides 7,500,000 r. worth of
silver and alloy coins. Of the gold over 54,500,000 r., or
about 9,000,000 sterling, is stated to be in the hands of foreign
bankers, and a foot-note mentions that the amounts in provincial
treasuries and in process of transfer are not included. Of the
sums in hand the Minister of Finance states in his report that
approximately 42,000,000 r. was absolutely at the disposal of the
Treasury, free from any claims whatsoever from either preceding
or future budgets, and from a generally good source it is reported
that on January 1 st, 1890, the Treasury balances in gold, in the
hands of foreign bankers, amounted to as large a figure as
12 , 000,000 sterling.
r l he facts mentioned above show that the Treasury will have
no difficulty in finding the 40,500,000 r. required to meet the
estimated extraordinary expenses for the current year, and they
confirm the opinion I have expressed that any failure which it
may be at all reasonable to anticipate in this year’s revenue will
be readily covered. But more than this, it is most important to
notn the extraordinarily powerful position which the Russian
Minister of F inance now holds in the money markets of Europe.
Any man who can command 9 , 000,000 sterling of cash, has a
power which, particularly in the present state of the money
markets, must be most seriously considered by the largest
European capitalists.
Goimreion of Another important point in the Minister’s report, is that which
P u 1C t e relates to his financial operations in the conversion of the public
debt. The amount of interest and amortisation, together with
accompanying expenses, is estimated for the current year at
260,146,192 silver r., and is less than the corresponding figure for
1NS9 by 6,422,647 r., and than the actual expenditure in 1888 by
about 13,800,000 r. The reductions for the current year is chieflv
due to the conversions effected in 1889, which resulted in an
annual saving to the Exchequer of about 4,500,000 r. A further
saving of 1,108,000 r. results from the extinction of 18,000,000 r.
/ reasury Bonds in December last. The first attempt at
diminishing the annual charge in the Budget, by a reorganization
°|. *] ie Debt, was made in 1887, in connection with bonds
or the State Bank, and, profiting by the favourable condition of
a unis, chiefly due to agricultural prosperity, a series of operations
ielating to tlie external debt, and reducing*the nominal rate of
rpi° m ^ VG to ^ nr P er p en t-, was commenced at the close of
- * 8 . These conversions which were continued throughont last
Whi( : h ^ iave already affected stock to the amount of
0 j. 0,000,000 r. in uold. will bo vonootorl
the money market permits, and at this moment a fresh operation
is being undertaken, which, it is stated, will donl wOU