1 66 APPENDIX 



portant is the additional general working capital 

 necessary to finance the incidental commerce and 

 trade that is a part of a great progressive movement. 



RUSSIA'S FINANCES AND COMMERCE 



The Guaranty Trust Company of New York has 

 published a brochure with the above title and has given 

 me consent to incorporate extracts from it in my book. 

 Russia's financial, agricultural, and manufacturing 

 conditions, as they loom up at this time, October, 

 1916, are very important and interesting. Following 

 are the extracts. 



It is probable that Americans know less of Russia 

 than they do of any other country with which they 

 trade. We have learned little about her except 

 through hostile powers whose advantage lay, for one 

 reason or another, in dwelling on what was bad and in 

 passing lightly over what was good in the Empire. 

 Few of us have more than a vague realization of the 

 great strides in industry and civic development made 

 by the Russian people before the war. 



It is undoubtedly wise in estimating the future of 

 Russia to use the past as a measuring stick, but in 

 doing so it is well to bear in mind the probable effects 

 of the present war. 



The volume of export business which has been 

 developed from the United States to Russia during the 



