APPENDIX 167 



present war is arousing among our bankers and 

 manufacturers a spirit of very thoughtful interest 

 as to the advisability and possibility of establishing 

 the foothold they have gained, so that they may con- 

 tinue their connection after the restoration of peace. 







In spite of the Revolution and the Japanese War 

 the gold reserve in the Treasury and the State Bank 

 increased from approximately 1,100,000,000 roubles 

 in January, 1904, to approximately 2,175,000,000 

 roubles on December 31, 1913. 



The following table shows the^amount of public 

 Russian debt at the nominal value of the securities 

 outstanding at the end of each year from 1903 to 

 1913: 



Roubles Roubles 



1903 6,651,836,000 1909 9,054,619,000 



1904 7,081,746,000 1910 9,030,206,000 



1905 7,841,164,000 1911 8,957,875,000 



1906 8,625,560,000 1912 8,858,054,000 



1907 8,725,523,000 1913 8,824,523,000 



1908 8,850,782,000 



Thus, after 1909, each year showed some reduction 

 in the net amount of the outstanding debt of the 

 Empire. 



The following indicates the increase in receipts in 

 ordinary state revenue in Russia: 



Roubles Roubles 



1867 415,000,000 1912 3,105,917,000 



1897 1,416,000,000 1913 3,417,000,000 



1908 2,418,000,000 



