The Russian Government is endeavouring to raise money. A loan
of £15,000,000, nominal, at 5 per cent., has been taken on the Continent, certain bankers thinking that as the external Debt of Russia, the only one of which the interest must be paid in gold, is only at the outside £175,000,000, or less than two years' income of the State, the public will take the new bonds off their hands. At the same time, a loan of /30,000,000, nominal, at the same interest, has been opened in Russia itself, and will continue open for subscriptions on the old Indian plan. It is not a forced loan, but no doubt all who have money, and especially the municipalities, will be strongly pressed to subscribe. The expenditure going on must be great, for though it is almost confined to transport and the purchase of food supplies, the Russians are trying to live with- out requisitions, paying for what they take, both in Roumania and Armenia. It should be noted, however, that they have not as yet shown the slightest intention either to suspend the service of the Debt or to pay the interest in paper, measures which would be the first signs of financial exhaustion.
