25 JANUARY 1902, Page 33

RUSSIAN . FINANCE.

[To THE EDITOR OP TER "SPECTATOR.'

SIR, In the leaderette in the Spectator of the 18th inst. touching last year's deficit the writer has converted the Russian into the English currency at the rate of 3s. per rouble. The present exchange, and that which has been current for a number of years, is as nearly as possible 2s. ld. When a calculation of this sort is erroneous to the extent of almost a third, it might very well be the case that conclusions drawn therefrom are not east. Your reference to the " present value" would give the impression that the rouble exchange still is an uncertain waiter, whereas that exchange of course is, and has been for many years, about as stable as, say, the French and German rates.—I am, Sir, &c.,