THE RUSSIAN LOAN.
[To the Editor of the SPECTATOR.] SIR,—The Press lead the public to believe this-to be a money (Gold) Loan. Nothing could be further from the truth. We shall lehd railway materials, rolling stock, agricultural imple- ments, oil engines, electric installations, pumps, &c., which, owing to our unemployment will on balance cost us little or ,nothing, and in return -as interest we shall get (with the -risk of not getting) llax. timber and corn and other things which compete little with home products and which are very neces- sary to us. We get more—a promise that as regards external trade the Russians agree to forgo their principles, and this modification may lead to their internal abandonment, for even now they are little regarded by the Russian peasants. Could anything be wiser than to run the small risk involved in this loan ? Whilst unemployment lasts the policy of lending to all peoples in need should be pursued, especially where the interest is likely to be paid in non-home-competing raw
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