28 JUNE 1924, Page 10

SECURITY FOR A RUSSIAN LOAN.

[To the Editor of the SPECTATOR.]

Sm,—Not long ago Messrs. Rothschild negotiated most successfully a Brazil (Coffee) Loan under the following circumstances. A large quantity of Brazil coffee was set apart as the security for the loan, the actual coffee itself being deemed better security than any loan which the Brazil Government could offer. As the Russian Soviet desires a loan, but cannot of itself offer sufficient security, why should it not get together a large quantity of Russian produce, such as wheat, oil, flax, timber, and, setting it apart under international valuation and control, offer it as security for a loan ?—I am, Sir, &c.,

Pitreavie Castle, Dunfermline. RALPH RICHARDSON.