of railroad equipment, have degenerated steadily from their level of production at the time of the Bolshevik revolution. There can be no relation of the failure of all these industries to blockades or to civil war, for most of them require no imports, and the men mobilized since the Soviet revolution were far less in number than before that event.
During the existence of civil war in Russia, her ports were in the hands of anti-Soviet forces. However, trade with the world through Baltic ports was opened in April, 1920. Restrictions on direct trade with Russia were removed by the United States on July 8, 1920. The conclusion of treaties of peace with the Baltic States enabled Russia freely to enter upon trade with Europe and the United States. Both American and European goods have been sold to Russia, but the volume of trade has been unimportant due to the inability of Russia to pay for imports.
As suggested in your second statement, it is true that agents purporting to be representatives of the so-called Bolshevist Commissariat of Foreign Trade have placed immense orders for the purchase of goods in the United States, Europe and Asia. It is estimated that perhaps six and one half billion dollars' worth of orders have been booked. But shipments as a result of these orders have been made only in small volume because the Soviet agents were unable either to pay cash or to obtain credit so as to insure the delivery of the goods ordered. The actual result of the placing of these immense orders on the part of the Soviet regime has not, therefore, materially stimulated industry in the countries in which the orders were placed, but has chiefly resulted in further impairing the credit of the Soviet regime due to its inability to carry out the transactions which it had undertaken.
Much has been written about the large sums of Russian gold which have found their way abroad in exchange for foreign goods. In reality, such transfers of
