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Washington, District Of Columbia
What is this article about?
In April, a meeting of Russia's National Credit Council in St. Petersburgh reviewed financial progress, Imperial Banks' benefits, and last year's loan success, which raised 28 million rubles and allowed withdrawal of 38 million roubles in paper money.
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Full Text
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Where did it happen?
Foreign News Details
Primary Location
St. Petersburgh
Event Date
April
Outcome
the loan produced a sum of 28,000,000 rubles; government withdrew from circulation paper money to the amount of 38,000,000 roubles.
Event Details
A meeting was held in April at St. Petersburgh of the Council of the different establishments of National Credit. The minister of Finance read a long exposé on the progress of the system of credit and its present state, reviewing beneficial effects from Imperial Banks established within the last fifty years and government's efforts to keep faith with public creditors despite recent embarrassments. He directed attention to last year's financial measures, noting the proposed loan fully met expectations with foreign capitalists taking a large share, demonstrating abroad confidence in government's resources and good faith, enabling finance system improvement without diverting native capital. The loan produced 28,000,000 rubles, aiding withdrawal of 38,000,000 roubles paper money.