Moscow Makes Good

An ambition dear to Bolsheviks ever since their Revolution has been to obtain such A 1 credit rating that they could borrow millions from the very capitalist powers their busy agents were frankly seeking to undermine. From Berlin some thumping big loans have been made to Moscow, but these scarcely counted since Germany's credit rating itself was notoriously low. Last week Moscow made good as world headlines read: FIFTY MILLION DOLLAR BRITISH LOAN TO RUSSIA IS ANNOUNCED IN THE HOUSE OF COMMONS.

This was substantially accurate, although Bolshevik bonds will not be offered to British investors. The -L-10,000,000 is in the form of an issue of five-year notes at 5 1/2%. Repayment is guaranteed by the British Government. Lloyd's Bank will handle the paper to put a cash deposit of $50,000,000 at the disposal of the Bolsheviks.

Since Bolshevik credit hitherto has been such in Britain that 11% interest has been paid by Russia, last week's deal was in fact a complete reversal of highest British financial policy.

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