TO L. B. KRASIN AND M. M. LITVINOV

COPENHAGEN

8 May 1920

In reply to your nos. 34, 35, 49, 43 and 48, we report: 1) The agreements with the consortium of Swedish metalworking and locomotive-building plants are satisfactory; sign them. Clarify whether the agreed method of payment with the provision to us of credit extends to all Swedish metal goods we purchase, or exclusively to orders that we shall place henceforth. 2) Gold in Reval amounting to thirty-two million crowns will be sent on your requisition.

3) We doubt whether Scandinavian industry could substantially contribute to the restoration of our transport. The delivery of a thousand locomotives over a six-year period confirms this. We attach significance to the concluded agreement chiefly for the purpose of exerting influence on the major locomotive-building plants of Europe and America. 4) Further expenditure of gold must be extraordinarily restricted. We consider the political situation of the moment insufficiently favorable for placing a significant portion of our fund abroad. The nomencla-