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Soon this unpopular decision was supplemented by a new initiative.

Mf. It offered to oblige departments along with five percent papers.

the bank to acquire additionally and its six percent registered

commitments. At the same time, the government decided to “expel known

part of the annual increase for the purchase of six percent

obligations in the amount of up to half of these surplus funds.

This commitment was decided to extend to free cash,

being under these departments of pension and capital cash offices Agreeing with this decision, the head of the Ministry of Trade and 140

industry Filosofov insisted on the need to adjust the course

sales of these securities every three months. Buying these papers was

unprofitable because their price was deliberately overstated by the Ministry

finance. When entering the free market, their rate was quoted at 80 82 rubles per 100, while the pension and capital cash offices they

sold at the rate of 95 rubles for 100. Quarterly adjustment all

equally did not match their real price. At the end of March 1907 this

The problem was discussed at a cabinet meeting. Minister of Finance

insisted on maintaining the mandatory purchase obligations of the bank, citing

that only in this way can the Peasant Bank be provided

the possibility of conducting land transactions. As noted B.C. Dyakin, this

allowed to prevent the fall of the “rate of obligations below 90%. In 1908

their course began to grow, and from October 14, 1908 the circulation of reserves

capital and pension funds for the purchase of securities of the Peasant Bank was

discontinued. Six months later, the issuance of registered obligations was terminated. Agrarian reform did not imply a formal endowment.

peasants land how much the economic transformation of this allotment

land, that is, turning it into an instrument of capitalist transformation

Agriculture. Without organizing a loan to improve techniques

agricultural activity such a transformation would hardly be

possibly. As early as February 2, 1907, the head of the agricultural department of the prince

Vasilchikov presented to the Council of Ministers a draft restructuring of the entire system.

agricultural loan He envisioned by merging the two main mortgage loans.