Issue 3 (88)
| THE ROLE OF THE STATE BANK IN PROVIDING FINANCIAL SUPPORT TO RUSSIA’S GOLD MINING INDUSTRY IN THE LATE 19TH AND EARLY 20TH CENTURIES | |||
|---|---|---|---|
| Year | 2025 | Number | 3 (88) |
| Pages | 45-54 | Type | scientific article |
| UDC | 94(47)“18/19” | BBK | 63.3(2)53 |
| Authors | Morozan Vladimir V. Lizunov Pavel V. |
Topic | STATE AND ENTREPRENEURSHIP IN THE RUSSIAN EMPIRE |
| Summary | The article discusses the actions of the Russian government to provide gold mining companies with working capital for the acquisition of necessary tools, industrial supplies and other materials in preparation for the upcoming work on gold mining, as well as their delivery to the location of mines. The government entrusted the realization of this assistance to the State Bank. However, the specifics of work of gold mining companies did not allow them to spend large sums of money in a relatively short time to ensure the upcoming work. Although the average net profits of the companies were high, they differed significantly depending on the mining conditions. Thus, in the 1890s, the average net profit of gold mining companies was about 23 %, or varied from 6,7 % to 33,8 %, depending on the mining location. A significant part of the expenses was incurred in the period before the beginning of metal mining. In particular, the companies spent about 18,5 % of all gold mining expenses on the purchase of foodstuffs for workers, up to 21 % on the construction of outbuildings and the maintenance of working livestock, and 8,5 % on the purchase of equipment and technical costs. The labor remuneration of workers accounted for up to 35 % of all expenses, some of which were required during the period of preparatory work. The funds from the State Bank allocated to the needs of gold miners could not satisfy even a tenth of the companies’ need for working capital. This forced them to turn to third-party institutions for lending. | ||
| Keywords | credit, gold mining, gold mining companies, State Bank | ||
| References |
Afanasyev P. Yu. Lyudi zolota. K istorii zolotodobychi na yuge rossiyskogo Dal’nego Vostoka [People of Gold. The Gold Mining History in the South of the Russian Far East]. Blagoveshchensk: RIO Publ., 2006. (in Russ.). Kochetkov V. S., Leshkov V. G. Zolotopromyshlennoye proizvodstvo Rossii. Istoriya i sovremennost’ [Russia’s Gold Industry. History and Modernity]. Moscow: Nauka Publ., 2006. (in Russ.). Ladisov G. Yu. [Activities of Gold Mining Companies in the Amur Region in the Second Half of the 19th – Early 20th Centuries]. Chteniya pamyati professora Yevgeniya Petrovicha Sychevskogo: sbornik dokladov [Readings Devoted to the Memory of Professor Evgeny Petrovich Sychevsky: A Collection of Reports]. Blagoveshchensk: Izd-vo BGPU Publ., 2016, iss. 16, pp. 118–123. (in Russ.). Lizunov P. V. Bankirskiy dom “I. E. Gintsburg” i yego vladel’tsy [Banking House “I.E.Ginzburg” and Its Owners]. Saint Petersburg: Dmitry Bulanin Publ., 2017. (in Russ.). Morozan V. V. Sankt-Peterburgskaya kontora Gosudarstvennogo banka i yeye kliyenty (1894–1917 gg.) [The Saint Petersburg Department of the State Bank and Its Clients (1894–1917)]. Saint Petersburg: Dmitry Bulanin Publ., 2021. (in Russ.). Rukosuev E. Yu., Kurlaev E. A., Shumkin G. N. Gornozavodskaya promyshlennost’ Urala v XVIII – nachale XX veka. Blagorodnyye metally [The Urals Mining and Metallurgical Industry in the 18th – Early 20th Century. The Noble Metals]. Ekaterinburg: UrO RAN Publ., 2020. (in Russ.). Sapogovskaya L. V. Chastnaya zolotopromyshlennost’ Rossii na rubezhe vv. Ural i Sibir’ — modeli razvitiya [The Private Gold Mining in Russia at the Turn of 19th – 20th Centuries. The Urals and Siberia — Models of Development]. Ekaterinburg: UrO RAN Publ., 1998. (in Russ.). Sapogovskaya L. V. Natsional’naya zolotopromyshlennaya politika XVIII–ÕÕ vv., ili nuzhno li Rossii zoloto? [National Gold Mining Policy of the 18th–20th Centuries, or Does Russia Need Gold?]. Ekaterinburg: UrO RAN Publ., 2008. (in Russ.). |
||
| Download in PDF | |||
