RUSSIA: Concession

M. Dzerzhinsky, Chairman of the Supreme Economic Council, smiled at Georg Tchitcherin, Bolshevik Foreign Commissar. He then pulled his fountain pen from his pocket with a sharp, metallic click, unscrewed the top, shook it gently, scribbled something that passed for his signature. Tchitcherin countersigned. The Bolshevik Government had signed a rich manganese concession for 20 years to W. A. Harriman & Co. of Manhattan.

The contract becomes operative 45 days after the Government of Georgia (South Russia), liquidates its monopoly of manganese exports. This done, the Moscow Government will receive at Lloyd's Bank in London the sum of $1,000,000, which...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!