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Rh petty bourgeois reformist viewpoint natural to him, E. Agahd thinks it is possible, while keeping the capitalist system, to distinguish these two kinds of investments and to do away with the latter.

Here are the figures he supplies:

Assets of the banks, according to the balance sheets of October and November, 1913, in millions of roubles.

According to these figures, of the four billions of roubles making up the active capital of the great Russian banks in 1913, more than three-quarters, more than three billions, come from banks which in reality are only subsidiary companies of foreign banks, and chiefly of the banks of Paris (the famous trio: Parisian Union, Paris