Finance Ministers

Finance Minister (1862-78)

• Key Events: 1862- Public Budget.
• 1865: Government Excise (Tax) introduced.
• 1865: 1/3 of money consumed it debt.
• 1866: State Bank introduced.
• Railways grew 1600KM- 22000KM long

Nikolai Bunge (1881-87)

Key Events:

• 1881: 15% had redemption payments reduced. 
• 1880's: Labour Laws to reduce child labour.
• 1883: Cheap loans to enable peasants to buy land. 
• 1885: Cheap loans encourage the start of industrialisation. 

Ivan Vyshnegradsky (1887-92)

Aims:

• Increase Russias gold reserves
• More export on grain
• Protect new Russian industries 
• Bring investment to Russia

Method:

• Higher indirect tax
• Take grain from Peasants to sell abroad
• Higher import tariffs
• Got a loan from France (1888)

Why have Tariffs? 

Russian Iron, industrial machinery and raw cotton were protected against outside competition.

Sergei Witte (1892-1903)

Aims/Policies:

• Protective Tariffs 
• Heavy taxation
• Grain exports
• Borrowing money to invest in BIG project

1897- New Rouble introduced backed up by Gold. 

This led to foreign investment (Millions):

• 1880: 98
• 1890: 215
• 1895: 280
• 1900: 911