finance ministers 1862 until 1903

Von Reutern 1862 to 1878

• Treasury was reformed, budgets were published
• Tax farming was abolished and more indirect tax occurred, e.g. vodka
• Banks were extended, 1860 state bank created, 1862 municipal bank created, 1869 savings bank created
• Trade promoted and import duties reduced in 1863
• Government subisidies were offered to private entrepreneurs to develop railways
• Government support was offered for the development of the cotton and mining industry
• There was annual growth of 6% while Von Reutern was finance minister
• New industries were developed, such as oil extraction in Baki in 1871
• 1/3 of government spending went on repaying debts
• Between 1866 and 1881 the miles of railways grew from 3,000 to 13,270

Bunge 1881 to 1886

• Created peasant Land Banks to encourage peasants to buy larger land plots and farm more
• He abolished the poll tax and introduced inheritance tax to reduce the burden on peasants

Vyshnedgradsky 1887 to 1892

• Tariffs were raised and an import tax of 30% to boost home production
• Increased indirect tax, gained 98 million roubles in loans and increased grain exportation
• Between 1881 and 1891 grain exports increased by 18% and by 1892 the Russian budget was in surplus
• This came at the expense of the…