Russia was in a different, but nowise better, position when suddenly called upon to meet the onerous demands of the world-contest. She, too, having pinned her faith to the maintenance of peace, had made no preparations for war, financial or military. Moreover, a considerable sum of her money was at the time deposited in various foreign countries, and especially in France, for the service of her loans and the payment of State orders placed with various firms. This money, on the outbreak of hostilities, was automatically immobilized by the moratorium, although the delicate question whether a moratorium can be legally applied to sums thus deposited by a foreign Government has not yet been decided with finality. As a matter of fact, Russia's deposits remained where they were, and could not be utilized. The consequences of this embargo were irksome, and for a time threatened to become dangerous. Little by little, however, these restrictions were removed, partly by the French Government and partly by the spontaneous efforts of the banks. France, too, suffered in a like way from the paralysing effect of the moratorium. For the French had no less than half a milliard francs lent out at interest for short terms in Russia. This sum could, as it chanced, have been refunded at once without inconvenience, seeing that it was liquid in the banks of Petrograd, Moscow, Warsaw, and other cities of the Tsardom. But as the money was in Russian roubles, and all international exchange had ceased, it too was incapable of being converted into francs. Thus the two allies, although really flush of money, were undergoing some of the hardships of impecuniosity, and to extricate them from this tangle was a task that called for the exercise of uncommon ingenuity. This happily was forthcoming. But that was only one aspect of a larger and more momentous business which the financiers of the Entente Powers had to set themselves to tackle. Another of its bearings was the effect of the war upon the rate of exchange of the rouble, which is of moment to all the Allies. Indeed, so long as the conflict lasts the smooth working of the financial machines of the three States is of as much moment to each and all as is the winning of battles and the raising of fresh armies. In this struggle and at least until the curtain has fallen upon the final scene, the maintenance of financial credit and the purveyance of ready cash, together with all the subsidiary issues to which these operations may give rise, should be discussed and settled in common.