In imperial Russia the state maintained two pawnbroking establishments, one at St Petersburg and the other at Moscow, but only articles of gold and silver, precious stones and ingots of the precious metals are accepted by them. Advances are made upon such securities at 6% per annum, and the amounts of the loans are officially limited. Loans run for twelve months, with a months grace before unredeemed pledges are put up to auction. The bulk of this class of business in Russia was, however, conducted by private companies, which advance money upon all descriptions of movable property except stocks and shares. The interest charged was not allowed to exceed 1% per month, but there is an additional charge of 4% per month for insurance and safekeeping. The loan runs for a year, with two months grace for redemption before sale. There were also pawnshops conducted by individuals, who find it very difficult to compete with the companies. These shops can only be opened by a police permit, which runs for five years, and security, varying from 100 to 700, has to be deposited; 2% per month is the limit of interest fixed, and two months grace is allowed for redemption after the period for which an article is pledged.