Taking full command of his authority, Witte launched a wide range of activity. A remodelled State Bank made capital available to industry; Russian steamship companies and nautical and engineering schools were established; savings banks were encouraged; company law was reformed; and the ruble was made convertible. But his greatest energy was devoted to railway building, particularly the Trans-Siberian.
These projects consumed a colossal amount of capital and Witte managed to secure loans from Belgium, Britain, [M 039 / France] and Germany to finance them. State railway bonds were also sold abroad to attract investment and at home the manufacture of vodka was nationalized in 1894 to help foot the bill. Nevertheless, Witte still needed to increase direct taxation and export grain and foodstuffs to repay some of Russia's debts - even when there were poor harvests and widespread famine.
