The All-Russian Co-operative Society (Arcos) was the principal body responsible for orchestrating Anglo-Soviet trade in the early days of the Soviet Union, following the development of Vladimir Lenin's New Economic Policy. Its headquarters was located in Hampstead, London. In 1927 the organisation was raided by British authorities, who accused the company as serving as a front for subversive activities. Origins The All-Russian Co-operative Society, Ltd., began operations in London in October 1920. The name "Arcos" is an acronym deriving from the formal name of the company: All-Russian Co-operative Society, although in the contemporary press the name was typically capitalised as would be a proper name (i.e. "ARCOS"). Arcos was established as the official buying and selling agency of the Soviet government in the United Kingdom, and was a British company, operating under British law, although the stockholders were all Soviet citizens. Arcos made £1,970,000 worth of purchases during the calendar year 1920, with payment for its purchases made in gold via the city of Reval (now known as Tallinn) in Estonia. The company bought an additional £3,650,000 worth of products during the first 8 months of 1921. Chief among its purchases were food, textiles, and coal, although a rather limited quantity of agricultural machinery was also obtained. The company was also the conduit for the sale of over £300,000 worth of Russian produce up to August 1921, primarily flax, but also including timber, manganese, and furs. Arcos Bank On 29 May 1923, the Managing Board of Arcos decided to establish its own bank to handle the financial transactions of the organisation. In accordance with this decision the Arcos Banking Corporation, Ltd. – commonly known as the Arcos Bank – was launched on 5 July 1923, with £250,000 in working capital. Arcos Bank was a separate legal entity and ostensibly operated independently of the Arcos trading company. All funds involved in the import or export of commodities of the Soviet Union were to be controlled by this new institution. In addition to handling the transmission of funds used in the import and export trade, Arcos Bank issued traveller's cheques for those visiting the USSR. These were to be payable in the new gold-backed chervonets currency at any state bank of the Soviet Union. According to its financial statement, during its first 6 months of operation the Arcos Bank facilitated approximately £100,000,000 worth of activity. Espionage The suspicions of MI5 that Arcos