On 21 October (3 November) 1908 at the Savoy Hotel, the London Chamber of Trade gave a luncheon in honour of Vasily Ivanovich
Timiryazev, member of the State Council and ex-Minister of Trade and Industry of Russia. The event was on the occasion of the nearly simultaneous opening of two non-governmental institutions in England and in Russia- the Russian Department at the London Chamber of Trade and the Russian-English Department at the Chamber of Commerce in St. Petersburg. Both institutions were set up for promoting economic rapprochement between the two countries and for expanding Russian-English trade. Timiryazev was honoured as the initiator of the Russian-English Chamber of Commerce.

Timiryazev Vasily Ivanovich (1849-1919). He was the Head of the Ministry of Trade and Industry two times: from October 1905 to February 1906 and from January to December 1909. In 1906 he was elected Member of the State Council. He was the Chairman of the Council of the Russian-English Chamber of Commerce from the date of its foundation until 5 December 1916.

      The Russian Department at the London Chamber of Trade was founded first. The news about it reached St. Petersburg very quickly. On 12 October, a representative meeting presided over by Timiryazev took place at the Club of the Russian Commerce Society located at 18 Angliiskaya Embankment. Deputies of the State Duma, members of the State Council, representatives of the Ministry of Trade and Industry and of various foreign exchange committees, as well as industrialists, businessmen, financiers, English diplomats and businessmen living in St. Petersburg took part in the meeting. The meeting acknowledged the mutual interest of Russian and English businessmen to be in closer economic cooperation and the need to take up the Englishmen's initiative and set up the Russian-English Chamber of Commerce in St. Petersburg. The Temporary Council was entrusted to work out the programme and the Charter of the Chamber. Distinguished industrialists, financiers and the British consul in St. Petersburg entered the Council, which was headed by V.I. Timiryazev.

      A few days later, Timiryazev was already in London. He made a speech at the banquet given in his honour by the London Chamber of Trade. The next day, The Times newspaper published his speech.

Speech by Mr. Timiriazeff at the dinner of welcome given by the London Chamber of Commerce on October 21, 1906 London         Vasilii Timiriazeff said that Russians would never forget the name of Richard Chancellor, that English Columbus, who, after overcoming great dangers and privations, discovered the sea-route from England to their White Sea boundaries, and thus inaugurated Anglo-Russian commercial relations. They also gratefully acknowledged British pioneer activity in St. Petersburg, Archangel, and other places, all of which helped Russians to organize on a large scale the exportation of Russian grain, timber, and many other products, and had taught them to appreciate the sterling qualities of the perfect British merchant. Never had there been any serious collision of economical interests between the two nations, and if, occasionally, clouds had arisen over their mutual commercial horizons, they had only appeared at moments of political bad weather. (Hear, hear.)       They had never waged tariff wars against each other. (Cheers).       … Russia had never "cornered" commodities which England needed, and England, so far as he knew, had never "dumped" her goods on Russian markets, and it was long ago since they had caused each other any trouble resulting from denouncements and renewals of commercial agreements. Was it opportune at the present moment to raise the question of a closer economical understanding between Russia and England? He thought it was. (Hear, hear.)       In truth that question ought to have been raised long ago, and it had only been waiting for a favourable political atmosphere. They noticed a receding tendency in the proportional amount of goods exchanged between Russia and England. Russian exports to Great Britain, which in the seventies equalled about 40 percent of their entire exports, had progressively fallen away to 22 percent. British exports to their country, which in the seventies corresponded to 27 percent of all foreign goods imported into Russia, had fallen to 16 percent. That showed clearly that other countries had been outdistancing Russia in selling goods on English markets, and England in selling goods on Russian markets. Notwithstanding that fact, the commercial intercourse between both countries was very important. (Hear, hear.)       It seemed to him that the principal reason for the untoward circumstance he had just referred to must be looked for in a lack of mutual information. They knew too little about the wants and tastes of the English market, and, therefore, they were unable to conform themselves to its requirements, and, apparently, the English did not sufficiently try to profit by the happy circumstance that, from time immemorial, there had existed in Russia a predilection for articles of British manufacture. With them the label "Made in England" was the best recommendation for fair quality, durability, and reliance. England must send more young people over to Russia, encouraging them in the study of the Russian language, in making themselves better acquainted with Russian customs and habits, and he was certain that good results would not long be delayed. There were great openings for England in Russia, not only for the sale and purchase of goods, but in the application of British energy, and the investment of British capital in the development of the natural riches of Russia. To ensure full success it was necessary for the two nations to be better acquainted with each other, and to that purpose good service would be rendered by those newly-created institutions - the Russian section of the London Chamber of Commerce, and the Anglo-Russian Chamber of Commerce in St. Petersburg. (Cheers.)       He was a believer in the ideas expressed by English statesmen as far back as the beginning of the last century, that there was absolutely no tangible reason for political rivalry and mutual distrust between Russia and England, and that not only should these great nations never wage war against each other, but, on the contrary, should be bound together by ties of sincerest friendship. (Cheers.)       Recent events had strengthened the hope among Russians that those ideas would tend to the further development of political relations between England and Russia, now so happily established. Another province in which an atmosphere of mutual confidence and just appreciation was particularly wanted was the province of internal politics. He wished that English public opinion and the English Press possessed greater confidence in the fact that Russia would not swerve from the path of reform and progress; that the human element of civilization and citizenship existed and was increasing in Russia; that the Government, being conscious of the growing exigencies of modern times, could not fail gradually to take the lead in meeting the people's wants. They undoubtedly could come to these conclusions when they paid just a little less attention to imperfect evidence, when they were better informed of the character and meaning of events in Russia, and when they judged them, not only by the standard of their own country, long since enjoying the blessings of full Constitutional and political maturity, but by taking into consideration the historical development and the present peculiarities of Russian nationality. They must not forget that the great leading principles of English laws and of English political institutions had existed from the earliest periods of their nationality down to the present time, that their Great Charter dated from the year 1215, and their Bill of Rights from the year 1689, whereas Russians had their civic rights proclaimed only towards the end of 1905. (Hear, hear.)       He was desirous that, in estimating Russian events, they should not identify the, possibly, slow forward movement with an inclination to be retrograde, and that they should not lose sight of the fact that only half a century divided the Russia of today from the Russia of the serfdom era. (Hear, hear.) In that short period in the history of a nation an immense civilizing work had been accomplished. (Hear, hear.) He was of opinion that in the domain of economical interests, in the domain of foreign politics, as in the domain of internal progress, were many grounds on which both nations could be brought into closer contact. With the sincere desire of seeing a quick and full realization of such a rapprochement, he raised his glass to the prosperity of the London Chamber of Commerce and its Russian section. (Cheers.) Article THE TIMES, 4 november, 1908

      When Timiryazev returned to St. Petersburg from London, he immediately gave an interview to a correspondent from the Trade and Industry Newspaper. Confirming his statement made in London, he first of all expressed his belief that Russia and England had no reason to be political rivals and that they had to trust each other. As for the decline in turnover between the two countries, which was at that time registered by statistics, Timiryazev was certain that the Russian-English Chamber would be able to change the situation. He remarked that the Englishmen were of the same point of view.

      "Englishmen," Timiryazev declared to the correspondent, "will be able to earn good money for themselves. At the same time, they will promote increased earnings for the Russian population and, consequently, increase its buying capacity, which will be favourable for the sales of British goods in Russia."