35 
plan. Germany’s debt for reparations is no longer a global and fixed sum, but 
it varies according to the times, and contains elements of uncertainty (Annex 58, 
62). Roumania, invited officially to the London Conference, took part, by her 
delegate Mr. N. situlescu, who obeying the instructions given by the 
Roumanian Government, did his best for the Roumanian interests to be de 
fended within the terms of Dawe’s plan (Annex 55). 
For the clauses common to all the allies we would have been asked to 
comply with the general solutions, if the so called Spa quota had been fa 
vorable for us. 
For the claims special to Roumania, such for instance as the claim for the 
” Ban ca Generala« notes, and the recuperation arising from the Treaty of Bu- 
carest, endeavours were made for our rights to be reserved for future debates. 
To this intent, on July 28 th 1924, the Roumanian delegate at that Confe 
rence, made a declaration (Annex 56) by which Roumania »approves the report 
of the experts, as an instrument of payment as regards Germany, for the sums 
already fixed, or to be fixed, proportionally to her capacity of payment, so that 
the Roumanian claims, both in her quality of an ally, as well as in her other 
special qualities be recovered". 
”The present conference has not to occupy itself with the distribution 
between the allies, with the question of payment by priority of the privileged 
claims.... etc, therefore Roumania ventures to lay before the Conference, a 
memoir to prove her great interest in the reparation problem, and once again 
to determine her situation in this matter, in view of the day when these ques 
tions will form the object of negotiations between the allies. 
The memoir announced in this declaration was presented, and constitutes 
one of the official documents of this Conference (annex 55). 
By the application of the London agreement, the Commision of Repara 
tions declares on September 1 st 1924, the coming into effect of the new plan, 
and a new organ begins to work, namely »The General Agent of payments for 
reparations. 
By Dawe’s plan Germany’s debt for reparations consists in annuities fixed 
for the moment for a lapse of 5 years, and for amounts as in the annex 52 do 
cument extracted from the report of the General Agent of Payments, whereas 
for the future a new distribution is to be fixed. 
Consequently the London Conference and the approval of Dawe’s plan had 
the effect that the debt of 132 milliards of marks gold, fixed and payable in 
30 years, beginning on May 1 st 1921, was transformed into a variable obliga 
tion, for a number of years, the present capitalization of which, constitutes a 
considerable reduction of the debt. 
The Conference of the Ministers of Finance of the allies, which was held 
in Paris between the 7"'—14"' of January 1925, had the object of completing 
the works of the London Conference, fixing norms of distribution amongst the 
allies, of the payments effected and to be effected by Germany in the course of 
the first period of 5 years of Dawe’s plan.