nian State not only in the painful situation of not fulfilling its engagements 
but also of compromising completely the fruits obtained till to day with so many 
sacrifices. 
As you know very well by the late convention with the National Bank 
and the law passed by Parliament in June last year we endeavoured to begin our 
monetary consolidation and to assure the stability which we have obtained. 
But this operation, in order to be complete demands a long period (15-20 years) 
during which we must be very careful especially as regards the balance of our 
foreign payments. 
This balance will be more especially influenced by the balance of our ex 
ternal commerce. The results obtained already and the development of the 
riches of the country, make us feel certain that the future trouble would not 
come from our economical balance sheet but, from the financial policy of the 
country which might destroy or reduce the good effects of economical lile. 
Therefore in the negotiations which will be carried on, we must consider 
more especially the modes of payment during the delicate period of our mone- 
tary consolidation and of our rate of exchange: the more facilities our credi 
tors will make for us to keep up our monetary stability, and to complete as 
soon as possible our monetary consolidation, the more the debts well be will 
secured and the payments will be easier. 
That is why even in the interest of our engagement to pay being as sure 
as possible, we must obtain not only easier conditions during the first period 
of our consolidation, but also adjournments. Bus whatever these payments 
may be, the problem for us as it has been for all sums sent abroad will be : 
nHow are these payments to be made so, as not to cause a fall in our rate of 
exchange and in the equilibrium of the budget*. (The transfer question which 
gave rise to so much discussion over Dawe’s plan). In a normal economical si 
tuation with, the exchange at a normal rate, and a just payment of the allied 
debts, and of the reparations, Roumania by the annuities which she would have 
to pay in lei gold, would have nothing to fear from those transfers, unfortu 
nately however her situation for some time will be such that the trans 
forming into lei of the annuities gold and the fact that only when we are 
arriving at the equilibrium of her eternal economical balance max imperil 
her monetary stability and consolidation. 
We wish to add that for the same reasons we must be equally prudent in 
this period of monetary consolidation, also for the other engagements which 
we will have to make, as for instance those for fresh foreign loans: Their 
conclusion must be closely bound with our monetary consolidation. 
During these negotiations we must not forget the claim which Roumania 
has against her great allies, for paying the debts caused by the destruction 
of the oil works. At the same time as these negotiations we must demand the 
settling of the question of the payments to be made for the Austro-Hunga 
rian pre-war debts, as the agreement of Innsbruck cannot be accepted by 
our State in its present form. We must hope that the negotiations going on