ments which the Roumanian Government may have to make to Austrian mer chants or tradesmen. This last sum may be increased eventually by certain rests remaining from points a. and b. The carrying out of the agreements shall be elfected in a delay of 8 months from the ratification by the Commission of Reparations. Tlie ratification of these agreements has been obtained, but the carrying out meets certain difficulties, on account of the organization ok the Austrian finances under the control of the Gommissaire of the S. D. N. and because the question was raised whether Austria’s relief bonds would have priority over the lump agreements. Our point of view is that, as the lump agreements represent restitutions they must have priority over relief bonds. III. Agreements with Hungary. With Hungary the lump agreement of April 16" th 1924 was concluded by which after renouncing the right of investigation, of identification and of restitution provided in article 168 of the Treaty of Trianon, Roumania is to receive in exchange a lump sum of 640.000 lei gold. The payment of this sum in eight equal monthly instalments in one of the following currencies: lei, Swiss francs, dollars or pounds sterling, as the Hungarian Government will elect. This agreement being presented for ratification, to the Commission of reparations,the objection was raised that it could not be paid by the Hungarians before a delay beginning in the year 1927, that is after the obligation ot fur nishing coal for Servia should run out. AGREEMENTS WITH BULGARIA. With Bulgaria the negotiations for fixing a lump sum are in course and we hope they will soon succeed. SECTION If Liquidation of the property, rights and interests of enemies existing in the Roumanian territories. Article 297 of the Treaty with Germany, article 249 of the Treaty with Au tria, article 239 of the Treaty with Hungary and article 177 of the Treaty with Bulgaria, gives Rouminia the right of retaining, and of liquidating the property, the rights and the interests, of German Austrian, Hungarian and Bulgarian subjects, existing within the Roumanian territory,with the exception, of Hungarians and Austrians, having property in the freed territories. In accordance with the Treaties, this liquidation is operated according to