57 Towards Austria Nusecured Towards Hungary 18.815.925 kronen gold (capital) 3.831.156 kronen gold, marks french franch,dutel florins, pounds sterling (capital). 101.548.408 kronen paper 1 ) (capital) 252.785.469 kronen gold (capital) 139.213.000 kronen gold, french francs, marks. L. st. (capital) 1.006.691.592 kronen paper ') (capital) This question of the Austrian and Hungarian public debt is of the greatest importance, both on account of the considerable sums it represents, as well as of the complexity of the different questions which are in connection with this obli gation and is expounded in a memoir of the Roumanian delegate at the Commis sion of reparations (Annexe 74.) From the works of the Commission of reparations for determining, estima ting and sharing the Austro-Hungarian public debt, we see that two very big injustices have been committed towards Roumanie : 1. In the first line for the secured debt, the date of the F‘ of July 1919 was fixed for putting it on the charge of Roumania, although we all know that the property which constituted the pledge of this debt, and which was transfer red to Roumania did not co me into her possession until a much later date. Till the end of the year 1919 Roumania was obliged towage a regular war against Hungary whose armies in a complete state of anarchy refused to acknowledge the armistice and she was therefore obliged to conquer by force the territory which the Treaty of Trianon had given her. The injustice committe 1 by fixing this date of the 1 st of July 1919 was acknowledged in fact even by the Committee of the Commission of reparation which was charged with sharing the Austro-Hungarian public debt. 2. In the second line debts which by right ought not to fall to the charge of the Roumanian State, such as the loans for the Iron gates of the Danube, and the Lemberg-Cernauii-Iassy railway, were inscribed amongst these public debts put to the charge of Roumania. By the Treaty of London (1870) and the Congress of Berlin (1878) a man date on the part of Europe was given to Austro-Hungary, to execute the works at the Iron gates giving her at the same time authority to levy a navigation tax, with the proceeds of which Austro-Hungary ought to discharge annuities on the interests of the loan she had contracted for executing these works. Austro- Hungary passed this charge, which had the character of a European mandate to Hungary alone. We must remark that these works did not interest a single State, but all the States whose boats pass by the Iron gates. It is therefore a flagrant injustice to put the loans necessitated by the works for the Iron Gates exclusively to the charge of Roumania while the navi- *) The kronen paper will be invested in lei, in accordance with the treaties at the si me rate of exchange as was done at withdrawing the currency : that is 2 kronen, iqual 1 len.