80 for cooperation with the Allies after the Armistice of November 1918, imposing on Roumania fresh military sacrifices. In fact the allied armies were advancing towards the Danube, Mac ken sen s armies had to procure their safety on that front by their own proper forces, by increasing the number of their troops in the occupied territories from six to ten divisions, and though their weakness was evident, still tried by dilterent manoeuvres ­ to prevent the cooperation of the Roumanian armies with those of the Allies. Roumania though disarmed and lacking everything to maintain her arm> by cause of the enemy’s exactions, sent to General Mackensen on Hie 9th of Novembei an ultimatuminviting him to evacuate Muntenia, and on November the 10 the mobilization of the army was decreed, answering by this measure to the demand of the commander of the army of the Danube General Rerthelot. The Roumanians reentering into action provoked the beginning of the retreat ­ of the German army from Roumania, retreat which would not have taken place if it had been only for the allied armed forces on the Danube. As a consequence of this action the commander of the German army under the semblance of taking measures for its safety, ordered all the destructions which the armies of occupation had not effected, and also that all the rolling stock of the railroads of Roumania should be carried to Transilvania iorming trains loaded with supplies and material which was carried towards Buda Pest. The operation ceases on November 1918 when the General armisfie of Spa Was concluded. SECTION III FINANCING OF THE WAR • August 1910. November 1918. The advances of five and seven millions £ even if they had not been completely ­ spent until the retreat to Moldavia, were far from meeting the payments and the liabilities for orders. So Roumania completely cut off from her great Allies in the West needed, besides arms and ammunitions, to be sent according to the military convention of August 4 th 1916, means for financing the war. Later on when her territory was reduced to a third by the occupation ol the enemy her ressources were far from being adequate for sustaining the war. I. CREDITS GRANTED RY GREAT BRITAIN The issue policy ot the National Bank has always been founded on a metallic ­ security of at least t/z, and it is sure that the Goverment never thought for a moment of appealing to the services of the issue bank, and to oblige it at the most critical moments to issue notes without proper security.