THE le Br ROUMANIAN WAR DEBT. Agreement, dated the 19th of October, 1925, for the settlement of the Roumanian War Debt to Great Britain. Presented to Parliament by the Financial Secretary to the Treasury by Command of His Majesty. Noyeniber, 1927. oo x a, 28 Bye. low a Loonie gd . i? RE EL rn wy = io Su A Jw LONDON: PRINTED AND PUBLISHED BY HIS MAJESTY’S STATIONERY OFFICE. [0 be purchased directly from H.M.STATIONERY OFFICE at'the following addresses - Adastral House, Kingsway, London, W.C.2; 120, George Street, Edinburgh; York Street, Manchester; 1, St. Andrew’s Crescent, Cardiff; 15, Donegall Square West, Belfast; or through any Bookseller. 1927. Price 1d. net. Cmd. 2990 AGREEMENT FOR THE FUNDING OF THE ROUMANIAN WAR DEBT TO THE BRITISH GOVERNMENT. The Undersigned, duly authorised by their respective Govern- ments have agreed as follows :— 1. In full and final settlement of the net War Debt due by the Government of the Kingdom of Roumania (hereinafter called Roumania) to the Government of His Britannic Majesty (herein- after called Great Britain), in respect of which Debt Great Britain holds Roumanian Treasury Bills to the face value of €18,448,200, Roumania agrees to pay and Great Britain to accept the following annuities :— in 1926 1927 1928 1929 1930-34 1935-44 1945-66 1967-R7 50,000 100,000 150,000 200,000 250,000 275,000 500,000 750. 000 These Annuities will be payable in equal half-yearly instal- ments on 15th May and 15th November of each year, with the exception of the Annuity for 1926, which will be payable in full on 15th November, 1926. Great Britain agrees to accept the reduced annuities provided for above during the years 1926 to 1944 inclusive in view of the liabilities of Roumania during those years under the Relief Bonds for £2.200.000 held by Great Britain. 2. The payments provided for by this Agreement will be made in sterling to the Cash Account of His Majesty's Paymaster. (Feneral at the Bank of England. 3. In the event of any of the payments provided for by this Agreement not being made by the due date, interest at the rate of 6 % per annum shall be payable for the period between he due date and the date of paviment. 4. Roumania will issue and deliver to His Britannic Majesty's Treasury on or before 15th November, 1925, Bonds substan. tially in the form set out in the Annex to this Agreement in respect of each of the half-yearly payments provided for by this Agreement. These Bonds shall be exempt from all Roumanian taxation, present or future, so long as they are in the beneficial ownership of Great Britain or of a person, firm, association or corporation neither domiciled nor ordinarily resident in Roumania. Upon the completion of each payment the relative Bond will be cancelled and returned to the Roumanian Govern- ment. 5. Roumania will at any time at the request of Great Britain and within six months of receiving such request in exchange for any or all of the Bonds proposed to be issued hereunder, issue to Great Britain bonds suitable for sale to the public in bearer, registered or inscribed form of such amounts, and denominations as Great Britain may request, on the same terms and conditions as to the dates of issue and maturity exemption from taxation and in all other respects as the Bonds surrendered on such ex- change. The Roumanian Government will at their expense cause any bonds so issued to be stamped in accordance with the British fiscal legislation from time to time in force. 6. Roumania states that under existing law the payments pro- vided for by this Agreement are a charge upon all the assets and revenues of Roumania. Roumania further undertakes that the annual sums due in accordance with this Agreement shall be duly ‘ncluded in the Annual Budget Law for each year. 7. Upon the delivery of the Bonds referred to in Article 4, Great Britain will cancel and return to the Roumanian Govern- ment Roumanian Treasury Bills to the face value of £18,448,200. 8. In the event of Roumania agreeing with other Creditor Governments to fund its Debt due to the War with Germany on berms more favourable (whether in amount or otherwise) than those provided for by this Agreement, Great Britain reserves the right to require that the payments provided for by this Agreement shall be increased so as to be substantially equivalent to those agreed to be made to such other Creditor Government in propor- lion to the respective amount of the Debts of Roumania to Great Britain and to such other Creditor Government. Signed in duplicate at London on fhe nineteenth day of Yetober 1095 On behalf of Great Britain. O. E. NIEMEYER, Controller of Finance, H.M. Treasury. On behalf of Roumania,. N. TITULESCU. Roumanian Minister in Tiondon. ANNEX. Forum oF Bonb. Dated 15th November, 1925—Maturing 15th November, 19 | _ The Government of the Kingdom of Roumania for value received promises to pay to the Government of His Britannic Majesty, or order, on the uy ber, 19 . . , the sum of pounds sterling at the Bank of England, London. The payment due under this Bond shall be exempt from all Roumanian Taxation, present or future so long as it is in the beneficial ownership of His Britannic Majesty’s Government or of a person, firm, association or sorporation neither domiciled nor ordinarily resident in Roumania. This Bond is issued by the Government of the Kingdom of Roumania pursuant to the Agreement of 19th October, 1925, for the Funding of she Roumanian War Debt to Great Britain. In Witness whereof the Government of the Kingdom of Roumania has caused this bond te be executed in its behalf bv... shereunto duly authorised. 64385) Wt, 175781184 1195 12/97 HH. St (1 1% 4 ELC CE 5 : % Z g g ix r i 3 2 3 oO 3 X Lr D> ‘h N Roumania. Upon the completion of each payment the relative Bond will be cancelled and returned to the Roumanian Govern- ment. 5. Roumania will at any time at the request of Great Britain and within six months of receiving such request in exchange for Any or all of the Bonds proposed to be issued hereunder, issue to Great Britain bonds suitable for sale to the public in bearer, registered or inscribed form of such amounts, and denominations as Great Britain may request, on the same terms and conditions as to the dates of issue and maturity exemption from taxation and in all other respects as the Bonds surrendered on such ex- change. The Roumanian Government will at their expense cause any bonds so issued to be stamped in accordance with the British fiscal legislation from time to time in force. 6. Roumania states that under existing law the payments pro- vided for by this Agreement are a charge upon all the assets and revenues of Roumania. Roumania further undertakes that the annual sums due in accordance with this Agreement shall be duly included in the Annual Budget Law for each vear. 7. Upon the delivery of the Bonds referred to in Article 4. Great Britain will cancel and return to the Roumanian Govern. ment Roumanian Treasury Bills to the face value of £18.448 900 8. In the event of Roumania agreeing with other Creditor Governments to fund its Debt due to the War with Germany on terms more favourable (whether in amount or otherwise) than those provided for by this Agreement, Great Britain reserves the right to require that the payments provided for by this Agreement shall be increased so as to be substantially equivalent to those agreed to be made to such other Creditor Government in propor- tion to the respective amount of the Debts of Roumania to Great Britain and to such other Creditor Government. T = A) - NJ Signed in duplicate at London on the nineteenth day of October. 1995 On behalf of Great Britain. On behalf of Roumanis,. O. BE. NIEMEYER, Controller of Finance, H.M. Treasury. N. Trruissov, Rowmanian Minister in London. 0) “7 ito 7 oF % nN mi wx “ly