The report of the Minister of Finance to the Counsel of Ministers on the situation of Roumania created by the reparation and interallied debts policy

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Monograph

Identifikator:: 102318091X

URN:: urn:nbn:de:zbw-retromon-55477

Document type:: Monograph

Title:: The report of the Minister of Finance to the Counsel of Ministers on the situation of Roumania created by the reparation and interallied debts policy

Place of publication:: Bucarest

Publisher:: Government Press

Year of publication:: 1925

Scope:: 1 Online-Ressource (115 Seiten)

Collection:: Economics Books

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** -, ' k 4 A * « « . . ra** As regards private external debts we only had two more important claims of the United States amounting to about 300 mill. (The Baldwin works and a part of the Interoceanie Company Bonds) which by the arrangements we have made, we have been able to consolidate for long enough terms m which the annuities can be supported by the ordinary budget of the State. The elasticity of our budget allows us to a certain extent to foresee not only the possibility of satisfying these ontstanding obligations, but also to begin the work of reconstruction, so imperiously demanded by the necessities of our enlarged country, and which up to now have only been undertaken in a very feeble proportion. In order to arrive to such a result in a comparativly short time, Rouma- nia was obliged to restrain all its wants and to demand sacrifices, especially from two classes of citizens; the State Officials and pensioners, and those bav in" suffered damages by the war — For the first, the balancing of the budget and the increase of the State revenues allowed us to give very important sums, although insufficient ones during the last four budgets (nearly 6 milliards of lei), but, also to be enabled by the budget of 1925 to undertake for the future a question of normalizing the salaries paid by the State. If new charges had not come upon us from abroad, if the policy of order in expenses and of good administration of the revenues will be not only con tinued but also strengthend, by the works which are beeing prepared by the Central Commission for reorganizing the public services, we hope that in a short time this question also will be completly resolved. As regards those who suffered damages by the war, the tact of our former enemies not having fulffilled their obligations, and in general the means adopted for applying the Treaties have obliged us to meer the satisfaction ot these claims within our own feeble means. The Roumanian State was placed in the painful dilemma of making like France an anticipated payment of the war damages, without having yet re ceived them from the enemies, endangering in this way her general finalicia consolidation, or to assure first that consolidation, which means general pros perity, in order to be able after that, by her proper means to compensate the non payment by our former enemies. The importance of the damages suffered by Roumania compared to our public wealth (over 31 milliards of lei gold, most of them proved by judicial sentences). The spread of these damages on account of their nature over the whole surface of the land and all branches of activity, and especially the fact that many of these damages could not be directly estimated, being t e consequences of the disorganization and general destruction brought on by the war and the occupation by the enemies, and also destruction by some of the allies. The issue of notes of the »Banca Generates the monetary unification, the stopping of transports for more than three years, the destruction of indus trial plants especially the petroleum works, the prolonged mobilization ol the Roumanian army etc. allows us to assert that, as the whole of Roumania

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