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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12 b) The liabilities which still burden our present budget ani which were imposed by the financial consolidation made up to now, of those which will be inscribed in future, for measures of another nature and ; c) The conditions of our rate of exhange. Roumaniahas as we pointed out above, effected her future financial and es pecially her budgetary consolidation with her own means, but although we are in the fourth year of our balanced budget, we must not forget that in the limits of the ordinary revenues of the conntry. this necessary balance was arrived at with great sacrifices and that we had not only large misses to fill up for the budget which does not correspond to our needs, but we also had sums to enter, intended for restoration which is only just beginning, and for our nationals who liave suffered bv the war, and only received up to now very reduced da mages. The excesses given by our present budgets were not only the conse quences of a prudent policy which was absolutely necessary in the uncertain circumstances through which we were passing. But at the same time to proceed in a sure manner to the normalization of the budget and therefore to the complete satisfaction of all public services, in the future arrangements that we shall make, we must not forget that as normalization is obtained, so by the stabilization of the leu and of internal pri ces assured in the same way we shall have to reduce and even to suppress the income of the exceptional export taxes, and on business winnings, we must not forget at the same time that the new law on spirits will produce an im portant decrease in the income of indirect in duties. The financial consolidation and especially of the external floating debt, the participation of the State in paying half of the expropriated land, impose* *) fresh charges on us; the first will swell the general budget until 1930 considerably, the latter for a term of fifty years with the annuity of a capital which is hot yet determined, but which will possibly necessity an annuity of 500 millions. The Austro-Hungarian pre-war debt, immediatly that this obligation will be established, will likewise charge the coming budgets, which will be all the heavier to bear as balances will be demanded in a longer delay, and in a shorter period of payment. But in order to be able to fulfil our engagements whatever they may be, the possibility of paying these obligations will be strongly influenced by the conditions of the Roumanian rate of exchange Roumania has stabilized its cur rency but of all the States that have done this, her currency is the weakest com pared to gold. Therefore any obligation of payment abroad, now that her payment ba lance is equilibrated may endanger this stability, and may place the Rouma- *) The sum to be paid in cash for the consolidation : Lei 1.210926.92',90 in 1925 Lei 815.497.170,29 in 1929 • 1.254 398.550,30 » 1926 » 835.108 542,50 » 1930 » 1.295.199.428,50 , 1927 » 146.438.108,- » 1931 . 1.134.028.182,10 » 1928

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