to the bearer with a maturity of twelve months at the most and an interest of 
6.5 o/o (Annex 2). 
The proceed of this loan went for covering orders necessary to the ar 
my till April 1915' 
2. 
Loans in England the Bank of England consented on January 20 sl 1915 
through the intervention of the English Government to grant a loan of five 
million pounds sterling (Annex 3) 
The fact that England being in war consented to grant the foregoing loan 
although there was no engagement to guide us towards entering the war, proved 
that they relied surely on our entering into action and the proof of this belief 
was not shaken by any kind of suspicion, is the fact that the proceeds of this 
loan, were used in expenses for the army as well as for other expenses of the 
State, which otherwise might have spent this money as it would have thought 
necessarv for all the State requirements. It was therefore an assistance granted 
to an ally which was preparing for war, and the fact that this advance was 
made us »a decouvert« proves that no other interpretation can be possible. 
Examining the use made of this advance, until Roumania entered the war 
we see. 
for the requirements of the army £ 3027769. 9. 8. 
for the other departments ^ 1027667. 1. 1. I). 
The first advance of 6ve million pounds sterling being spent, the English 
Government consented, by the Bank ot England to a further loan ot £ 7.000.000 
on October 14 th , 1915. (Annex 4). 
From the examination of the terms of the agreement we see that whereas 
for the first advance there was a condition that the expenses to be effected were 
to be made with the assent of the English Minister of Finance, this second sum 
is granted without any kind of reserve, as this loan had a character ol allied 
solidarity. 
From the details appearing below, of the use made of these sums it clearly 
appears that they could be spent in all the allied and neutral countries for 
covering the expenses of our preparation and even for expenses ol other depart 
ments. The proceeds of this loan as well as the rest of the loan of five million 
pounds sterling mentioned above, was spent before the general armistice. 
III. 
LOANS IN FRANCE 
Like the English Government, the French Government on March 8' h , 1915 
(although in war) consented in another form, that Roumania, in view of sup 
plying herself with war material and ammunitions should place her orders in 
i) For the detail see the general account published in the conclusions.