the  provision  existing  in  internal  laws,  without  any  interfence  or  hindrance
on  the  part  of  any  other  external  organ.
The  liquidation  of  these  properties,  rights  and  interests  is  in  course  but  the
result  cannot  be  considered  important  enough  to  constitute  a  reparation,  especially ­
  as  the  proceeds  of  this  liquidation  are  destined,  according  to  the  terms
of  the  Treaty,  in  the  first  place  for  compensating  Roumanian  citizens  who  suffered ­
  losses,  by  the  insolvency  of  their  enemy  debitors.
We  cannot  pass  this  chapter  without  mentioning  that  the  attitude  of  the
commissions  charged  with  the  application  of  the  treaties  in  this  matter,  has
not  always  been  of  a  nature  to  make  our  task  easier.
We  will  quote  the  German  shares  in  the  Arad-Ceanad  Railway  G°  in
which  the  State’s  right  of  liquidating  the  shares  alone  was  beyond  discussion,
and  notwithstanding,  the  Commission  of  Reparations  by  a  wrong  interpretation
of  article  260  of  the  Treaty  of  Versailles,  interposed  itself  between  us  and  the
German  holders  of  these  shares,  creating  difficulties  which  might  not  have  arisen, ­
  if  the  Commission  ok  Reparations  had  kept  within  its  role,  of  simple  mandatary ­
  of  the  allied  and  associated  Powers,  of  which  also  Roumania  is  one.  We
will  mention  even  something  more,  that  in  contradiction  to  the  terms  of  the
Treaty  and  its  own  regulations,  the  Commission  of  Reparations  invited
all  the  former  enemies  to  the  sale  by  auction,  seeking  in  this  manner  to  avoid
one  of  the  objects  of  the  liquidation,  which  was  the  economical  emancipation
of  the  freed  territories.
This  attitude  obliged  Roumania  to  take  no  notice  of  these  measures,  taken
in  direct  contradiction  to  the  formal  terms  of  the  treaties.

SECTION  III

Acquiriisp  the  property,,  rights  and  interests  of  Hungarian  and  Austria
NATIONAL  UNDERTAKINGS  OF  PUBLIC  UTILITY  IN  THE  FREED  TERRITORIES

Article  211  of  the  Treaty  with  Austria,  and  article  194  of  the  Treaty
with  Hungary  in  the  interest  of  the  economical  emancipation  of  the  treed  territories, ­
  gave  the  right  to  the  allies,  and  consequently  to  Roumania  also,  to  obtain ­
  on  occount  of  the  Hungarian  and  Austrian  reparations  the  propel  H,  lights
and  interests,  which  Hungarian  or  Austrian  dependents  possess  in  the  undertakings ­
  of  public  utility  in  those  territories.  It  was  a  manner  of  freeing  the  new
territories  from  the  chains  laid  on  them  by  the  former  enem\  States.

!.  Austria
In  execution  of  article  211  of  the  Treaty  with  Austria,  the  Commission  of
Reparations  asked  for,  and  Xustria  produced,  after  long  ajournments  and  contestations ­
  an  incomplete  list  of  these  properties  rights  and  interests,  and  Roumania ­
  making  use  of  her  right  intends  to  liquidate  them,  placing  their  counter
value  to  the  account  of  Austrian  reparations.