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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