s 
the interalied debts.Without insisting on the succesive phases of this question, 
which probably on account of inexact informations nearly took the shape of a 
diplomatic conflict, to day after more than o year, has taken a more general cha 
racter, the great American Republic, demanding from all its debitor States, the 
settlement of this question, independently of reparations, we are also consequently 
like France, Italy, Belgium, Tcheco-Slovakia and Yougoslavia etc. before a 
situation, the necessity of studying the question in itself leading it to the 
future to see how it is developed. This necessity is created by the negotiations o 1 
each debitor State, even if they have not yet arrived at a practical solution and 
also by the new attitude of, England, which by her note of June 1925 de 
mands that the settlement of the American loans be effected at the same 
time as hers, not admitting that we should pay one creditor without consider 
ing the rights of the others. Thus we are placed in face of the following situa 
tion: oh the one part the adjournment, the delay and the reduction of our rights, 
and on the other part taking upon ourselves the Austro Hungarian debts, 
the liberation quota, the value of transferred property, which establishes the 
quantum of the claim against us under the treaties, and at last the settling of 
the Interallied debts, for the American ones draw after them the payment of 
the English debts and therefore of the French and Italian debts. From the state 
ments made in the memoirs and the documents which we publish, the situa 
tion before which we find ouselves can be summed up as follows. 
1. In the reparation policy: our rights for damages owed to us by our 
former enemies had been unjustly, against the terms of the treaty and without 
our participation reduced to the Spa quota which was derisory when the 
amount fixed for Germany to pay to the Allies for reparations amounts 
to 132 miliards of Marks gold. The question is still open for us. 
2. The restitution of our special claims : The notes of the Banca Generala 
and the recovery of those ensueing from the anticipated enforcement of the 
Treaty of Bnearest, has not been settled as it ought to have been done for a 
privileged claim but even the mode of payment has not been fixed. 
Roumania though a victorious country has remained with war damages 
paid to the enemy, amounting to over 3 milliards gold, without receiving any 
thing from them, this question is still open and we have an interest in demand 
ing that it should be settled. 
3. Although according to the Spa agreement, and by the different con 
ferences and treaties, the determination of the Austro-Hungarian reparations 
to which the quotas due to us were to be applied, had been decided, but to 
this day, those sums, on which we could settle our balance, have not been 
fixed, but even delays for paying them have been granted, That is, there 
has been no general plan for carrying out the decisions, formed for the suc 
ceeding states of Auslro-Hungary, as was done for Germany, by Dawe’s plan, 
and nothing leads us to think that such a plan is being prepared. Rouma 
nia demanded at the Paris Conference in Jan. 1925 the examination of the whole 
situation, and she must persevere in demanding her right. 
4. This delay, aqd continuation in establishing the obligations deriving