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  character, ­
  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  demands ­
  that  the  settlement  of  the  American  loans  be  effected  at  the  same
time  as  hers,  not  admitting  that  we  should  pay  one  creditor  without  considering ­
  the  rights  of  the  others.  Thus  we  are  placed  in  face  of  the  following  situation: ­
  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  statements ­
  made  in  the  memoirs  and  the  documents  which  we  publish,  the  situation ­
  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  anything ­
  from  them,  this  question  is  still  open  and  we  have  an  interest  in  demanding ­
  that  it  should  be  settled.
3.  Although  according  to  the  Spa  agreement,  and  by  the  different  conferences ­
  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  succeeding ­
  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.  Roumania ­
  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