12

b)  The  liabilities  which  still  burden  our  present  budget  ani  which  were
imposed  by  the  financial  consolidation  made  up  to  now,  of  those  which  will  be
inscribed  in  future,  for  measures  of  another  nature  and  ;
c)  The  conditions  of  our  rate  of  exhange.
Roumaniahas  as  we  pointed  out  above,  effected  her  future  financial  and  especially ­
  her  budgetary  consolidation  with  her  own  means,  but  although  we  are
in  the  fourth  year  of  our  balanced  budget,  we  must  not  forget  that  in  the
limits  of  the  ordinary  revenues  of  the  conntry.  this  necessary  balance  was  arrived
at  with  great  sacrifices  and  that  we  had  not  only  large  misses  to  fill  up  for
the  budget  which  does  not  correspond  to  our  needs,  but  we  also  had  sums  to
enter,  intended  for  restoration  which  is  only  just  beginning,  and  for  our  nationals
who  liave  suffered  bv  the  war,  and  only  received  up  to  now  very  reduced  damages. ­
  The  excesses  given  by  our  present  budgets  were  not  only  the  consequences ­
  of  a  prudent  policy  which  was  absolutely  necessary  in  the  uncertain
circumstances  through  which  we  were  passing.
But  at  the  same  time  to  proceed  in  a  sure  manner  to  the  normalization
of  the  budget  and  therefore  to  the  complete  satisfaction  of  all  public  services,
in  the  future  arrangements  that  we  shall  make,  we  must  not  forget  that
as  normalization  is  obtained,  so  by  the  stabilization  of  the  leu  and  of  internal  prices ­
  assured  in  the  same  way  we  shall  have  to  reduce  and  even  to  suppress
the  income  of  the  exceptional  export  taxes,  and  on  business  winnings,  we  must
not  forget  at  the  same  time  that  the  new  law  on  spirits  will  produce  an  important ­
  decrease  in  the  income  of  indirect  in  duties.
The  financial  consolidation  and  especially  of  the  external  floating  debt,  the
participation  of  the  State  in  paying  half  of  the  expropriated  land,  impose*  *)  fresh
charges  on  us;  the  first  will  swell  the  general  budget  until  1930  considerably,
the  latter  for  a  term  of  fifty  years  with  the  annuity  of  a  capital  which  is  hot  yet
determined,  but  which  will  possibly  necessity  an  annuity  of  500  millions.
The  Austro-Hungarian  pre-war  debt,  immediatly  that  this  obligation  will
be  established,  will  likewise  charge  the  coming  budgets,  which  will  be  all  the
heavier  to  bear  as  balances  will  be  demanded  in  a  longer  delay,  and  in  a  shorter
period  of  payment.
But  in  order  to  be  able  to  fulfil  our  engagements  whatever  they  may  be,
the  possibility  of  paying  these  obligations  will  be  strongly  influenced  by  the
conditions  of  the  Roumanian  rate  of  exchange  Roumania  has  stabilized  its  currency ­
  but  of  all  the  States  that  have  done  this,  her  currency  is  the  weakest  compared ­
  to  gold.
Therefore  any  obligation  of  payment  abroad,  now  that  her  payment  balance ­
  is  equilibrated  may  endanger  this  stability,  and  may  place  the  Rouma-*)

  The  sum  to  be  paid  in  cash  for  the  consolidation  :
Lei  1.210926.92',90  in  1925  Lei  815.497.170,29  in  1929
•  1.254  398.550,30  »  1926  »  835.108  542,50  »  1930
»  1.295.199.428,50  ,  1927  »  146.438.108,-  »  1931
.  1.134.028.182,10  »  1928