is  also  important  by  the  fact  than  on  the  strength  ot  this  article  Roumania  ma\
retain  and  liquidate  the  property,  rights  and  interests  of  German  subjects  situated ­
  in  her  territory,  and  for  the  application  of  the  same  the  law  of  June
12  lh  1923  came  into  effect.
We  will  show  in  the  course  of  this  exposition,  how,  the  Commission  ot
Reparations,  which  according  to  the  terms  ot  the  treaties  is  the  mandatary  ol  the
interests  of  all  the  allied  Powers  having  rights  to  reparations,  was  able  lo  fulhl
its  task,  and  also  what  modifications  and  attaints  were  introduced,  b\  subsequent ­
  measures,  to  the  working  of  this  organ,  on  which,  accoiding  to  the
Treaties,  depends  the  whole  reparations  question.

I.

DAMAGES  SUFFERED  BY  ROUMANIA
As  concerns  reparations,  Roumania  is  interested  that  the  treaty  ot  Versailles ­
  should  be  applied  in  the  same  proportion  as  for  her  great  allies.  In  respect ­
  to  Germany  she  cannot  be  considered,  as  having  limited  interests,  as  some
have  tried  to  explain.
Germany  is  the  principal  debtor  ot  the  reparations  due  to  Roumania,  foi
the  reason  that  she  caused  Roumania  the  greatest  losses.
In  fact  the  German  armies  waged  war  in  Roumania,  the  German  administration ­
  issued  »Banca  Generala  notes,  the  German  Commandment  entoiced  by
anticipation  the  Treaty'ot  Rnearest.
It  is  right  therefore  that  Roumania  should  have  a  principal  part  in  the
German  reparations,  based  equaly  on  a  principle  ot  equity,  as  well  as  on  the
special  claims  she  has  against  Germany.
In  conformity  with  the  terms  of  the  Treaty,  Roumania  with  the  otliei
States  forwarded  in  due  time  to  the  Commission  ot  !separations  the  lists  of  the
damages  suffered  by  her  property  and  her  subjects,  damages  whose  reparation
comes  under  the  obligations  of  Germany  and  of  her  allies.
The  list  formed  after  the  provisions  of  the  I  reaty,  and  preliminary  judicial ­
  statements  made  by  the  Tribunals  and  special  commissions,  fixes  the
amount  of  the  total  damages  of  Rumania  at  31.099.853.761  lei  gokL(Anex.  42)
This  figure  appears  un  ler  its  true  light  when  we  remember  that  2/3  of
the  Roumanian  territory  was  invaded  and  remained  occupied  for  two  years  and
wrung  out  by  Germany,  by  the  application  ol  the  cinical  piinciple  of  the  supreme ­
  German  command,  according  to  which  "the  chief  duty  of  the  military
administration  in  Roumania  consists  in  squeezing  the  country  economicaly,  as
comp'etely  as  possible,  in  the  benefit  of  the  Fatherland"  1 ).
The  consequence  of  the  application  of  this  system  ot  speculation  was  the
i)  The  railroad  system  of  3000  km  which  Roumanie  possessed  was'lefl  after  the  retreat  of  the  Germans
with  only  160  engines.