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 si 
tuated 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\ sub 
sequent 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 Ver 
sailles should be applied in the same proportion as for her great allies. In res 
pect 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 admini 
stration 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 ju 
dicial 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 su 
preme 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.