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vernments  have  only  calling  to  fix  the  proportions,  according  to  which  the  total
of  the  succesive  payments  made  by  Germany  on  account  of  reparations,  are
to  be  shared  between  them,  and  even  these  proportions  are  to  be  based  on
equity  and  each  ones  rights.
As  regards  the  application  of  the  Spa  agreement  of  July  16 th  1920,  the  President ­
  asserts,  that  it  will  give  rise  to  many  and  serious  difficulties,  hut  that
he  cannot  refuse  the  record  of  this  arrangement,  and  must  request  on  its  application, ­
  the  aid  of  the  signing  Governments,  to  remain  in  a  spirit  of  justice  and
equity.
j, In  this  spirit—  Mr  Dubois  says  textually—  I  personally  accepted  the  formula ­
  of  registration  worked  out  by  the  British  delegate  Sir  John  Bradbury«.
The  flagrant  violation  of  the  treaty  by  this  agreement  a  violation  which
was  pointed  out  by  the  President  of  the  Commission  of  reparations  himself
gave  place  in  this  sitting,  to  debates  on  the  part  of  the  delegates  ot  the  States,
which  had  not  signed.  By  the  debates  which  followed,  by  the  questions  and
answers  given,  it  stands  out  clearly  that  in  the  spirit  of  the  Commission  of  reparations ­
  it  was  intended  not  to  harm  in  any  way  by  the  registration  of  this
agreement,  the  rights  and  the  interests  of  the  other  Powers,  who  signed  the
Treaties,  but  who  did  not  participate  or  adhere  to  the  above  agreement.
For  any  one  who  wishes  to  read  and  to  interpret  the  Treaties  in  an  objective ­
  manner,  the  Spa  agreement,  and  the  debates  which  followed,  on  its  iegistration
  at  the  Commission  of  reparations,  it  clearly  stands  out,  that  no  other  interpretation ­
  could  be  given  to  this  agreement,  than  that  the  signing  States
intend  to  share  between  themselves,  according  to  the  quota  established  by  them
the  lump  sums  due  to  then,  after  partially  satisfying  the  claims  of  the  States
not  having  signed  the  agreement,  but  being  entitled  lo  reparations.
How  were  defended  the  rights  and  the  interests  of  the  Powers  who  did
not  sign,  amongst  which  is  also  Roumania,  we  shall  see  later  on,  for  that  which
at  the  beginning  was  considered  as  an  agreement,  which  only  concerned  those
who  had  signed,  later  on  when  its  original  flaw  was  forgotten,  was  considered
as  an  obligation,  even  for  the  States  which  did  not  sign,  that  is,  the  iniquity
which  should  have  been  avoided,  was  aggravated.
Therefore  by  the  Spa  agreement,  before  determining  the  German  Austrian
and  Hungarian  debt  for  reparations,  a  quota  of  distribution  was  settled,  which
took  no  notice,  either  of  equity,  nor  of  the  rights  of  anyone,  nor  of  the  total  of
reparations,  nor  of  the  list  of  damages,  presented  by  the  allied  Powers.
Such  an  iniquity  could  not  be  admitted  without  a  protest  on  our  part  on
July  12 th  1920,  that  is,  before  the  signing  of  this  agreement,  Mr  Titulescu,
Minister  of  Finance,  and  Plenipotentiary  in  the  Roumanian  delegation,  with
Dr  I.  Cantacuzino,  president  of  the  Roumanian,.  delegation  at  the  Paris  peace
Conference,  handed  in  an  energetic  protest,  which  points  out,  as  clearly
and  categorically  as  possible  the  rights  of  Roumania,  and  the  violation  which
is  being  committed.
This  protest  is  the  foundation  deed  of  our  reparation  policy,  and  we  main-