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32 
tain ourselves on this ground, when. Roumania’s quota was fixed at 1 °/ 0 , and 
when in Paris at the ministers of Finance Conference of January 14 1925 our 
quota was fixed at 1.10 °/ 0 (Annex 6, art. 7) 
The question of the German reparation till the London Conference of July 
August 1924, was as follows. 
On May 1 st 1921 the Commission of Reparations fixed the quantum of 
the German debt for reparations at 132 milliards of marks gold, payable in 
30 years, a quantum which under the terms of the Treaty, should be divided 
between the allied States having a right to reparations, »according to equity and 
the rights of each« As we proved higher up the Governments of Great Britain, 
France, Belgium, Italy and Portugal, ever since July 16 1920, by the Spa 
agreement, had fixed amongst themselves, and for the others, without their 
participation, the quotas of distribution, reserving ulteriorly tor Roumania 
1 °/ 0 that is by this, distribution, out of the total of the German reparations of 
132 milliards of marks gold, Roumania would have got in a lapse of 30 years 
1 milliard 320 million marks gold. 
The fixing of Germany's debt at 132 milliards of marks gold, was done by 
the Commission ot reparations, taking into consideration her possibilities of pay 
ing, and not the total damages to which her obligation for reparations amount 
ed. Rightly or wrongly, this debt once determined should have been divided 
between the allies in proportion of the losses and the rights of each, that is after 
the schedule of losses suffered by each, and in respect of which Roumania for 
warded a list amounting to 31.099.853.761 lei gold, a list which was not con 
tested by the Commission of Reparations. (*) 
Roumania protested continually against this injustice and the endeavours 
she made to right it are to be seen in the speech delivered by Mr Titulescu, 
Minister ofFinance in the Bucarest Chamber of Deputies on July 18 1921. 
(Annex 50). 
The balance of Reparations as regards Roumania offer the Spaagrement 
can be summed up as follows. 
ROUMANlVs CLAIMS IN THE GENERAL REPARATIONS FIXED BY THE SPA AGREMENT 
According to ai tide I — 1 °/ fi of the German reparations (-) 1200 million 
marks gold. 
(1) The schedule presented by the other States amount to the following figures. 
England 60.049 million francs — Italy 74.230 milion francs 
France 218.451 » » — Servia 27.715 » » 
Belgium 36.587 » » 
(2) The reckonings are made on the data of that time when the quota of 6.5 0 / n fixed for Roumania 
Grece and Servia by article 1, at Spa leaves it to be understood in an officious manner, that the share .df 
the Roumanian State would be 1 0 / 0 and or 30 o/ 0 of the second half of the reparations of Austria, Hun 
gary and Bulgaria See the memom of the Roumanian Government. (Annex 51). 
I 1