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plan.  Germany’s  debt  for  reparations  is  no  longer  a  global  and  fixed  sum,  but
it  varies  according  to  the  times,  and  contains  elements  of  uncertainty  (Annex  58,
62).  Roumania,  invited  officially  to  the  London  Conference,  took  part,  by  her
delegate  Mr.  N.  situlescu,  who  obeying  the  instructions  given  by  the
Roumanian  Government,  did  his  best  for  the  Roumanian  interests  to  be  defended ­
  within  the  terms  of  Dawe’s  plan  (Annex  55).
For  the  clauses  common  to  all  the  allies  we  would  have  been  asked  to
comply  with  the  general  solutions,  if  the  so  called  Spa  quota  had  been  favorable ­
  for  us.
For  the  claims  special  to  Roumania,  such  for  instance  as  the  claim  for  the
”  Ban  ca  Generala«  notes,  and  the  recuperation  arising  from  the  Treaty  of  Bucarest,
  endeavours  were  made  for  our  rights  to  be  reserved  for  future  debates.
To  this  intent,  on  July  28 th  1924,  the  Roumanian  delegate  at  that  Conference, ­
  made  a  declaration  (Annex  56)  by  which  Roumania  »approves  the  report
of  the  experts,  as  an  instrument  of  payment  as  regards  Germany,  for  the  sums
already  fixed,  or  to  be  fixed,  proportionally  to  her  capacity  of  payment,  so  that
the  Roumanian  claims,  both  in  her  quality  of  an  ally,  as  well  as  in  her  other
special  qualities  be  recovered".
”The  present  conference  has  not  to  occupy  itself  with  the  distribution
between  the  allies,  with  the  question  of  payment  by  priority  of  the  privileged
claims....  etc,  therefore  Roumania  ventures  to  lay  before  the  Conference,  a
memoir  to  prove  her  great  interest  in  the  reparation  problem,  and  once  again
to  determine  her  situation  in  this  matter,  in  view  of  the  day  when  these  questions ­
  will  form  the  object  of  negotiations  between  the  allies.
The  memoir  announced  in  this  declaration  was  presented,  and  constitutes
one  of  the  official  documents  of  this  Conference  (annex  55).
By  the  application  of  the  London  agreement,  the  Commision  of  Reparations ­
  declares  on  September  1 st  1924,  the  coming  into  effect  of  the  new  plan,
and  a  new  organ  begins  to  work,  namely  »The  General  Agent  of  payments  for
reparations.
By  Dawe’s  plan  Germany’s  debt  for  reparations  consists  in  annuities  fixed
for  the  moment  for  a  lapse  of  5  years,  and  for  amounts  as  in  the  annex  52  document ­
  extracted  from  the  report  of  the  General  Agent  of  Payments,  whereas
for  the  future  a  new  distribution  is  to  be  fixed.
Consequently  the  London  Conference  and  the  approval  of  Dawe’s  plan  had
the  effect  that  the  debt  of  132  milliards  of  marks  gold,  fixed  and  payable  in
30  years,  beginning  on  May  1 st  1921,  was  transformed  into  a  variable  obligation, ­
  for  a  number  of  years,  the  present  capitalization  of  which,  constitutes  a
considerable  reduction  of  the  debt.
The  Conference  of  the  Ministers  of  Finance  of  the  allies,  which  was  held
in  Paris  between  the  7"'—14"'  of  January  1925,  had  the  object  of  completing
the  works  of  the  London  Conference,  fixing  norms  of  distribution  amongst  the
allies,  of  the  payments  effected  and  to  be  effected  by  Germany  in  the  course  of
the  first  period  of  5  years  of  Dawe’s  plan.