37 
memoir drawn up by the Roumanian delegation, be inserted as an annex to 
the minute of the sitting. 
In the convention which took place between the Roumanian Minister of 
Finance, Mr. Titulescu, and the allied Ministers of Finance, assembled in Pans 
(M. M. Clementel, de St -fani and Theunis) amongst other things, much insis- 
tance was used, for puttmg on the order of the day, the situation created by 
the application of the treaties, and the anticipated payment of obligations, 
before the recovery of the rights. We mentioned the acknowledgement which 
we had obtained from the Government of one of the principal States for the 
value of the ceded property and the liberation quota to be paid by bonds C. 
By the declarations, the memoirs and the conversations with many leading 
personalities on the reparations question the Roumanian delegates, threw a 
light on the rights and interests of Roumania, in order that at least in one o! 
the future Conferences the question should be treated in its aggregate form 
giving its rights full satisfaction. 
To sum up as far as Germany is concerned, Roumania has a claim oH.10°/ 0 
out of reparation payments. What principal this percentage may represent, 
we cannot know exactly, as the German payments are effected in annuities on 
Dawe’s plan, which at least for the present has much diminished the debt of 
132 milliards of marks gold fixe i at the beginning. Another element which 
reduces the part accrueing to each ally is the admittance of the United States to 
take part in the distribution of German reparations, as was decided by the Paris 
Conference. 
Nevertheless the part which accrues to Roumania out of the German 
debts under Dawe’s plan, might be determined in the following manner, by 
what was calculated for other States. 
Payments owed by Germany. 
1.000 million marks gold from Sept. 1st 1924—Aug. 31st 1925 
1.220 » » » for. 1925—1926 
1.200 » " » " 1926—1927 
1.750 ” ” » » 192/—1928 
2.500 " » annually, beginning in 1928, to which sum 
might be added a supplimentary payment calculated on a »sign« of prosperity, 
determined by Dawe’s plan. 
Taking account of the sums necessary for the expenses of the service of the 
German external debt, amounting to 800 millions marks gold, as well as the 
expenses of the control occupation etc., the first year’s annuity would be redu 
ced'to approximately 660 million marks gold, figure at which it will probably 
maintain itself for each of the other 2 annuities, till the year 1928, when one 
will be able to reckon on an annuity of approximately 2 milliard marks 
gold. 
Without entering into the examination of priorities in the payments of 
the annuities, Roumania’s part of 1.10°/ 0 would be of about / .260.000 marks 
gold a year, till 1928, when it would rise to 22 millions.