transformed by the Sofia protocol of May 21 st 1923 (Annex 37) into an obliga 
tion of a quite different character, which easing the situation of Bulgaria, char 
ges in the same proportion the situation of the allies, amongst which Rouma- 
nia comes in, who was expecting from the Bulgarian reparations, a corrective 
of the injustice committed at Spa. This protocol drawn up without the partici 
pation and the cognizance of some of the interested States, ratified on May 1 st 
1923 by the Commission of Reparations, stipulates that Bulgaria’s debt for re 
parations, will be divided in two portions, named A and B for which the list of 
payments for July 9"' 1923 provides the following conditions. (Annex 38). 
a) Portion A must be paid in 120 half yearly unequal instalments to go 
on increasing more and more, of which the first payable on October 1 st 1923 
amounts to 2.500.000 francs gold and the last on April 1 st 1983 amounts to 
22.697.668 francs gold. This portion A frees the reparation debt of 550 millions 
francs gold, with 5 per cent interest from April 1 st 1923. 
b) Portion B constituting the right of the reparation debt, does not produce 
interest, and is not claimed from Bulgaria before April 1 st 1953. At that date 
the quantum of portion B will be determined, deducting out of the sum of 
1.700.000.000 francs gold all the amounts placed to the credit of Bulgaria, not 
being the instalments of portion A. For the payments already effected, the fal 
lowing has been decided: the two half yearly instalments of October 1 st 1923 
and April 1 st 1924 have been paid punctually by Bulgaria, and their counterva 
lue of 964.768,52 dollars, corresponding to 5 million francs gold, has been paid 
in by the Commission of Reparations, to a provisional fund, until such a time 
as an agreement on the cost of the armies of occupation and the Commissions 
of control shall have been arrived at between the al bed and associated Powers, 
of the one part, and Bulgaria of the other part, in conformity with the decision 
of the Commission of Reparations No. 2.692. This capital, deposited at the Bank 
has produced 21.344,65 dollars interest till July 31 st 1924. 
The Conference of Ambassadors, acting on behalf of the principal allied Po 
wers who signed the Treaty of Neuilly, decided on July 27 th 1923, that the in 
terallied Commission of Sofia, was to determine the cost of the armies of occu 
pation, and of the Control Commissions, and without waiting for the global sum 
to be fixed, to negociate with the Bulgarian Government for the recovery of 
these sums. 
A Protocol was signed on March 28 1,1 1924, between the Interallied Com 
mission and the Bulgarian Government for the reimbursement of the occupa 
tion expenses, by a lump sum of 25 million francs gold, bearing 5°/ 0 interest, 
and payable by half yearly instalments in a period of 10 years. 
The discharge of the pay lists attached to the Protocols guaranteed by the 
customs revenues, and the first maturity fixed for September 30' lh 1924. 
By a Protocol signed by the representatives of the allied Powers, and the 
Sofia Interallied Commission, it was agreed that any sum recovered from Bul 
garia under this title should be distributed in the following proportion : Great 
Britain 44°/ 0 , France 20°/ 0 , Italy 36%.