ments  which  the  Roumanian  Government  may  have  to  make  to  Austrian  merchants ­
  or  tradesmen.  This  last  sum  may  be  increased  eventually  by  certain
rests  remaining  from  points  a.  and  b.
The  carrying  out  of  the  agreements  shall  be  elfected  in  a  delay  of  8  months
from  the  ratification  by  the  Commission  of  Reparations.
Tlie  ratification  of  these  agreements  has  been  obtained,  but  the  carrying
out  meets  certain  difficulties,  on  account  of  the  organization  ok  the  Austrian
finances  under  the  control  of  the  Gommissaire  of  the  S.  D.  N.  and  because
the  question  was  raised  whether  Austria’s  relief  bonds  would  have  priority  over
the  lump  agreements.
Our  point  of  view  is  that,  as  the  lump  agreements  represent  restitutions
they  must  have  priority  over  relief  bonds.
III.
Agreements  with  Hungary.
With  Hungary  the  lump  agreement  of  April  16" th  1924  was  concluded
by  which  after  renouncing  the  right  of  investigation,  of  identification  and  of
restitution  provided  in  article  168  of  the  Treaty  of  Trianon,  Roumania  is  to
receive  in  exchange  a  lump  sum  of  640.000  lei  gold.  The  payment  of  this  sum
in  eight  equal  monthly  instalments  in  one  of  the  following  currencies:  lei,  Swiss
francs,  dollars  or  pounds  sterling,  as  the  Hungarian  Government  will  elect.
This  agreement  being  presented  for  ratification,  to  the  Commission  of
reparations,the  objection  was  raised  that  it  could  not  be  paid  by  the  Hungarians
before  a  delay  beginning  in  the  year  1927,  that  is  after  the  obligation  ot  furnishing ­
  coal  for  Servia  should  run  out.
AGREEMENTS  WITH  BULGARIA.
With  Bulgaria  the  negotiations  for  fixing  a  lump  sum  are  in  course  and  we
hope  they  will  soon  succeed.

SECTION  If
Liquidation  of  the  property,  rights  and  interests  of  enemies  existing
in  the  Roumanian  territories.
Article  297  of  the  Treaty  with  Germany,  article  249  of  the  Treaty  with
Au  tria,  article  239  of  the  Treaty  with  Hungary  and  article  177  of  the  Treaty
with  Bulgaria,  gives  Rouminia  the  right  of  retaining,  and  of  liquidating  the
property,  the  rights  and  the  interests,  of  German  Austrian,  Hungarian  and
Bulgarian  subjects,  existing  within  the  Roumanian  territory,with  the  exception,
of  Hungarians  and  Austrians,  having  property  in  the  freed  territories.
In  accordance  with  the  Treaties,  this  liquidation  is  operated  according  to