the provision existing in internal laws, without any interfence or hindrance 
on the part of any other external organ. 
The liquidation of these properties, rights and interests is in course but the 
result cannot be considered important enough to constitute a reparation, es 
pecially as the proceeds of this liquidation are destined, according to the terms 
of the Treaty, in the first place for compensating Roumanian citizens who suf 
fered losses, by the insolvency of their enemy debitors. 
We cannot pass this chapter without mentioning that the attitude of the 
commissions charged with the application of the treaties in this matter, has 
not always been of a nature to make our task easier. 
We will quote the German shares in the Arad-Ceanad Railway G° in 
which the State’s right of liquidating the shares alone was beyond discussion, 
and notwithstanding, the Commission of Reparations by a wrong interpretation 
of article 260 of the Treaty of Versailles, interposed itself between us and the 
German holders of these shares, creating difficulties which might not have ari 
sen, if the Commission ok Reparations had kept within its role, of simple man 
datary of the allied and associated Powers, of which also Roumania is one. We 
will mention even something more, that in contradiction to the terms of the 
Treaty and its own regulations, the Commission of Reparations invited 
all the former enemies to the sale by auction, seeking in this manner to avoid 
one of the objects of the liquidation, which was the economical emancipation 
of the freed territories. 
This attitude obliged Roumania to take no notice of these measures, taken 
in direct contradiction to the formal terms of the treaties. 
SECTION III 
Acquiriisp the property,, rights and interests of Hungarian and Austria 
NATIONAL UNDERTAKINGS OF PUBLIC UTILITY IN THE FREED TERRITORIES 
Article 211 of the Treaty with Austria, and article 194 of the Treaty 
with Hungary in the interest of the economical emancipation of the treed terri 
tories, gave the right to the allies, and consequently to Roumania also, to ob 
tain on occount of the Hungarian and Austrian reparations the propel H, lights 
and interests, which Hungarian or Austrian dependents possess in the under 
takings of public utility in those territories. It was a manner of freeing the new 
territories from the chains laid on them by the former enem\ States. 
!. Austria 
In execution of article 211 of the Treaty with Austria, the Commission of 
Reparations asked for, and Xustria produced, after long ajournments and con 
testations an incomplete list of these properties rights and interests, and Rou 
mania making use of her right intends to liquidate them, placing their counter 
value to the account of Austrian reparations.