grantee States, either for being put entirely to the charge of Austria and Hun 
gary, or for being divided between all the allied and associated States in propor 
tion to their participation in the quantum of the value of the rolling Stock, 
which shall be established by the Commission ot reparations (art. 183 a 189 
St.-Germain and 167 & 173 I rianon). But at the estimation, the commission of 
reparations must take into consideration the recommunication on the part of 
the Hungarian administration of a number of carriages of Hungarian origin 
which are to be divided, a fact which was pointed out in Dec. 1924 to the Com 
mission of reparations by the Roumanian and Tcheco Slovak experts. In fact 
the Hungarian expert himself in this commission acknowlegded and proved that a 
great numbe • of the newest carriages found amongst the Hungarian stock at the 
inspection ol Sep. 1920, on the Hungarian lines were not communicated to the 
commission of Distribution. These carriages ar to this day in the possesion of 
Hungary instead of being attributed according to the plan of distribution esta 
blished by the Vienna Commission and ratified by the conference of the am 
bassadors. 1 ho Hungarian Administration therefore must be obliged to commu 
nicate those carriages \\ hose number deducted out of the number of carriages 
found missing in these two inventories (24°/ 0 of the Hungarian and 7°/ 0 of the 
Austrians) amounts to 15.000 carriages Part of these carriages are not put in 
the mass to be divided by the Vienna Commission, because they form part of the 
carriages presented by Italy, Roumania, Yougoslavia and belonging to them by 
the operations of the war. 
While the carriages in this list which were on the lines of the Allied States 
or on the Austrian lines were communicated in due t : me by these States and the 
Vienna Commission was able to communicate them to the Commission of Re 
parations as being the property of these three States their exclusion from the mass 
of carriages to be distributed and not communicated by Hungary is void. These 
carriages have to be restored to Italy, Roumania and Yougoslavia the 
rest of the carriages which were not communicated by Hungary will have to 
be distributed to the so called succeeding States, according to the provisions of 
the treaty. As regards the question of the estimation, the Roumanian Government 
lias explained its point of view in the answers it sent to the form of question 
sent by the Committee of transferred goods. It is convinced that its ans 
wers will prove the efforts it has made to keep this matter within the strict 
scope of the real,value of the carriages distributed; notwithstanding the Rouma 
nian Government will not fail to give proper instructions to its experts, to set 
forth its point of view in this matter, which is to be examined by the committee 
of transferred goods in October. 
CHAPTER IV 
ROUMANIA’s OBLIGATIONS DERIVE FROM THE TREATIS OF PEACE 
After we have summarily analized the rights of Roumania, we will go on 
to examine in this chapter the clauses of the Treaties of peace, which are 
changed into obligations for the Roumanian State, and the close relations 
4