3)  Requisitions  for  maintaining  the  army  of  operation  on  the  field  of  battle,  a§
well  as  for  recovering  the  requisitions  made  in  our  country  for  the  same  purpose.
By  Hungary’s  giving  up  invoking  this  article,  Roumania’s  situation  does
not  become  better  than  before,  so  that  the  experts  who  drew  up  the  first  text  of
the  report  for  the  Conference  of  the  Ministers  of  Finance  in  Paris,  in  January
1925,  made  a  mistake  when  they  tried  to  justify  that  by  this  renouncement
on  the  part  of  Hungary,  the  Spa  quota  had  become  satisfactory  for  Roumania.
This  interpretation  does  no  move  than  place,  once  more  in  evidence  the  injustice
of  tlie  quota  atributed  to  Roumania  at  Spa,  an  injustice  which  even  the  experts
of  the  foregoing  report  had  to  acknowledge.  In  fact  the  membres  of  the  conference ­
  did  not  adopt  the  arguments  of  that  report.  (Annex  59).
SECTION  II
Common  obligations  deriving  from  the  Treaties  of  Saint  Germain
and  of  Trianon
Now  we  will  go  on  to  analyse  the  obligations  of  Roumania,  deriving  both
from  the  Treaty  of  Saint  Germain  and  from  the  Treaty  of  Trianon,  obligations
which  are  common  to  these  two  treaties.
I.
The  exchange  of  the  kronen  circulating  in  the  freed  territories
Article  206  of  the  Treaty  with  Austria  and  article  189  of  the  Treaty  with
Hungary,  obliged  Roumania  to  withdraw  from  circulation,  and  to  change  in
to  national  money,  the  kronen  issued  by  the  Austro-Hungarian  Bank,  circulating ­
  in  the  freed  territories.
This  obligation  was  carried  out  to  the  letter  with  heavy  sacrifices,  considering ­
  Roumania’s  exceptional  situation  at  that  moment.
In  fact  at  that  time,  the  Roumanian  frontiers  towards  Hungary  and  former
Austria  were  open,  and  even  at  certain  points  not  yet  determined,  so  that  the
inflation,  and  the  invasion  of  kronen  in  the  Roumanian  territory,  which  was
then  considered  as  the  most  solvent  amongst  the  succeeding  States,  could  not
be  hindered.  This  is  how  we  explain  the  fact  that  Roumania  found  in  her
territory  8.716  million  kronen  (paper)  for  which  she  had  to  issue  and  put  in
circulation  4.353  million  lei.
The  issue  of  national  currency  without  security,  for  withdrawing  the
kronen,  contributed  not  only  to  the  increase  of  the  internal  debt,  but  also  to  the
increase  of  inflation,  which  had  the  result  of  a  disastrous  fall  of  our  currency,
just  at  a  critical  moment  when  our  commercial  export  balance  was  particularly
in  our  disadvantage.
In  exchange  of  these  4.353  million  kronen  Roumania  only  recovered  out
of  the  liquidation  of  the  Austro-Hungarian  Bank  :
47.979.014.36  kr.  gold.
32.203.14.01  £
384.328.07  dolari.
69.329  £  in  10  year  bonds.
1.195.200  Fr:  fr:  „  >,