Poland 
Roumania 
225.495.000 francs gold. 
235.140.009 " 
The S. C. B. State 478.035.000 
Tcheko Slovakia 750.000.000 
Italy 
1.388.670.000 
59.252.000 
By this decision the Commission of reparations decided that the produce 
of this division should be sent to the Governments of Great Britain, France and 
Italy, requesting them to answer the following questions: 
a) If it is expedient to consult the U. S. A ; 
b) If it is necessary to lodge a formal demand for the issue of the secu 
rities, as provided in the arrangement of 4919 on the liberation debt ; 
c) In the affirmative to whom are these securities to be handed. 
It would seem that by this decision the Commission of Reparation, expec 
ted the effective payment of these quotas, in contradiction to the terms of ar 
ticles 3 and 4 of the arrangement mentioned above. 
In fact article 3 stipulates. -The sums due by each of the States as pro 
vided above for their liberation, and the value of goods and property of the 
former Austro-Hungarian Monarchy transferred, to them, estimated according 
to article 207, Part IX (Financial clauses) of the Treaty of Peace with Austria, 
will be compensated, if there is room to do so, with the claims presented by 
these States under the title of reparations, and duly verified. 
And article 4 stipulates -If the sums due by one or the other of these 
States, for their liberation, and the value of the goods and properties transferred 
exceeds the amounts of these claims duly verified, for reparations, that State 
shall issue in a delay of three months, after the advice duly sent to it, if need 
be, by the Commission of Reparations, of the amount of the verified claims, 
bonds for an amount equal to that excess. 
While article 11 of the Paris financial arrangement of March 11 th 1922 
provides : 
„The Commission of Reparations will fix Austria and Hungary’s debts for 
reparations according to article 179 of the Treaty of Saint Germain and article 
163 of the Treaty of Trianon. 
What ever may be the conclusion arri red at by the Commission of Repa 
rations, the total amount to distribute between the Powers taking part in the 
reparations, will not be less than the total amount of the property transferred 
by Austria and Hungary, under the Treaties of Saint Germain and of Trianon 
increased by six milliards of marks gold, and by the debt of Bulgaria as deter 
mined by article 121 of the Treaty of Neuilly. 
As soon as they will have been created, a batch of the bonds bearing the 
mark series C. levied out of the lot of the bonds of that series, for a face value 
equal to the sum of the debt determined as above, will be divided amongst the