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  securities, ­
  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,  expected ­
  the  effective  payment  of  these  quotas,  in  contradiction  to  the  terms  of  articles ­
  3  and  4  of  the  arrangement  mentioned  above.
In  fact  article  3  stipulates.  -The  sums  due  by  each  of  the  States  as  provided ­
  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  Reparations, ­
  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  determined ­
  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