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served property, as if a territory - could be separated from all the investments 
made, for placing it in a position to live normaly in the state of the evolution 
of modern civilisition. 
The operations for estimating these properties, both as regards Austria as 
well as regards Hungary, are in course before the Commission of reparations 
which latterly has heard the experts of all the interested parties, and has still 
to give its final decision. 
In this matter we must remark lhat the Commission of reparations giving 
an unjustified scope to the idea of »biens et propriety - in the text of article 
208, and 191 of the Treaties of Saint Germain and of Trianon, drew up an inven 
tory of the property which was to be estimated, and in which are included 
certain items which in no case can come within the notion of »biens et 
proprietes". 
In order to illustrate this interpretation we can quote the claim of esti 
mating and putting on Roumania’s account, the unknown contents of the soil, 
and the natural products (forests, etc.), which cannot be considered as -Mens 
et proprietes« except for them who extract them, and make them yield alter 
they are found. 
Even in the limits of the principles admitted in the matter of restituting 
the value of transferred goods by compensation, a broadening of the interpre 
tation like the one we quoted above, must be erroneous, as on the one hand 
the quantities of hypothetical goods would be reckoned (salt, me th an gaz 
metals which might be found) and on the other hand the restitution of the 
value of riches produced by nature, for creating which the former Austro- 
Hungarian monarchy did nothing, will have to be restored. Such an interpre 
tation could-be extended to any length so as to consider as riches to he trans 
ferred the very agricultural soil or human energ\. 
In this same inventory formed by the Commission of Reparations, were 
also put down as transferred "biens et proprietes«, balances in cash, balances 
in books, private deposits, as claims of Austria and Hungary, without consi 
dering that such values could not appear in the assets of these states, unless 
on the one part, these balances had been found effectively at the moment the 
territories were transferred or if Austria and Hungary should undertake to 
discharge all the debts and liabilities which these States owed to their na 
tionals. . . , . , 
The Roumanian experts discussed the estimates in the inventory which 
was presented to their examination but they made the reserves on the validity 
of inscribing in the inventory certain property which could not appear under 
that chapter. . 
The Commission of reparations will have to examine and to decide in c ue 
time on the just objections raised by the Roumanian State. 
Whatever may be the final estimate of the goods and properties ol Hun 
gary and of Austria, our point of view is that their can be no question ol an 
elective payment of the sum estimated, but at the most ol a discount upon all