65

3.  The  value  of  the  anticipated  enforcement  of  the  Treaty  of  Bnearest
(1918)  1.600  million  lei  gold.
4.  The  obligation  imposed  on  Roumania  by  the  Treaties  of  Saint  Germain,
and  Trianon  :
A.  Liberation  quota  235  million  francs  gold.
B.  Value  of  transferred  property,  approximatively  1.104  million  francs  gold.
G.  Quota  of  the  pre  war  Austro-Hungarian  debt  which  may  be  summed  up
as  follows  :
(a)  Kronen  (paper)  1.156.640.800,  that  is577.320.400  lei  whose  coupon  is
payable  in  lei;
(B)  Kronen  (gold)  313.313.394,  whose  coupon  is  payable  in  kronen  gold.
(G)  Kronen  transformable  in  kronen  paper,  marks,  francs  (French,  Swiss
and  Belgian),  dutch  florins  and  pounds  sterling  210.596.656,  convertible  according ­
  to  pre  war  parity.  The  coupons  are  payable  in  the  currency  elected  by
the  creditor,  probably  in  the  strongest  currency,  therefore  pounds  sterling,  to
an  amount  of  £  207.835.  The  securities  transformable  in  marks,  Austrian  kronen ­
  (paper),  in  Hungarian  kronen  (paper),  which  although  they  have  no  kind  of
value  as  principal,  have  a  coupon  value  worth  gold;
(d)  German  marks,  (before  the  monetary  reform),  303.378,  the  coupon
payable  in  the  same  currency;
(E)  French  francs:  71.941.574.  The  3  °/ 0  coupon  is  payable  in  francs
gold;
(I)  An  annuity  of  636.000  French  francs  till  1.965.
D.  The  exchange  of  the  Austro-Hungarian  ^currency,  without  security,
circulating  in  the  new  territories  (8.718  million  kronen):  4.353  million  lei.
Reckoning  the  value  of  the  security  in  gold  at  1/3  gold  of  this  issue,  the  exchange ­
  of  the  kronen  represents  a  charge  of  1.451  million  lei  gold.  Counting  on
the  other  band  that  the  Roumanian  State  has  recovered  so  far  from  the  liquidation ­
  of  the  Austro-Hungarian  Bank  the  sum  of  70  kr.  gold,  equal  to  70.5  lei
gold,  Roumania  has  a  loss  under  this  heading  ot  1.453  million  lei  gold.
This  would  be  the  balance  of  Roumania’s  reparations,  a  balance  in  which
we  must  observe  that  the  other  charges  accrueing  to  the  Roumanian  Government ­
  do  not  appear,  as  for  instance  the  expenses  which  we  spoke  of  in  Chapter
V  Roumania’s  obligations  deriving  not  from  the  treaties,  but  by  cause  ot  the
War,  or  of  the  situation  created  after  the  dismemberment  of  the  Austro-Hungarian ­
  monarchy  (and  in  Chapter  VI  (Roumania’s  obligations  arising  from  its
succeeding  »de  jure“  to  Austria  and  Hungary).
The  balance  sheet  which  we  have  formed  higher  up,  illustrates  by  the  eloquence ­
  of  its  figures  the  situation  in  which  Roumania  remains  alter  the  1  ieaties
  and  their  application.  The  balance  of  the  reparations  of  the  Roumanian
State  is  negative.
On  this  occasion  we  must  once  again  draw  attention  on  the  opinion  of
some  who  endeavour  to  put  in  the  scale  the  question  of  the  damages  soft  er  ed
’  5