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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 ac 
cording 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 kro 
nen (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 ex 
change 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 liqui 
dation 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 Govern 
ment 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-Hun 
garian 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 elo 
quence of its figures the situation in which Roumania remains alter the 1 iea- 
ties 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 
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