to  the  bearer  with  a  maturity  of  twelve  months  at  the  most  and  an  interest  of
6.5  o/o  (Annex  2).
The  proceed  of  this  loan  went  for  covering  orders  necessary  to  the  army ­
  till  April  1915'

2.
Loans  in  England  the  Bank  of  England  consented  on  January  20 sl  1915
through  the  intervention  of  the  English  Government  to  grant  a  loan  of  five
million  pounds  sterling  (Annex  3)
The  fact  that  England  being  in  war  consented  to  grant  the  foregoing  loan
although  there  was  no  engagement  to  guide  us  towards  entering  the  war,  proved
that  they  relied  surely  on  our  entering  into  action  and  the  proof  of  this  belief
was  not  shaken  by  any  kind  of  suspicion,  is  the  fact  that  the  proceeds  of  this
loan,  were  used  in  expenses  for  the  army  as  well  as  for  other  expenses  of  the
State,  which  otherwise  might  have  spent  this  money  as  it  would  have  thought
necessarv  for  all  the  State  requirements.  It  was  therefore  an  assistance  granted
to  an  ally  which  was  preparing  for  war,  and  the  fact  that  this  advance  was
made  us  »a  decouvert«  proves  that  no  other  interpretation  can  be  possible.
Examining  the  use  made  of  this  advance,  until  Roumania  entered  the  war
we  see.
for  the  requirements  of  the  army  £  3027769.  9.  8.
for  the  other  departments  ^  1027667.  1.  1.  I).
The  first  advance  of  6ve  million  pounds  sterling  being  spent,  the  English
Government  consented,  by  the  Bank  ot  England  to  a  further  loan  ot  £  7.000.000
on  October  14 th ,  1915.  (Annex  4).
From  the  examination  of  the  terms  of  the  agreement  we  see  that  whereas
for  the  first  advance  there  was  a  condition  that  the  expenses  to  be  effected  were
to  be  made  with  the  assent  of  the  English  Minister  of  Finance,  this  second  sum
is  granted  without  any  kind  of  reserve,  as  this  loan  had  a  character  ol  allied
solidarity.
From  the  details  appearing  below,  of  the  use  made  of  these  sums  it  clearly
appears  that  they  could  be  spent  in  all  the  allied  and  neutral  countries  for
covering  the  expenses  of  our  preparation  and  even  for  expenses  ol  other  departments. ­
  The  proceeds  of  this  loan  as  well  as  the  rest  of  the  loan  of  five  million
pounds  sterling  mentioned  above,  was  spent  before  the  general  armistice.
III.
LOANS  IN  FRANCE
Like  the  English  Government,  the  French  Government  on  March  8' h ,  1915
(although  in  war)  consented  in  another  form,  that  Roumania,  in  view  of  supplying ­
  herself  with  war  material  and  ammunitions  should  place  her  orders  in

i)  For  the  detail  see  the  general  account  published  in  the  conclusions.