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56 
the Hungarian and Austrian reparations, this on the basis of the very clear 
terms oi art. 208 ot the treaty with Austria and of art 191 of the treaty with 
Hungary, as well as of the agreements of September 10"' 1919, December 8 th 
1919 and March 11 th 1922. 
1 he Roumanian Government, from the veiy begining of the estimation of 
the reparations of this property put forth this point of view before the Com 
mission of reparations, on this occasion we had to observe that seeing the con 
tinual reductions and renunciations ocurring during the applications of the 
treaties, some of the allied States seeing their claims for reparations cut down, 
tried to recover some of their rights, by an exaggerated estimation of transferred 
property which would have to be paid by other allied States. This gave rise to 
the abnormal situation noticed by the Commission of Reparations in the course 
ot these estimations, where the delegates of some of the great allied States 
struggled for the increase of the estimate in favor of ex-enemy States. In 
tact, some ot the members of the Commission of Reparations of the same State 
explained to us in the course of conversations which we had with them in 
travelling abroad, the interest which their country Jud in recovering from us 
that which our former enemies will not pay. Against such an interpretation of 
the agreements, Roumania must oppose the justice of her cause and the texts of 
treaties and agreements which have been concluded. 
IV 
ROUMANI.Vs QUOTA IN AUSTRO-HUNGARy’s PREWAR PUBLIC DEBT 
Art. 203 of the treaty with Austria and art. 186 of the treaty with Hun 
gary impose on the succeeding Stats to assume their part in the Austrian and 
the Hungarian pre-war public debt according to the quotas and on the condi 
tions determined by the foregoing articles and their annexes. 
1 he provisions ot the treaty make two large divisions in the Austrian and 
Hungarian pre-war public debt that is: 
a) Secured debt and ; 
h) Unsecured debt. 
According to the works of the Commission of Reparations the quota which 
accrues to Roumania for her share of the Austrian and Hungarian public debt 
is summed up in the following table: 
Towards 
Austria 
Secured 
debt 
Towards 
Hungary 
11.825.800 kronen poper (capital) 
303.370 german marks » 
1.700.150 kronen paper (annuity) 
71.941.574 french francs (capital) 
38.575.000 kronen paper (capital) 
67.252.500 kronen gold marks french fr. an £. st. (capita]) 
41.712.000 kronen gold (capital) 
636.877 french francs (annuities until 1965) 
780.044 kronen paper (annuity)