transformed  by  the  Sofia  protocol  of  May  21 st  1923  (Annex  37)  into  an  obligation ­
  of  a  quite  different  character,  which  easing  the  situation  of  Bulgaria,  charges ­
  in  the  same  proportion  the  situation  of  the  allies,  amongst  which  Roumania
  comes  in,  who  was  expecting  from  the  Bulgarian  reparations,  a  corrective
of  the  injustice  committed  at  Spa.  This  protocol  drawn  up  without  the  participation ­
  and  the  cognizance  of  some  of  the  interested  States,  ratified  on  May  1 st
1923  by  the  Commission  of  Reparations,  stipulates  that  Bulgaria’s  debt  for  reparations, ­
  will  be  divided  in  two  portions,  named  A  and  B  for  which  the  list  of
payments  for  July  9"'  1923  provides  the  following  conditions.  (Annex  38).
a)  Portion  A  must  be  paid  in  120  half  yearly  unequal  instalments  to  go
on  increasing  more  and  more,  of  which  the  first  payable  on  October  1 st  1923
amounts  to  2.500.000  francs  gold  and  the  last  on  April  1 st  1983  amounts  to
22.697.668  francs  gold.  This  portion  A  frees  the  reparation  debt  of  550  millions
francs  gold,  with  5  per  cent  interest  from  April  1 st  1923.
b)  Portion  B  constituting  the  right  of  the  reparation  debt,  does  not  produce
interest,  and  is  not  claimed  from  Bulgaria  before  April  1 st  1953.  At  that  date
the  quantum  of  portion  B  will  be  determined,  deducting  out  of  the  sum  of
1.700.000.000  francs  gold  all  the  amounts  placed  to  the  credit  of  Bulgaria,  not
being  the  instalments  of  portion  A.  For  the  payments  already  effected,  the  fallowing ­
  has  been  decided:  the  two  half  yearly  instalments  of  October  1 st  1923
and  April  1 st  1924  have  been  paid  punctually  by  Bulgaria,  and  their  countervalue ­
  of  964.768,52  dollars,  corresponding  to  5  million  francs  gold,  has  been  paid
in  by  the  Commission  of  Reparations,  to  a  provisional  fund,  until  such  a  time
as  an  agreement  on  the  cost  of  the  armies  of  occupation  and  the  Commissions
of  control  shall  have  been  arrived  at  between  the  al  bed  and  associated  Powers,
of  the  one  part,  and  Bulgaria  of  the  other  part,  in  conformity  with  the  decision
of  the  Commission  of  Reparations  No.  2.692.  This  capital,  deposited  at  the  Bank
has  produced  21.344,65  dollars  interest  till  July  31 st  1924.
The  Conference  of  Ambassadors,  acting  on  behalf  of  the  principal  allied  Powers ­
  who  signed  the  Treaty  of  Neuilly,  decided  on  July  27 th  1923,  that  the  interallied ­
  Commission  of  Sofia,  was  to  determine  the  cost  of  the  armies  of  occupation, ­
  and  of  the  Control  Commissions,  and  without  waiting  for  the  global  sum
to  be  fixed,  to  negociate  with  the  Bulgarian  Government  for  the  recovery  of
these  sums.
A  Protocol  was  signed  on  March  28 1,1  1924,  between  the  Interallied  Commission ­
  and  the  Bulgarian  Government  for  the  reimbursement  of  the  occupation ­
  expenses,  by  a  lump  sum  of  25  million  francs  gold,  bearing  5°/ 0  interest,
and  payable  by  half  yearly  instalments  in  a  period  of  10  years.
The  discharge  of  the  pay  lists  attached  to  the  Protocols  guaranteed  by  the
customs  revenues,  and  the  first  maturity  fixed  for  September  30' lh  1924.
By  a  Protocol  signed  by  the  representatives  of  the  allied  Powers,  and  the
Sofia  Interallied  Commission,  it  was  agreed  that  any  sum  recovered  from  Bulgaria ­
  under  this  title  should  be  distributed  in  the  following  proportion  :  Great
Britain  44°/ 0 ,  France  20°/ 0 ,  Italy  36%.