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the  payment  of  these  debts.  As  you  are  aware  England  settled  the  payment  of
her  American  debts  in  1923.  Belgium  and  Poland  having  special  conditions
have  been  making  arrangements  lately,  whilst  France,  Italy,  and  Tcheco-Slovakia
  have  announced  that  they  are  sending  delegates  to  the  same  intent.
The  negotiations  which  the  French  finance  minister,  M r  Caillaux  has  been  carrying ­
  on  in  England  and  the  agreement  made  by  Belgium  in  Washington,  have
given  certain  precise  indications  on  the  intentions  of  these  three  principle  creditors ­
  of  the  Europeen  states,  they  indicate  also  for  us  the  necessity  ol  negotiating ­
  these  matters  with  all  our  creditors  for  this  object  we  applied  both  in
Paris  and  in  Geneva  to  the  representatives  of  our  three  creditor  states,  England,
trance  and  Italy,  showing  them  on  one  side  Roumania’s  decision  of  considering
the  claims  of  each  of  them,  and  on  the  other  side,  the  conditions  in  which  this
matter  affects  Roumania  on  account  of  the  question  of  reparations  not  being
yet  cleared  up,  and  on  account  of  her  possibility  of  paying  being  influenced  by
her  depreciated  currency.
Mr.  N.  I  itulescu,  who  I  propose,  is  to  lead,  the  commission  which  is
sent  to  America,  both  by  his  sit  uation  as  Minister  of  our  country  in  Great  Britain
and  of  his  participation  as  Minister  of  finance  and  Delegate  of  this  country
at  the  different  international  conferences,  will  be  able  to  carry  on  with
succes,  the  negotiations  entered  upon  by  me  in  Paris  and  Geneva.  As  however,
the  question  of  our  debts  in  England  is  not  only  one  of  the  most  important  its
settlement  will  have  influence  also  on  the  other  continental  states  which  are
our  debitors  and  creditors,  it  is  necessary  that  before  he  goes  to  America  he
should  have  some  precisions  for  settling  these  debts.  It  is  all  the  more  necessary
to  have  these  precision,  as  we  would  not  be  able  to  establish  our  possibility  of
paying  before  knowing  completely  the  charges  left  by  the  war,  therefore  the
clearing  up  of  our  rights  and  obligations,  a  clearing  up  which  cannot  be  obtained
without  the  intervention  of  the  other  European  allied  states  is  most  importans.
1'hese  explanations  must  embrace  all  our  obligations  deriving  from  the
treaties  and  connected  with  our  rights;  our  claim  for  the  destruction  of  oil
fields,  and  our  special  claims  against  Germany.
In  this  commission  will  take  part,  as  vice-president  Mr.  Eftimie  Antonescu,
judge  at  the  high  court  of  Chancery  and  Justice,  who  took  par  t  in  all  the  works
of  the  conference  of  Paris  in  1919  and  in  those  which  came  after.  He  moreover
took  part  in  the  negotiations  with  America  in  1923  when  the  value  of  our
debt  was  establised.
In  this  commission  will  also  take  part,  the  director  of  war  damages  at  the
Ministry  of  finance,  and  other  special  persons  will  assist  in  expounding  the
Roumanian  point  of  view.
But*at  the  same  time  as  establishing  our  debts  there  remains  a  no  less  important ­
  matter  for  the  carrying  out  of  the  engagements  we  will  assume,  namely
the  mode  of  payment  as  regards  Roumania’s  possibilities.  This  possibility  is  ruled
by  three  factors  :
a)  The  budgetary  ressources  which  we  will  have,  so  as  to  be  able  to  inscribe ­
  a  new  charge;