12 
b) The liabilities which still burden our present budget ani which were 
imposed by the financial consolidation made up to now, of those which will be 
inscribed in future, for measures of another nature and ; 
c) The conditions of our rate of exhange. 
Roumaniahas as we pointed out above, effected her future financial and es 
pecially her budgetary consolidation with her own means, but although we are 
in the fourth year of our balanced budget, we must not forget that in the 
limits of the ordinary revenues of the conntry. this necessary balance was arrived 
at with great sacrifices and that we had not only large misses to fill up for 
the budget which does not correspond to our needs, but we also had sums to 
enter, intended for restoration which is only just beginning, and for our nationals 
who liave suffered bv the war, and only received up to now very reduced da 
mages. The excesses given by our present budgets were not only the conse 
quences of a prudent policy which was absolutely necessary in the uncertain 
circumstances through which we were passing. 
But at the same time to proceed in a sure manner to the normalization 
of the budget and therefore to the complete satisfaction of all public services, 
in the future arrangements that we shall make, we must not forget that 
as normalization is obtained, so by the stabilization of the leu and of internal pri 
ces assured in the same way we shall have to reduce and even to suppress 
the income of the exceptional export taxes, and on business winnings, we must 
not forget at the same time that the new law on spirits will produce an im 
portant decrease in the income of indirect in duties. 
The financial consolidation and especially of the external floating debt, the 
participation of the State in paying half of the expropriated land, impose* *) fresh 
charges on us; the first will swell the general budget until 1930 considerably, 
the latter for a term of fifty years with the annuity of a capital which is hot yet 
determined, but which will possibly necessity an annuity of 500 millions. 
The Austro-Hungarian pre-war debt, immediatly that this obligation will 
be established, will likewise charge the coming budgets, which will be all the 
heavier to bear as balances will be demanded in a longer delay, and in a shorter 
period of payment. 
But in order to be able to fulfil our engagements whatever they may be, 
the possibility of paying these obligations will be strongly influenced by the 
conditions of the Roumanian rate of exchange Roumania has stabilized its cur 
rency but of all the States that have done this, her currency is the weakest com 
pared to gold. 
Therefore any obligation of payment abroad, now that her payment ba 
lance is equilibrated may endanger this stability, and may place the Rouma- 
*) The sum to be paid in cash for the consolidation : 
Lei 1.210926.92',90 in 1925 Lei 815.497.170,29 in 1929 
• 1.254 398.550,30 » 1926 » 835.108 542,50 » 1930 
» 1.295.199.428,50 , 1927 » 146.438.108,- » 1931 
. 1.134.028.182,10 » 1928