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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 car 
rying on in England and the agreement made by Belgium in Washington, have 
given certain precise indications on the intentions of these three principle credi 
tors of the Europeen states, they indicate also for us the necessity ol nego 
tiating 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 im 
portant 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 ins 
cribe a new charge;