31 
vernments have only calling to fix the proportions, according to which the total 
of the succesive payments made by Germany on account of reparations, are 
to be shared between them, and even these proportions are to be based on 
equity and each ones rights. 
As regards the application of the Spa agreement of July 16 th 1920, the Pre 
sident asserts, that it will give rise to many and serious difficulties, hut that 
he cannot refuse the record of this arrangement, and must request on its appli 
cation, the aid of the signing Governments, to remain in a spirit of justice and 
equity. 
j, In this spirit— Mr Dubois says textually— I personally accepted the for 
mula of registration worked out by the British delegate Sir John Bradbury«. 
The flagrant violation of the treaty by this agreement a violation which 
was pointed out by the President of the Commission of reparations himself 
gave place in this sitting, to debates on the part of the delegates ot the States, 
which had not signed. By the debates which followed, by the questions and 
answers given, it stands out clearly that in the spirit of the Commission of re 
parations it was intended not to harm in any way by the registration of this 
agreement, the rights and the interests of the other Powers, who signed the 
Treaties, but who did not participate or adhere to the above agreement. 
For any one who wishes to read and to interpret the Treaties in an objec 
tive manner, the Spa agreement, and the debates which followed, on its iegis- 
tration at the Commission of reparations, it clearly stands out, that no other in 
terpretation could be given to this agreement, than that the signing States 
intend to share between themselves, according to the quota established by them 
the lump sums due to then, after partially satisfying the claims of the States 
not having signed the agreement, but being entitled lo reparations. 
How were defended the rights and the interests of the Powers who did 
not sign, amongst which is also Roumania, we shall see later on, for that which 
at the beginning was considered as an agreement, which only concerned those 
who had signed, later on when its original flaw was forgotten, was considered 
as an obligation, even for the States which did not sign, that is, the iniquity 
which should have been avoided, was aggravated. 
Therefore by the Spa agreement, before determining the German Austrian 
and Hungarian debt for reparations, a quota of distribution was settled, which 
took no notice, either of equity, nor of the rights of anyone, nor of the total of 
reparations, nor of the list of damages, presented by the allied Powers. 
Such an iniquity could not be admitted without a protest on our part on 
July 12 th 1920, that is, before the signing of this agreement, Mr Titulescu, 
Minister of Finance, and Plenipotentiary in the Roumanian delegation, with 
Dr I. Cantacuzino, president of the Roumanian,. delegation at the Paris peace 
Conference, handed in an energetic protest, which points out, as clearly 
and categorically as possible the rights of Roumania, and the violation which 
is being committed. 
This protest is the foundation deed of our reparation policy, and we main-