39 
that the Commission of reparations, should fix Austria and Hungary’s debt for 
reparations, in conformity with article 179 of the Treaty of Saint Germain, and 
163 of the Treaty of Trianon, mentioning in express terms that whatever be 
the result at which the Commission of reparations should arrive, the total sum 
to be distributed between the Powers, taking part in the reparations, shall not 
be below the sum total of the value of the property transfered by Austria and 
Hungary, plus 6 milliard marks gold, plus Bulgaria’s debt, fixed according to 
article 121 of the Treaty of Neuilly. 
This obligation of fixing Austria and Hungary’s debt, has not been carried out 
to the present moment, by the fact that Austria by the decision of the Commission 
of reparations No. 2.400 of February 20'", 1923, and Hungary by the decision 
of the Commission of reparations of December 1923, obtained an ajournment 
of 20 years, beginning from that moment, of their obligation of paying repara 
tions (Annexes 30, 31, 33, 34). 
Roumania and the succeeding States to Austro Hungary seeing the unani 
mity of the great Powers could not refuse to adhere to this ajournment, but 
Roumania realizing to what an extent this ajournment would rehect on her 
situation, declared formally that she adheres, only on the express condition 
that the obligations proceeding from these same treaties for her, should also be 
suspended likewise for a similar lapse of time (Annex 31 and 34) also if these obli 
gations are not carried out fully in accordance with the clauses of the sie<nt\, 
Boumania’s obligations must also be completely cancelled. 
As we see, Austria and Hungary’s reparations were meant, in the intention 
of the great Powers, on one hand to go for repairing the injustice committed in the 
distribution of the German reparations by the Spa Conference, and on the other 
hand to compensate the other obligations deriving for the succeeding State 
from the application of the treaties. 
These reparations put off for such a long time, can be considered by us as 
inefficacious for the restoration of Roumania, so that all hopes and expecta 
tions founded on them are useless, they create however for us a situation, 
which we are obliged to take into consideration on account of the obligations 
which are laid on us, and enforced. 
SECTION 11 
Treaty concluded with Bulgaria and its application. Treaty of Neuilly- 
Seine of November 27'" 1919 and the Sofia Protocol of March 21 s ' 1923 
Bv article 121 of the Treaty of Neuilly of November 27'" 1923, Bulgaria 1 ) 
is obliged to pay reparations amounting to 2.230.000.000 fmr.es gold, in half 
yearly instalments, the first beginning on July I s ' 1920. The payments to be made 
to the Commisfion of reparations, by the interallied Commission in Sofia, pro 
vided by article 130 of the said treaty. This express and precise obligation, was 
i) The Treaty of Neuilly came into effect for Roumania on September 4-th 1920, and the delays begin on 
August 9-th 1920 (Annex 36).