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especially for the succeeding States, without applyind to these obligations the 
reductions which were applied to the enemy’s debts, have created a dangerous 
situation for these succeeding States ; the compensations which had been pro 
vided miongst all those having liabilities, and rights were forgotten (See the 
Conference of March 22 nd and the bonds C. for the former to be recovered 
trom the latter annex 54) and in this way we have arrived in the extraor 
dinary situation, that while the enemies have been relieved, the conqueror 
allies were threatened to pay for them. 
In these conditions not ever receiving any other reparations than the de 
risory Spa quota, out of the German and Bulgarian reduced compensations, 
Roumania finds herself with nearly 3 milliards lei gold, paid to her former 
enemies, and with the invitation to pay the pre-war debt of Austro-Hungary, 
the liberation quota, and the transferred Austro-Hungarian property. 
5. Roumania brought a special contribution to the cause of the Allies even 
beyond carrying away the treasure to Moscow, by destroying her petroleum 
works which have not been paid for to this day as was promised, this was a 
new loss of over £ 20.000.000 which must be added to Roumania’s contri 
bution towards the war. The settlement of this matter is still in suspense 
and our interest is to hasten a speedy decision. 
The manner in which in the inter allied debt policy, the creditor states de 
mand the settlement of the war debts of the allied states, has two effects as re 
gards us : to create by the above payment of the obligations which are put to 
our charge a negative balance, endangering in this way the financial consolida 
tion which we have undertaken and secondly also to endanger our monetary 
consolidation leaving the issue made in war time, without any security. 
We may class the creditor states trom the point of view of the interal 
lied debt policy in three categories: the United states who do not intend to 
connect the reparation policy with the interallied debts ; England who ac 
cording to the Balfour not", consents to a reduction but, only in respect of the 
payment which might be made to her by the former enemies and the reduc 
tion which the United States of America would make her; and lastly France 
who understands to bind the interallied debts with the payments made by 
the enemy, that is she requests that the good will shown to the latter should be 
shown also, at least in the same measure to the debitor allies. 
From the statement made above, and from the memoire joined to this 
report, taking into consideration the special conditions in which we are to day, 
the following are, in our opinion, the lines to be followed by us in order to 
arrive at a solution as complete and as solid as possible, of the reparation 
and interallied debts question. 
As we reminded you higher up the settling of the interallied debts has 
entered into a new decisive phase and as you were good enough to agree in 
July, a commission will start for America at the beginning of the month of Octo 
ber, in order to arrange with the Government of the United States of America 
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