Rouraania  has  received  so  far,  out  of  the  total  amount  of  German  reparations, ­
  a  value  ol  38.951.353,99  marks  gold,  for  the  period  before  the  application ­
  of  Dawe’s  plan,  whereas  on  the  basis  of  Dawe’s  plan  for  the  first  period,
the  monthly  quota  attributed  to  Roumania  is  about  580  thousand  marks
gold.
On  this  occasion  we  must  mention,  that  another  mode  of  repairing  the
damages  was  by  »prestalions  and  delivery  in  kind*,  put  into  practice  by  those
allies,  having  frontiers  close  to  Germany,  a  means  by  which  Roumania  could
not  benefit,  on  account  of  her  geographical  position.  Roumania  could  not
profit  at  the  proper  moment  by  these  advantages,  both  on  acount  of  the  difficulties ­
  of  transport,  as  well  as  for  the  reason  that  she  was  offered  material  of
which  she  had  no  need,  for  instance  dye  stuff,  when  we  were  in  need  of  railway ­
  material.
The  manner  in  which  the  chapter  of  German  reparations  was  applied,  and
the  repercussion  of  this  application  in  regard  to  Roumania,  who  was  so  damaged ­
  by  the  war,  constitutes  an  evident  injustice  which  could  not  pass  unobserved, ­
  even  by  our  great  allies,  who  in  the  belief  that  they  were  righting  matters
allowed  us  a  larger  quota  in  the  Austrian,  Hungarian,  Bulgarian  and  Turksh
reparations.

SECTION  II
Treaties  concluded  with  Ausrria  and  Hungary  and  their  application
The  Treaty  of  St.  Germain  en  Laye  Sept.  10th  1919,  and  the  Treaty  of  Trianon
of  July  4th  1920,  and  the  decisions  of  the  Commission  of  reparations
By  article  177  and  the  following  of  part  VKI  of  the  Treaty  of  St.  Germain
of  September  10th  1919  concluded  with  Austria  (‘j,  and  by  article  161  and  the
following,  of  part  VIII  of  the  Treaty  of  Trianon  concluded  with  Hungary  ( 2 ),  the
States  are  obliged  to  pay  reparations,  the  quantum  whereof  ought  to  have  been
fixed  by  the  Commission  of  reparations,  beginning  on  May  1st  1921,  and  payable
in  a  period  of  30  years.
Roumania  is  to  participate  in  the  reparations,  with  a  quota  which  by  the
last  agreement  concluded  on  January  11 th ,  1925,  was  fixed  as  follows:  l,10°/ 0  on
the  first  half  and  20  °| 0  on  the  second  half.
Though  the  quota  of  distribution  was  fixed,  still  the  quota  of  reparations
to  which  it  was  to  be  applied,  has  not  yet  been  determined.
By  article  11  of  the  arrangement  concluded  on  March  11 th  1922,  between
Belgium,  France,  Great  Britain,  Italy  and  Japan  (Annex  54;  during  the  Conference ­
  of  the  Ministers  of  Finance  of  the  Great  Powers,  in  Paris,  it  was  decided

(!)  The  treaty  of  St.  Germain  came  into  effect  for  Roumania  on  September  4 th  1920,  and  the  delays  provided
by  the  same,  begin  to  run  from  Joly  1 6th  1920  (Annex  29...).
( 2 )  The  Treatry  of  Trianon,  came  into  effect  for  Roumania  on  June  20th  1921,  and  the  delays  begin  at  the
§ame  date  (Annex  32....).