871.0443/12
The Chargé in Rumania (Dennis) to the Secretary of State
[Received April 5.]
Sir:
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… four prolongations of three months each of the moratorium on foreign claims of the classes affected by the laws of June 3 and December 16, 1923, have been successively voted by the Rumanian Parliament, the last one having just been promulgated last week. These moratorium enactments are necessary adjuncts to the Conventions and the laws stating and applying them, as, obviously, the Courts must not be allowed to grant the ordinary legal remedies to other foreign creditors to the prejudice of those who have concluded special arrangements.
In the latest moratorium enactment, I understand that it is provided that, should Parliament not be in session when the present three months moratorium period expires, then the Council of Ministers may order a further extension not to exceed five months.
It is the present policy, I believe, of the Rumanian Government to continue these moratorium periods until agreements similar to the “Manchester” and French types (the latter is fully reported in my No. 525 of January 21st) have been concluded with the creditors of all countries having claims in “strong” monies against debtors in Rumania.
It may be observed in this connection that the “French Agreement” is considered here to be more satisfactory from the creditors’ point of view than the “Manchester Agreement”.
I take occasion again to reiterate the opinion expressed in the next to the last paragraph of my despatch No. 525 to the effect that American creditors will not find any solution for their claims against Rumanian debtors except in the manner followed by the British and the French.
I have [etc.]