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Rh extent benefit the peasantry. The limited size of their farms, and the necessity for buying wood and paying for pasturage, both of which were formerly free, prevented them from obtaining complete independence of the large proprietors, on whose estates they still had to work for payment in money or kind, while their improvidence soon got them into the hands of Jewish money-lenders, who, fortunately for the peasants, were by law unable to become proprietors of the soil. In 1866 and 1872 laws were passed for still further improving the position of these small proprietors; and in 1879 a measure was carried for allotting lands to 48,000 recently married couples, and for restoring to many peasant families lands which had been alienated.

By the Land Act of 1889, the state domains, amounting to nearly one-third of the total area of Rumania (originally the property of the church and the convents, confiscated by Prince Cuza in 1866), were distributed among the peasantry. The land was divided into lots of 12½, 25 and 37½ acres. Peasants having no land might purchase the smaller lots on very easy terms. Those who already held less than 12½ acres might purchase up to that amount. When a change of residence became necessary to enable the peasant to take up the new allotment, the state advanced £6 to each family to defray expenses. The price to be paid for the land differed in different districts, and was to be paid to the state in small annual instalments. If any land remained after satisfying the wants of the peasants, it was to be sold by public auction in lots of 50 to 62½ acres. All lots in both cases were declared inalienable for thirty years. The sale of the larger lots gave rise to so many abuses that in 1896 a law was passed abolishing their further sale. As a result of these measures the majority of Rumans are peasant proprietors; but the smallness of the holdings renders scientific farming difficult except by co-operation, and many proprietors can only live by working for the owners of large estates. Thus, though the average value of agricultural land increased by 60% between 1870 and 1900, the position of the peasantry is far from satisfactory, and the resultant discontent was the chief cause of the agrarian rising in 1907.

Fisheries.—Among European freshwater fishing-grounds, the Danube is only surpassed by the Volga; the most valuable fish being sturgeon and sterlet, mostly netted in the St George mouth; carp, often weighing 50 &#x2114;; pike, perch, tench and eels. By an act of 1895, a close period was instituted, the lakes and rivers restocked, and the state fisheries, which are either farmed by private companies or directly administered, were set in order. The coarse-grained grey Rumanian caviare is forwarded to Berlin, and there blended with Russian caviare. Flounders and mullet are caught in the Black Sea, and there are oyster-beds in the delta and on the Dobrudja littoral. The principal markets for Rumanian fish are Turkey, Russia and Austria-Hungary. Fish of inferior quality is imported, chiefly from Russia.

Manufactures and Commerce.—The native mines, fields and forests provide raw material for most of the few factories which exist. These include petroleum refineries, iron foundries, distilleries, flour mills, sugar refineries, sawmills, paper mills, chemical works, glass works, soap and candle works, &c. A law passed in 1887 provided that any one undertaking to found an industrial establishment with a capital of at least 2000, or employing at least 25 workmen (of whom two-thirds should be Rumanians), should be granted 12 acres of state land, exemption for a term of years from all direct taxes, freedom from customs dues for machinery and raw material imported, exemption from road taxes, reduction in cost of carriage of materials on the state railways, and preferential rights to the supply of manufactured articles to the state.

The following table shows the value of Rumanian imports and exports for five years:—

The principal imports are metals and machinery (£5,510,000 in 1908), textiles, silk, wool, hair and hides. Grain (£11,297,000 in 1908), petroleum (£1,543,000) and timber (£1,059,000) are by far the most important exports, the remainder consisting of live-stock the animal products, fruit, vegetables and mineral waters. In 1908 the chief consumers of Rumanian goods were (in order) Belgium, Great Britain and Italy; the chief exporters to Rumania were Germany, Austria-Hungary, Great Britain and France. The wide fluctuations in Rumanian commerce are largely due to the dependence of the country on the grain harvest.

Finance.—The state revenue is derived from customs; from public works and public land; from indirect taxes in the shape of stamp, inheritance, beer, spirit, petroleum and other duties; from direct taxes on land and buildings, with road-tolls, licences for the sale of alcohol and traders' registration fees; from the tobacco, salt, match, playing-card and cigarette-paper monopolies; and from the postal, telegraphic and telephonic services. The chief items of expenditure are interest on the national debt, and the cost of defence, public works and education.

The following table shows the estimated revenue and expenditure for five years:—

The great increase after 1907-8 is due to the inclusion of railway receipts and expenditure, with some other items not previously enumerated.

In May 1905 the outstanding public debt, which amounted to about £54,000,000, mainly placed in Germany and bearing interest at an average rate of 5%, was converted into a uniform 4% stock. Besides this reduction of interest, the state secured an extension of fourteen years in each of the various periods allotted for repayment of the component loans. But a considerable increase in the total debt was involved, because a bonus of 10½% in new 4% stock, issued at par, was offered to induce bondholders to convert, while, to cover the bonus, an additional 4% loan was riased at 90.70, amounting to £4,000,000, redeemable in 1945. At the beginning of the fiscal year 1909-10 (March 31st, O.S.) the total outstanding debt was £58,367,000, and the debt charges for the year were estimated at £3,518,080.

Banks and Currency.—Apart from the General Bank of Rumania (capital £200,000), which is owned by a syndicate mainly of Germans, the largest credit establishments belong to the state. They include the National Bank (capital and reserves in 1910, £1,560,000), founded in 1880; the Agricultural Loan Bank, founded in 1894; the Rural and Urban Land Credit Institutes, which lend money on agricultural and building land respectively; the Cassa Rurala, which buys estates for resale in small lots; savings banks in all the principal towns; and the Deposit and Trust Fund, which takes charge of estates left vacant through intestacy, surplus departmental and communal funds, securities given by contractors for public works, &c.

After the Crimean War, a bimetallic currency was adopted, with the leǔ (franc) of 100 bani (centimes) as the unit of value. But after 1878 the Russian silver rouble was rated so highly as to drive the native coins out of circulation; and in 1889 Rumania joined the Latin Monetary Union and adopted a gold standard. Besides the silver pieces worth ½, 1, 2 and 5 leǐ, gold coins of 5, 10 and 20 leǐ are used. Silver is legal tender only up to 50 leǐ. All taxes and customs dues must be paid in gold, and, owing to the small quantities issued from the Rumanian mint, foreign gold is current, especially French 20-franc pieces (equal at par to 20 leǐ), Turkish gold lire (22.70), Old Russian Imperials (20.60) and English sovereigns of (25.22). Besides bronze coins of less value than ½ leǔ, nickel pieces worth 5, 10 and 20 bani were authorized by a law of 1900. The French decimal system is in use for weights and measures, together with Turkish standards. On the railways and in post offices the Gregorian calendar is employed; elsewhere the Julian remains in use.

Chief Towns.—The chief towns, with their estimated population in 1910, are Bucharest, the capital (300,000); Jassy, the capital of Moldavia (80,000); Galatz (66,000), Braila (60,000), Ploesci (50,000), Craiova (46,000), Botoshani (34,000), Bêrlad (25,000), Focshani (25,000), Tulcea (20,000), Constantza (16,000), Giurgevo (15,000). Other towns which, like the foregoing, are described in separate articles are Alexandria, Babadag, Bacau, Buzeu, Calafat, Calarashi, Câmpulung, Caracal, Curtea de Argesh, Dorohoi, Dragashani, Falticeni, Hushi, Mangalia, Neamtzu, Oltenitza, Piatra, Pitesci, Râmnicu Sǎrat, Râmnicu Vâlcea, Roman, Sinaia, Sulina, Tîrgu Jiu, Tîrgu Ocna, Tîrgovishtea, Tecuci, Turnu Magurele, Turnu Severin and Vaslui.

Communications.—Until the 19th century, traffic was carried on in Rumania chiefly by means of ox-wagons, over the roughest of roads. After 1830, however, many highways were opened, these being usually excellent among the mountains but deteriorating as they descend into the lowlands, where stone is dear. Highways are maintained by the state, department or commune, according to their size and importance. In 1869, the first Rumanian railway was opened, between Bucharest and Giurgevo, its port. Other lines followed rapidly; some built by private enterprise, others by the state, which by 1888 had bought the entire system. This centres in one main line, carried southwards from Suczawa in Bukovina through the whole length of Moldavia, and turning westwards through Walachia to meet the Hungarian frontier at Verciorova. Branch lines extend, on one side, up the lateral valleys of the Carpathians, and, on the other, to Jassy and the principal Danubian ports. A direct line connects Jassy with Galatz; another traverses the Dobrudja from Constantza to Cernavoda, where it crosses the Danube and proceeds north-west to join the main line. The double bridge of Cernavoda, with the viaducts leading to it, stretches for 12½ m. across the river and surrounding marshes. Besides the junctions at Suczawa and Verciorova, the Rumania system meets the Hungarian through the Gyimes, Rothenthurm and Vulkan Passes; the Russian by lines from Jassy and Galatz to Kishinev in Bessarabia; the Bulgarian and Servian by means of numerous