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and thus constitute a majority. Besides the " reasonable sum " to be paid before May i 1921 (Art. 181), Austria is required to hand over all merchant ships and fishing-boats owned by nationals of the former Austrian Monarchy, and up to 20% of her river fleet; also animals, machinery and equipment, up to the limits of her capacity, for the restoration of devastated territories. Immediate delivery is required of specified quantities of live stock for Serbia, Rumania and Italy. Austria is made liable for so much of the Austrian war debt as is held outside the boundaries of the Austro-Hungarian Monarchy; but she is not liable for war debt bonds which are held by other states, or by their nationals, within those boundaries (Art. 205). All trans- ferred territories of the monarchy are to be liable for their fair share of the pre-war Austrian debt (Art. 203). Austria re- nounces all claims to the state property, including royal prop- erty, lying within the transferred territories; but the states acquiring such property will be debited, and Austria will be credited, with its value by the Reparations Commission (Art. 208). The commercial clauses are similar to those of the German treaty. In the clauses relating to ports, railways and rivers, it is provided that the old Danube commission shall be revived, and that the Upper Danube (from Ulm downwards) shall be controlled by a new commission on which Great Britain, France, Italy, Rumania and the riparian states will be represented (Arts. 301, 302). Austria is guaranteed free access by railway to the Adriatic through the territories and the ports which have been severed from the monarchy (Art. 311).

The Austrian treaty is supplemented by two special agree- ments which were signed at St. Germain-en-Laye on Sept. 10 1919. By the first of these Poland, Rumania, Yugoslavia and Czechoslovakia agree with the other Allied and Associated Powers to make separate payments, not exceeding in the aggre- gate 1,500,000,000 gold francs, as a contribution to the costs of liberating the territories which have been transferred to them from the monarchy. By the second Italy agrees to make a similar payment, in consideration of the provinces assigned to her. None of these payments was to be made before 1926.

The Bulgarian Treaty, Nov. 241919. The Bulgarian delegates, headed by M. Theodoroff, the Prime Minister, arrived in Paris on July 26, but did not receive the draft treaty until Sept. 19. The terms were not altogether unexpected, for M. Theodoroff had lodged objections against some of them on Sept. 2. But five weeks elapsed before the formal observations of the delegates were presented to the Supreme Council (Oct. 24). The Bul- garians demurred to the terms of the territorial settlement, which were thought by critics on the side of the Allies to be too lenient; they also complained that Bulgaria was harshly treated in not being immediately admitted to the League of Nations. They protested that Bulgaria could not afford to abolish con- scription and maintain an army of volunteers, even on the small scale prescribed by the draft treaty. The Supreme Council in their reply (Nov. 3) promised speedy admission to the League, but made no other concession of substance. Further remon- strances from the Bulgarians merely led M. Clemenceau to intimate (Nov. 5) that the treaty as it stood must be either accepted or rejected within ten days. By this time M. Theo- doroff had resigned office. His party had been severely defeated at a general election held in Aug., and he shrank from the invidious responsibility of signing the treaty. A new Govern- ment was formed by the leader of the Agrarian party, M. Stambolisky; and, on Nov. 13, Bulgaria's acceptance of the inevitable was notified to the Supreme Council. The treaty was signed at Neuilly-sur-Seine on Nov. 27, M. Stambolisky acting as the sole signatory for Bulgaria.

The general principle of the territorial terms is to restore the frontiers of 1914; but Bulgaria cedes to the principal Powers the share of Thrace which had been left to her by the Treaty of Bucharest; the Powers undertake to provide (by arrangement with Greece) outlets for Bulgarian trade on the Aegean. Certain districts are transferred (for strategic reasons) from Bulgaria to Yugoslavia; the most important of these districts contains the town of Strumitza. It is stated that further transferences of

territory to Yugoslavia were considered at the Conference, but were rejected on ethnological grounds as they would have affected districts in which the Bulgarian nationality prepon- derates. The reparation terms are more definite than those of the German and Austrian treaties. Bulgaria is required to pay 2,250,000,000 gold francs by half-yearly instalments extending over a period of 37 years. An inter- Allied commission of three members (representing France, Great Britain and Italy) will remain in Bulgaria to see that the reparation terms are duly honoured. This body will decide how the half-yearly payments are to be raised. It will prepare a list of the taxes and other revenues which are to be appropriated to reparation. If Bulgaria makes default in respect of any instalment, the commission may assume the duty of collecting the appropriated revenues. The commission may also recommend the Central Reparations Commission to give a time of grace for any particular instal- ment, or to reduce Bulgaria's liability. Such a recommendation will take effect if it is endorsed by a majority of the Reparations Commission. Bulgaria must provide, by way of restitution, specified quantities of live stock for the devastated areas in Greece, Rumania and Yugoslavia. She must also supply Yugoslavia with 50,000 tons of coal annually for five years. The maximum size of the Bulgarian army is fixed at 20,000 officers and men, raised by voluntary enlistment; but Bulgaria may maintain gendarmes, customs officials, forest guards and some other kinds of police and frontier guards (all armed with rifles) up to the number of 13,000. All Bulgarian war-vessels (including sub- marines) are to be surrendered or broken up, except four tor- pedo-boats and six motor-boats. No air forces may be main- tained, no submarines may be built or otherwise acquired. The importation of arms and munitions is prohibited; only one munitions factory is permitted. No new fortifications may be constructed in Bulgaria.

The Hungarian Treaty, June 4 1920. The Hungarian delegates did not appear in Paris until Jan. 7 1920, and over six months elapsed before the Treaty of the Trianon was signed. But the main features of this treaty had been settled long before the Peace Conference dissolved. Except in the territorial terms it was closely parallel to the Austrian treaty. The Supreme Council had informed Bela Kun on June 13 1919 what territories would be transferred to Czechoslovakia and Rumania; and on July 20 1919 the German districts of western Hungary were prom- ised to Austria. But some time elapsed before Hungary acquired a Government which commanded the confidence of the Allies. Late in July 1919 Bela Kun was overthrown by the Rumanians, whom he had attacked on the line of the river Theiss. The Rumanians then occupied Budapest, and permitted the Arch- duke Joseph to assume the title of Administrator, with the support of a number of ex-officers (Aug. 6). The Archduke applied to the Supreme Council for recognition; but the Council insisted that he should resign, and that steps should be taken to form a coalition Government (Aug. 22). The Archduke then effaced himself, but his Premier, M. Friedrich, remained in office until the Rumanians evacuated Budapest in November. At last on Nov. 24 a coalition Government was formed under M. Huszar, and M. Friedrich joined the new Cabinet as Minister for War. M. Huszar was promptly recognized by the Supreme Council (Dec. i), in spite of the fact that the strength of his position had not yet been tested by a general election. This, however, took place early in 1920 and produced a National Assembly whose sentiments were comparatively reasonable. The draft treaty was handed to the Hungarian delegates on Jan. 15 1920, a week before the termination of the Conference; the negotiations were left to be conducted by the Council of Ambassadors. On Feb. 12 the Hungarians presented counter- proposals and observations which were the reverse of con- ciliatory. They argued that the position of the Magyars in Hungary was an exact parallel to that of the Czechoslovaks in Bohemia, and asked why the principle of self-determination had been differently applied to the two cases. They asked that the Szeklers of E. Transylvania should be left under Hungarian rule; that all the territories which Hungary was required to