Rumanian Oil and Foreign Money.

This article presents information on the international relations of Romania as regards oil trade. In the year June 30, 1924, Romanian Parliament passed the so-called "mining law" which has caused serious complications in Romania's international relations. Peter Jay, American Minister at Bucharest, in concert with the representatives of the Western European Powers, protested against the passage of the act. The mining law provides for nationalization of the sub-soil in Romania. In the case of oil territories the granting of concessions, even if the oil deposits are in private territory, is a sovereign right of the state. The validity of the concessions is limited to fifty years.