Very large areas of the Roumanian oil-fields are the property of the State, and have hitherto been unworked, but the Minister of Commerce, when I questioned him upon the subject, informed me that a law recently passed by the Chamber provides for the leasing of these lands to private companies, though important provisos are introduced in order to prevent monopolies. The Minister explained to me the chief points of the new laws, and as they may interest British capitalists, I give them. It appears that the Government may now lease for a period of fifty years prospected or unprospected land of maximum areas of 100 and 1000 hectares respectively. The concession is granted to the party offering the highest rent. No more than three lots can be leased to one concessionaire. The capital, which must be at least 2,000,000 francs for every 100 hectare lot of prospected land or 1000 hectares of unprospected land, must be deposited. Amalgamation or assignment is illegal, and any secret fusion involves loss of the concession. The State reserves to itself the exclusive right of working all means of transport for petroleum, and will take a compensation of at least 10 per cent. on the gross profit of the working. Over and above that rent, the State participates in the net profits of the working as follows: (1) one-third should the net profit fluctuate between 10 and 30 per cent.; (2) from 30 and more per cent., the share of the State is 50 per cent. of the net profits. The State levies upon concessionaires a lease-charge of 20 francs per hectare, and in addition the general taxes are to be paid. All concessions are subject to Roumanian laws and regulations, and the State assumes no responsibility for the profitableness of land leased. These conditions are certainly onerous, yet there is no doubt a big field for British capital in Roumanian oil. The Minister of Commerce impressed upon me this fact, and declared that he would give every facility to intending concessionaires, providing they were properly introduced, and were persons who meant serious business. In the words of our Consul-General at Galatz, “It is not very easy to account for the apathy of British capitalists in seeking openings in Roumania. Perhaps its position in the remote corner of Europe, and perhaps the difficulties of language have something to do with it.” Anyhow, there is a big future before the oil industry in Roumania, and it is amazing that no one has yet had the courage to try the business under the new conditions. As the Minister pointed out, “The American Standard Oil Company are already firmly established in Roumania. Why should not an English company also work the fields?” The future, and not a far-distant one, will no doubt see many of the wells exploited by British capital. In Roumania there are also salt mines sufficient to supply the whole world. The coal deposits are not numerous, but iron and copper are known to exist, though they are not yet exploited.