Page:United States Statutes at Large Volume 59 Part 2.djvu/260

 May 6, 1937 59STAT.] MULTILATERAISUGAR- y 22, 1942; Aug. 31, 1944 (b) exports from any country to the United States of America under paragraph (c) of Article 9 of this Agreement; (c) exports from the U. S. S. R. to Mongolia, Sin Kiang and Tannu Tuva; (d) exports from French Colonies to France, Algeria and other French Colonies and from France to Algeria, and French Colonies; (e) exports from the Commonwealth of the Philippines to the United States of America; (f) sugar sent from Belgium to Luxemburg, which in virtue of the Belgo-Luxemburg Economic Union does not rank as an export. (7) "The Council" means the International Sugar Council to be set up under the present Agreement. Chapter II. - General Undertakings. ARTICLE 2. The Contracting Governments agree that it is their policy so to direct the arrangements made under the present Agreement as always to assure consumers of an adequate supply of sugar on the world market at a reasonable price not to exceed the cost of production, including a reasonable profit, of efficient producers. ARTICLE 3. The Contracting Governments shall take all the legislative or administrative measures necessary for the execution of the present Agreement. The texts of such measures shall be communicated to the Secretariat of the Council. ARTICLE 4. While recognising that all Government measures relating to agrarian policy and to state assistance to the sugar industry are governed by the internal conditions of each country and in many cases require the approval of Parliament, the Contracting Govern- ments agree that it is desirable that- (a) If and when prices on the free market rise, all necessary steps should be taken to prevent the rise in world prices from leading on the one hand to an increase of internal prices for consumers such as would be likely to check consumption, and on the other hand to a rise of wholesale prices (beyond the level required to secure a fair return for growers and producers) to such a point as to stimulate excess production not justified by the requirements of the market, thus defeating the object of the present Agreement; (b) In sugar exporting countries whose internal prices are not directly affected by a rise in the world price of sugar, all necessary steps should be taken to prevent the increase in the returns received from sugar production for export from causing the same difficulty by stimulating excessive and unjustified production. 925 Policy. Execution. Avoidance of exoea- sive production.

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