AGREEMENT ON WHEAT

Press, Volume LXXXIV, Issue 25547, 15 July 1948, Page 6

AGREEMENT ON WHEAT

< ACCEPTANCE BY TOO FEW NATIONS FRESH CONFERENCE MAT BE HELD (P.A.) WELLINGTON, July J The New Zealand Government hu withdrawn from the international wheat agreement on the grounds that the number of signatory countries, which had ratified the agreement was insufficient to make it workable. This j was announced to-day by the Minister of Industries and Commerce (Mr A. H. Nordmeyer). The Minister said that at a recent meeting of the International Wheat Council in Washington it was an< nounced that only 11 of 35 signatory countries had deposited their instah ments of ratification. Of the three exporting countries which signed, Canada and Australia ratified the agreement but the United States delegation said lack pf time had precluded consideration of the acceptance of the agreement by Congress. The draft agree* ment was subject to formal acceptance by July 1, and was intended to operate from the beginning of the crop year. August 1. Provision was included in the agreement that any Govern* ment which deposited its instrument of acceptance by July 1 could withdraw if it considered that the guaranteed purchases or guaranteed sales d countries whose Governments had formally accepted the agreement were insufficient to ensure its successful operation. ’ “Discussion in the council made it clear that sufficient ratifications had not been received to make the agreement workable and in these circumstances the New Zealand Government and the governments of other countries which ratified the agreement eluding the United Kingdom and Atw tralia, decided to notify their with-; drawal from the agreement.” The Minister said advice from Washington indicated that all delegates to the recent meeting of the council expressed willingness to join in future discussions for a new agreement aid it was possible another conference would be convened early in 1949 ia an effort to reach a new agreement to operate at the beginning of the 1949-50 crop year.