N.Z. WITHDRAWS FROM WORLD WHEAT AGREEMENT

Gisborne Herald, Volume LXXV, Issue 22690, 15 July 1948, Page 6

N.Z. WITHDRAWS FROM WORLD WHEAT AGREEMENT

(P.A.) WELLINGTON. July 14. The New Zealand Government has withdrawn from . the International Wheat Agreement bn the grounds that the number of signatory countries which have ratified the agreement is insufficient to make it workable. This was announced today by the Minister of Industries and Commerce, Mr. A. H. Nordmeyer. The Minister added that at a recent meeting of the International Wheat Council held in Washington it was announced that only 11 of the 35 signatory countries had deposited their instruments of ratification, and of the three exporting countries which had signed Canada and Australia had ratified the agreement but the United States delegation had stated that lack of time had' precluded consideration of acceptance of the agreement by Congress. The draft agreement remained open for signature until April 1, but was subject to formal acceptance by July 1 and was intended to operate as from the beginning of the crop year on August 1. Provision was included in the. agreement that any Government wnich denosited its instrument of acceptance by July 1 could withdraw if it considered that guaranteed purchases or guaranteed sales of countries whose Governments had formally accepted the agreement were insufficient to ensure its successful operation. “The 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, including the United Kingdom and Australia, have decided to notify their withdrawal from the agreement-” The Minister added that advice from Washington indicated that all the delegates to the recent meeting of the council expressed their willingness to join in future discussions for a new agreement and if it was possible that another conference would be convened early in 1949 in an effort to reach a new agreement to onerate at the beginning of the 1949-50 crop year.