PETROL SUPPLIES

Timaru Herald, Volume CLVIII, Issue 23315, 26 September 1945, Page 7

PETROL SUPPLIES

Revised Agreement Britain And America By Telegraph—N.Z. Press Assn.—Copyright (7.30 p.m.) LONDON, Sept. 24. A revised British and American petroleum agreement has been signed, superseding the agreement signed in Washington last August, but not brought into force. A preamble says: “The agreement is a preliminary measure to the calling of an international conference to consider the negotiation of a multilateral petroleum agreement. The signatories affirm that adequate petrol supplies should be accessible to nationals and all countries on a competitive non-discriminatory basis, while the interests of producing countries should simultaneously be safeguarded. The two governments agree that as soon as practicable, they propose to the governments of all interested producing and consuming countries the. negotiation of an international petroleum agreement which, inter alia, would establish an international petroleum council. They agree to formulate at an early date plans for an international conference to negotiate such multilateral agreement.” luteifiational Problems Stating that numerous international petroleum trade problems must be resolved on a co-operative interim basis, if the general supply situation is not to deteriorate, the signatories agree to establish an international petroleum commission composed of six members, three appointed immediately by each Government. The commission will study problems of internation I petroleum trade and the effects of changing technology upon it. It will also prepare periodic estimates of world demand for the petroleum supplies available, and the means whereby such demands for supplies may be correlated. The signatory governments agree to obtain the collaboration of the governments of other producing and consuming countries. They agree that their general purpose is to facilitate the orderly development of the international petroleum trade as distinct from domestic industry within either country and that the agreement in no way impairs any law or right to enact any law relating to the importation of petroleum into either country. The agreement will continue in force until three months after notice of termination has been given by either government or is superseded by the contemplated international agreement.