International Sugar Council

Abstract

It was announced by the press in July that the 35-nation International Sugar Council, meeting in London, had decided unanimously to raise sugar quotas immediately from 85 to 100 percent of the basic export tonnages of member countries, and, as soon as the prevailing price came within the range of 3.25 and 3.45 cents a pound, to increase quotas automatically to 105 percent of basic tonnages. In its communique1 the Council was said to have stated that the action was based on a review of the current market situation, which revealed that, on the basis of an 85-pcrcent quota level, the deficit of sugar in the world market for the current year would have amounted to 1,250,000 tons. The effect of the Council's decision, the press pointed out, was to allow Cuba to dispose of the 700,000 tons of sugar that the United States had decided earlier in the year not to purchase.