§ 9. Mr. Bottomleyasked the President of the Board of Trade if he will make a statement about the first meeting of the International Tin Council held in London.
§ Mr. P. ThorneycroftThe first meeting of the Council last week was mainly concerned with matters of internal organisation. The Council, however, considered the expected position of the world tin industry and concluded that estimates of supply and demand indicated an approximate balance during 1956. The Council also fixed 15th September as the date upon which initial contributions from producing countries to the buffer stock of tin and cash should become due. The producing countries indicated their intention of making their contributions mainly in cash. The International Tin Agreement provides for the buffer stock to buy and sell tin at certain price levels in order to stabilise the price.
§ Mr. BottomleyIn welcoming the President's statement, might I encourage him to continue this kind of work, which was promoted by the Labour Government?