Minimum and max- imum stocks of old wheat. "Reserve stocks." Stocks below mini mum. Stocks above maxi- mum. Permitted excess stocks. I'ernitted sulrluls stocks. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [57 STAT. ARncLE III (STOCKs) 1. The Governments of Argentina, Australia, Canada and the United States of America shall, subject to the provisions of para- graphs 2, 3, 4 and 5 of this Article, ensure that stocks of old wheat held at the end of their respective crop years are not less than 35, 25, 80 and 150 million bushels respectively, and not more than 130, 80, 275 and 400 million bushels respectively. Any stocks not in excess of the specified maximum are hereinafter called "reserve stocks". 2. Stocks of old wheat in any country may be permitted to fall below the specified minimum (a) if the new crop together with the carry-over from the previous crop-year is insufficient to meet domestic requirements and leave at the end of that crop-year the minimum reserve stocks specified, in which case those stocks may be reduced by the amount necessary fully to meet domestic requirements, and (b) in so far as the Council decides that exports from the minimum reserve stocks of that country are required fully to meet the world demand for imported wheat. 3. Stocks of old wheat may exceed the maximum by (a) the quan- tity of permitted excess stocks ascertained under paragraph 4 of this Article and (b) the quantity of permitted surplus stocks ascertained under paragraph 5 of this Article. 4. Such part of excess production in the first crop-year in which it occurs following the crop-year in which Article IV comes into force as may be shown under paragraph 2 of Article II to be due to above average yields shall be permitted excess stocks at the end of that crop- year. The permitted excess stocks at the end of each succeeding crop- year shall be ascertained by the Council by deducting from the per- mitted excess stocks, if any. at the end of the preceding crop-year any quantity by which production in the crop-year then ending was less than the maximum prescribed in paragraph 1 of Article II or by adding thereto such part of any excess prod(ultion in that crop-year as may be shown under paragirapIh 2 of Article II to be due to above average yields. 5. Stocks in excess of the maximum, as ascertained by the Council, at the end of the crop-year in which announcement is made of the date on which the provisions of Articles II, III and IV will come into effect shall be permitted surplus stocks, unless that announcement is made less than 45 days prior to the beginning of the seeding period for the next harvest in which case stocks in excess of the maximum at the end of the succeeding crop-year shall be permitted surplus stocks. Permitted surplus stocks at the end of each succeeding crop- year shall be ascertained by the Council by deducting from the per- mitted surplus stocks at the end of the preceding crop-year (a) any secondary or supplementary export quotas allocated in the crop-year then ending and (b) any quantity by which production in that crop- year plus the permitted excess stocks at the end of the preceding crop- year was less than the maximum production prescribed in paragraph 1 of Article II.
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