of each importing country shall not permit the importation into its ter- ritories of wheat or flour shipped from that exporting country during the current quota-year more than seven days after the date of the Chairman's declaration. 11. Should it be found that, owing to practical difficulties of closely Deductions from ex- port quota for follow- controlling shipments, exports from any country have exceeded its ing quota-year. export quota, that country shall not be deemed to have infringed the provisions of paragraph 1 of this Article so long as the excess is not more than 5 percent of the quota, but the amount of that excess up to 3 percent of the quota and three times the amount of that excess above 3 percent of the quota shall be deducted from that country's export quota for the following quota-year. 12. The contracting Governments recognize that international trade A.bnormal exports in wheat should be distributed on a fair and equitable basis among all comntries. countries which export wheat and they agree that the effective opera- tion of the Agreement should not be impaired by abnormal exports from countries that have not acceded to it. Accordingly the con- tracting Governments shall cooperate in taking, on the advice of the Council, such practicable measures as may be necessary to attain this end. ARTICLE V (PRICE CONTROL) 1. The Council shall fix and publish prior to the coming into force s fipric" xed of Article IV and thereafter at each regular August meeting a basic minimum price and a basic maximum price of wheat, c.i.f . United Kingdom ports, and schedules of prices, c.i.f . and/or f.o.b., equivalent thereto for the various wheats sold in world markets. These prices shall take effect on such date as may be determined by the Council and shall remain in force until the effective date of the prices fixed by the Council at its next regular August meeting but shall be subject to such adjustments as the Council may find necessary to nmeet sub- stantial changes in freight or exchange rates or as may be made in accordance with the provisions of paragraph 3 of this Article. 2. The prices fixed under paragraph 1 of this Article shall be such as will in the opinion of the Council (a) return reasonably remuner- ative prices to producers in exporting countries, (b) be fair to con- sumers in importing countries, (c) be in reasonable relationship to prices of other commodities and (d) make appropriate allowance for exchange rates and transportation costs. Adjustments for 3. Should the Council so decide the basic minimum and maximum carrying charges. prices of wheat and the schedules of prices equivalent thereto shall be adjusted at monthly or other intervals to allow for carrying charges. 4. The Governments of Argentina, Australia, Canada and the Sal at priceu be- United States of America shall not, after the coming into force of al en ts paragraph 1 of this Article, sell or permit the sale of wheat for export, or to millers for producing flour for export, at prices below the minimum equivalents fixed by the Council under paragraph 1 or 3 of this Article. 1389 57 STAT.] MULTILATERAL-WHEAT -APR . 22 , 1942
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