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The Governments on whose behalf this Agreement has been signed,

Recognizing that there is now a serious shortage of wheat, and that later there may be a serious surplus;

Believing that the high prices resulting from the present shortage and the low prices which would result from a future surplus are riartn,u' t° their interests, whether they are producers or consumers of wheat; and

Concluding therefore that their interests, and the general interest or au countnes in economie expansion, require that they should cooperate to bring order into the international wheat market

Have agreed as follows;

Article I Objectives

The objectives of this Agreement are to assure supplies of wheat to ïmporting countries and to assure markets to exporting countries at equitable and stable prices.

Article II

Rights and obligations of ïmporting and Exporting Countries

fJ',The qua°.tity °f wheat prescribed in Annex I to this Article

purchase ™ Md shaCuUntry ^ bf called that country's ..guaranteed t and shall represent the quantity of wheat which the International Wheat Council established by Article XI:

a ™a7' 'n accordance with the provisions of paragraph 2 of Article IV, require that country to purchase at the minimum prices