The Council at its last session requested the Director-General to prepare a report comprising:
an analysis of the underlying circumstances as a result of which local surpluses, especially of foodstuffs, are emerging or may shortly emerge;
an analysis of the circumstances peculiar to each of the commodities which need to be considered;
recommendations to the Council for subsequent transmission to the Conference for any appropriate action, national or international, which might contribute to the removal or at least to the mitigation of the uncertainties affecting production, trade, and consumption to which actual and prospective surpluses of the commodities considered above might give rise.
The Council has received the report of the Director-General (C49/10), which was prepared with the assistance of a committee of experts as suggested by the Council, and also the report of the Commodity Working Party (C49/24).
The Council transmits these reports to the Conference with the recommendation that they receive the most urgent consideration, with a view to appropriate action being taken. The Council notes that the Director-General has prepared a draft of the articles of agreement for the International Commodities Clearing House, which he has proposed be established, and recommends that the Director-General forward draft articles to the appropriate Commission of the Conference for its consideration.