(i) No. 1 heavy dark northern spring wheat in store Duluth/Superior shall be the minimum price for No. 1 Manitoba Northern wheat in bulk in store Fort William/Port Arthur specified in paragraph (1) of this article, computed by using the prevailing rate of exchange and by making such allowance for difference in quality as may be agreed between the exporting and the importing country concerned,
(j) French wheat on sample or on description f.o.b. French ports, or at the French border (whichever is applicable),
(k) Italian wheat on sample or on description f.o.b. Italian ports, or at the Italian border (whichever is applicable),
(l) Spanish wheat on sample or on description f.o.b. Spanish ports, or at the Spanish border (whichever is applicable),
(m) Swedish wheat on sample or on description f.o.b. Swedish ports between Stockholm and Gothenburg, both included, shall be:
the price equivalent to the c. and f. price in the country of destination, or the c. and f. price at an appropriate port for delivery to the country of destination, of the minimum price for No. 1 Manitoba Northern wheat in bulk in store Fort William/Port Arthur specified in paragraph (1) of this article, computed by using currently prevailing transportation costs and exchange rates and by making such allowance for difference in quality as may be agreed between the exporting country and the importing country concerned.
(4) For the period of closed navigation between Fort William/Port Arthur and the Canadian Atlantic ports, equivalent maximum and minimum prices shall be determined by references only to the lake and rail movement of wheat from Fort William/Port Arthur to Canadian winter ports.
(5) The executive committee may in consultation with the advisory committee on price equivalents, determine the minimum and maximum price equivalents for wheat at points other than those specified above and may also designate any description, class, type, grade or quality of wheat other than those specified in paragraphs (2) and (3) of this article and determine the minimum and maximum price equivalents thereof; provided that, in the case of any other wheat the price equivalent of which has not yet been determined, the minimum and maximum prices for the time being shall be derived from the minimum and maximum prices of the description, class, type, grade or quality of wheat specified in this article, or subsequently designated by the executive committee in consultation with the advisory committee on
price equivalents, which is most closely comparable to such other wheat by the addition of an appropriate premium or by the deduction of an appropriate discount.
(6) If any exporting or importing country represents to the executive committee that any price equivalent established under paragraph (2), (3) or (5) of this article, is, in the light of current transportation or exchange rates or market premiums or discounts, no longer fair, the executive committee shall consider the matter and may, in consultation with the advisory committee on price equivalents, make such adjustments as it considers desirable.
(7) In establishing equivalent minimum and maximum prices under paragraphs (2), (3), (5) or (6) of this article and subject to the provisions of Article 16 relating to Durum wheat and certified seed wheat, no allowance for difference in quality shall be made which would result in the equivalent minimum and maximum price of any wheat being fixed at a level higher than the basic minimum or maximum price, respectively, specified in paragraph (1).
(8) If a dispute arises as to what premium or discount is appropriate for the purposes of paragraphs (5) and (6) of this article in respect of any description of wheat specified in paragraph (2) or (3) or designated under paragraph (5) the executive committee, in consultation with the advisory committee on price equivalents, shall on the request of the exporting or importing country concerned decide the issue.
(9) All decisions of the executive committee under paragraphs (5), (6) and (8) of this article shall be binding on all exporting and importing countries, provided that any of those countries which considers that any such decision is disadvantageous to it may ask the council to review that decision.
Article 7
Prices of Wheat Flour
(1) Commercial purchases of wheat flour will be deemed to be at prices consistent with the prices for wheat specified in or determined under Article 6 unless a statement to the contrary, with supporting information, is received by the council from any exporting or importing country, in which case the council shall, with the assistance of any countries concerned, consider the matter and decide whether the price is so consistent.
(2) The council may in co-operation with any exporting and importing countries carry out studies of the prices of wheat flour in relation to the prices of wheat.
Article 8
Countries which both export and import wheat
(1) For the duration of this agreement and for the purposes of its application, a country listed in annex B shall be regarded as an exporting country and a country listed in annex C shall be regarded as an importing country.
(2) Any country listed in annex C which makes wheat available for purchase by any exporting or importing country shall do so at prices consistent with the price range, except in the case of denatured feed wheat, and in making such wheat available for purchase shall avoid taking any action which would be prejudicial to the operation of this agreement.
(3) Any country listed in annex B which desires to purchase wheat shall endeavour so far as possible to purchase its requirements from exporting countries at prices within the price range and, in meeting its requirements, to avoid taking any action which would be prejudicial to the operation of this agreement.
PART III.-ADJUSTMENTS Article 9
Adjustment in Case of Short Crop
(1) Any exporting country which fears that it may be prevented by a short crop from carrying out its obligations under this agreement in respect of a particular crop year shall report the matter to the council at the earliest possible date and apply to the council to be relieved of a part or the whole of its obligations for that crop year. An application made to the council pursuant to this paragraph shall be heard without delay.
(2) The council shall, in dealing with a request for relief under this article, review the exporting country's supply situation and the extent to which the exporting country has observed the principle that it should, to the maximum extent feasible, make wheat available for purchase to meet its obligations under this agreement.
(3) The council shall also, in dealing with a request for relief under this article, have regard to the importance of the exporting country's maintaining the principles stated in paragraph (2) of this article.
(4) If the council finds that the country's representations are well founded, it shall decide to what extent and on what conditions
that country shall be relieved of its obligations for the crop year concerned. The council shall inform the exporting country of its decision.
(5) If the council decides that the exporting country shall be relieved of the whole or part of its obligations under Article 5 for the crop year concerned, the council shall increase the commitments as represented by the datum quantities of the other exporting countries to the extent agreed by each of them. If such increases do not offset the relief granted under paragraph (4) of this article, it shall reduce by the amount necessary the entitlements, as represented by the datum quantities of the importing countries to the extent agreed by each of them.
(6) If the relief granted under paragraph
(4) of this article cannot be entirely offset by measures taken under paragraph (5), the council shall reduce pro rata the entitlement as represented by the datum quantities of the importing countries, account being taken of any reductions under paragraph (5).
(7) If the commitment as represented by the datum quantity of an exporting country is reduced under paragraph (4) of this article, the amount of such reduction shall be regarded for the purpose of establishing its datum quantity and that of all other exporting countries in subsequent crop years as having been purchased from that exporting country in the crop year concerned. In the light of the circumstances, the council shall determine whether any adjustment shall be made, and if so in what manner, for the purpose of establishing the datum quantities of importing countries in such subsequent crop years as a result of the operation of this paragraph.
(8) If the entitlement as represented by the datum quantity of an importing country is reduced under paragraphs (5) or (6) of this article to offset the relief granted to an exporting country under paragraph (4), the amount of such reduction shall be regarded as having been purchased in the crop year concerned from that exporting country for the purposes of establishing the datum quantity of that importing country in subsequent crop years.
Article 10
Adjustment in Case of Necessity to Safeguard
Balance of Payments or Monetary Reserves
(1) Any importing country which fears that it may be prevented by the necessity to safeguard its balance of payments or monetary reserves from carrying out its obligations under this agreement in respect of a particular crop year shall report the matter to the council at the earliest possible date and apply to