Salt Lake Telegram | 1931-05-09 | Page 1 | World Sugar Compact Signed

r f. f WORLD SU SUGAR AR COMPACT SIGNED SIG NED I I Chadbourne Contract To Save Industry I From Overproduction A I f Reaches Goal I IV I tS 1 v r. r c. c L. L CHADBOURNE r Plan Accepted c 7 I Expected Expected to Assure Producer Fair Profit Consumer Good Price CALLS FOR RESTRICTS Tons of Sur fui to Be Segregated BRUSSELS Nay May 9 Associate Press Thc The seven cven gT great at sugar ex cx exporting porting countries of the world toda signed the thc Chadbourne na sugar contract which they hope hopr wi wili mJ assure producers rs lair fair profits proms and a athe at atthe the thc same time guard ard the consume against unduly high prices Germany Poland CzechoSlovakia Czecho Belgium Hungary Java anc am Cuba signed the agreement Thomas I L. L Chadbourne of New York brought to a n successful after years of effort cHort It Is his owr own plan for saving the world sugar industry in from the evils of overproduction tion by restricting exportation With the pact at last an accomplished accorn pUshed fact he turned over It its operation oper atlon to Francis Powell American who has long been engaged en cn In business in Europe and I 1 Ithe is the he international sugar counsel alThe at al atThe The Hague SEE EXPORT PROFIT The plan calls caUs for rigid restriction of exportation by the signatory ry nations na na- ions and will result in an Increase of oC f the price of oC sugar to a point which will make export profitable The present surplus stock of tons will wUl be segregated and 1 if f the price goes too high part of oC it will be released to world markets thus hus bringing the price down for br both producers and consumers Mr Powell was authorized to be- be Continued on PAre Pace Two I 7 NATIONS SIGN WORlD SUGAR PACT Continued From Tato ruo One gin functioning immediately One Ono o ohis of I his first duties wl will l be t to open negotiations negotiations with a a. view to bringing into the international group Peru Spain Italy Rumania and the Dominican Republic Mr Chadbourne characterized to today's today's today's to- to days day's event as the opening of a D. new chapter in war post-war economic his his- tory We have set in motion a unique expedition into a new field of world economics he ho said at a a. luncheon which followed the signing PAYS TRIBUTE Senator of Belgium chairman of the conference paId pale tribute to President Machado o of Cuba as the first executive to see the alue value of or the tile Chadbourne plan Mr Chadbourne took cognizance of the fact that Russia is not cd ed in the pact but he expressed a belief ellef that there is no great danger In hi that omission of So far he said the menace Russian sugar dumping diminishes with close examination of that country's country's coun- coun try's ry's international position While Russia may export a certain amount of ot sugar the Inevitable increase in ints Its ts own consumption plus pIus its It ty ity to manufacture sugar and sell it abroad at current world prices without without with- with out ut great loss is expected to minimize minimize mini mini- mize the tile possibility of wholesale dumpIng He said he ho hoped other industries might follow the lead of ot the sugar justness business and make similar International International lonal cooperative agreements thus moving closer to the as yet illusive economic recovery