A meeting of the International Sugar Council was held in London, June 26 to July 20, 1950. The meeting was attended by delegates of Australia, Belgium, Brazil, Cuba, Czechoslovakia, Dominican Republic, France, Haiti, Indonesia, the Netherlands, Peru, Philippine Republic, Poland, Portugal, South Africa, the United Kingdom, Yugoslavia, and the United States. The purpose of the meeting was to discuss the world situation in sugar and the proposal for a new international sugar agreement. The council adopted a protocol which extended the international sugar agreement of 1937 one year from August 31, 1950. During 1950, the council created a special committee to 1) study the changing sugar situation as it related to the need or desirability for negotiating a new agreement, and 2) report to the council, as occasion might arise, on its findings and recommendations as to the possible basis of a new agreement. The special committee prepared a document which set forth certain proposals in the form of a preliminary draft agreement. The draft agreement included six fundamental bases: 1) the regulation of exports, 2) the stabilization of sugar prices on the world market, 3) a solution to the currency problem, 4) the limitation of sugar production by importing countries, 5) measures to increase consumption of sugar and 6) the treatment of non-signatory countries. The draft was then considered by the council at its meeting on July 20 at which time the council decided to submit it to member and observer governments for comments and to transmit such comments for consideration at a meeting of the special committee.