The Criteria of Regulation: Normal Stocks and Efficient Producers

IN January 1936 the Rubber Manufacturers’ Association of America (R.M.A.) formally addressed the I.R.R.C. for their ideas on, or definition of, normal stocks and efficient producers. By implication the manufacturers also wished to know the Committee’s views on a price yielding a reasonable return to producers. The manufacturers’ queries were reasonable, as these matters obviously affected their interests; moreover, the Committee’s tasks were defined in the international agreement as a reduction of stocks to a normal level, and the establishment of a fair and equitable price reasonably remunerative to efficient producers. The R.M.A. letter was debated intermittently by the Committee for almost two years; yet the Committee was unable to provide the information.