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destined to intensify production, distribution and utilization of food, fiber and forest products, to the end that the peoples of the world may enjoy a higher standard of living.

V. EXECUTIVE COMMITTEE OF THE THIRD INTER-AMERICAN

CONFERENCE ON AGRICULTURE

In compliance with the provisions of Articles 21 and 22 of its Rules of Internal Procedure,

The Third Inter-American Conference on Agriculture Resolves:

1. To create an Executive Committee whose duties will be to see to the fulfillment of the Resolutions approved by the Conference, to publish the most important studies submitted, and to deliver the Acts to the Pan American Union.

2. The Executive Committee shall function until the day on which the Organizing Committee of the Fourth Inter-American Conference on Agriculture is installed.

3. The Executive Committee shall have its headquarters in Caracas and shall be composed of a representative from each of the American Nations which have attended the Conference. The Chairman of the said Committee shall be the Minister of Agriculture and Animal Breeding of Venezuela. The Secretary General and the personnel of the Secretariat shall be named by the Government of Venezuela.

VI. HOLDING OF THE FOURTH INTER-AMERICAN CONFERENCE

ON AGRICULTURE
The Third Inter-American Conference on Agriculture

Resolves: To recommend to the Governing Board of the Pan American Union that after making the consultations and studies which it may deem pertinent, it shall fix the place and prepare the program of the Fourth Inter-American Conference on Agriculture, as well as the date of the meeting, which date in any case shall be prior to July, 1948.

VII. MONETARY STABILIZATION AND EXCHANGE RATES FOR

AGRICULTURAL PROTECTION

WHEREAS: The United Nations, meeting in the Bretton Woods Conference to analyze the difficult problems related to monetary stabilization and international credit, formulated a project for an

International Monetary Fund and another for an International Bank for Reconstruction and Development, both of which have been submitted for the consideration of the governments of the American nations;

The solution to be given the above-mentioned problems directly affects the agriculture of the American countries because agriculture in many cases suffers the adverse consequences of certain monetary and financial situations;

In order permanently to obtain international stabilization and economic normalcy, it is necessary to apply not only measures of a technical-monetary nature, but also those measures contributing directly toward strengthening the economy of the nations, especially with respect to their basic and permanent products;

Special care should be taken so as not to cause dislocations or maladjustments unnecessarily in the economies of nations, which would create dangerous situations of national and international instability with their consequent adverse effects,

The Third Inter-American Conference on Agriculture Resolves:

1. To recommend that, in case the International Monetary Fund is approved, the said organization shall, in applying the provisions of articles VIII(3) and XIV(4) of its draft constitution, keep well in mind the special agricultural conditions in the countries of America which, for the purpose of maintaining their basic agricultural production and without any aim of international competition, may have established rates of exchange for agricultural protection prior to the holding of the United Nations Monetary and Financial Conference, so that neither the domestic economic stability of the said countries nor their international trade may be seriously affected.

2. That the American nations, as a means of avoiding basic inequalities in their balance of payment which would nullify their efforts for monetary stabilization, consider every opportunity of cooperating in order to assure favorable prices and sure markets for their agricultural products by availing themselves of appropriate instruments, including multilateral agreements conforming with the basic principles set forth in the resolution on International Commodity Agreements of this Conference.

3. That the Pan American Union transmit the text of the present resolution to the Inter-American Conference of Monetary Experts to be held soon and to the International Monetary Fund when the latter is established.

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VIII. AGRICULTURAL CREDIT CONDITIONS AS TO MAXIMUM

RATES OF INTEREST
WHEREAS:

1. The development of agricultural production requires the intensification of the small farm as well as that of the large agricultural units;

2. The increase of production requires the maintenance of private rural properties; acquisition or rental of equipment; purchase of seeds and fertilizers; combatting of plagues which attack the plants; irrigation; and adjustment of farming techniques;

3. It is important to free agricultural communities from the usury of private lenders practiced through the pledging of crops;

4. Agricultural credit is an essential factor for the elimination of the middleman in the market;

The Third Inter-American Conference on Agriculture
Resolves:

1. To recommend that legal measures be adopted which fix the lowest possible rate of interest for agricultural credit, by State credit agencies, in accordance with the economic conditions of each country.

2. That the payment terms be in accord with the characteristics and aims of agricultural credit.

3. That all necessary measures be put into effect, at the earliest possible moment, to insure credit to agricultural entities under satisfactory conditions in order immediately to promote the expansion of agricultural development.

IX. CREDIT TO AGRICULTURAL EXPERTS
WHEREAS:

1. In order to improve production it is highly important to facilitate access to agricultural pursuits of experts who have graduated from specialized institutions and who will contribute with their knowledge to the diversification of crops and industries derived therefrom, and at the same time will perfect the work of farming and cattle-raising by means of the introduction of new systems and the practical application of improvements that might result from scientific research and experimentation;

2. Many of these graduates, lacking the necessary means for establishing themselves on their own or the opportunity to devote themselves to private agricultural pursuits, go into other fields that are unrelated to the technical knowledge acquired through their study;

3. The granting of special credits to the above-mentioned experts would constitute an effective solution in permitting them to devote themselves to work that is connected with their specialty under conditions of normal development;

4. All the countries represented at the Conference should favor the granting of financial aid on easy terms, depending upon the contingencies of the agricultural pursuit, with adequate amortizations and reduced interest,

The Third Inter-American Conference on Agriculture Resolves:

To recommend that all signatory countries adopt, at the earliest possible date, the necessary measures for the granting of special credits for facilitating direct access to farming and cattle-raising pursuits to experts who have graduated from specialized institutions.

That loans granted on this basis shall be completely agricultural, that is to say, shall primarily take into account, for purposes of amortization and interest, all factors characterizing farming and cattleraising activities.

X. INTER-AMERICAN AGRICULTURAL CREDIT WHEREAS:

1. There is obvious necessity for increasing agricultural production . in the American countries, not only in order to improve their own domestic situation but also to contribute in larger measure to the rebuilding of the economies affected by the war;

2. Among the items approved at the Bretton Woods Conference is that of the creation of an International Bank for Reconstruction and Development, one of the aims of which will be to develop "the means and sources of production in little developed countries”, which purpose is in accord with what was previously recommended in various inter-American conferences and which is set forth in the Report of the Financial and Economic Advisory Committee of the Pan American Union, in its proposal for the creation of a Department of Agricultural Credit within the Inter-American Bank;

3. It is a desire of the American nations to have the said aims of a regional character included in the organization of the International Bank for Reconstruction and Development so as to bring out the agricultural credit needs of the nations of the Continent;

4. In almost all the American nations there exist institutions charged with operations relating to the development of agricultural credit, and they have been making an effort to improve conditions for the granting of credit and to enlarge the volume of funds available for such purpose,

The Third Inter-American Conference on Agriculture Resolves:

1. To recommend that the realization of the aims sought by

Resolutions 46 and 9 of the First and Second Conferences on Agriculture, both of which favored the creation of a Pan American Bank of Agriculture and the Inter-American Bank of Agricultural Credit, respectively, be entrusted to the International Bank for Reconstruction and Development of the United Nations, if the said Institution should become established.

2. That there be recommended to the direct agencies of the International Bank for Reconstruction and Development the creation, according to Sections 9 and 10 of Article 5, of the Bretton Woods Agreement, of a Special Department devoted to the granting of agricultural credits to the American countries and for the purposes set forth in the above-mentioned paragraph.

3. That there be recommended to the governments of all the American nations the preparation of the necessary legal instruments to the end that the aforesaid agricultural credit operations may be carried out in accordance with the provisions of Section 2 of Article 3, of the Bretton Woods Agreement on the International Bank for Reconstruction and Development.

XI. AGRICULTURAL CREDIT WHEREAS:

1. Knowledge of the results obtained by the Credit Institutes of America is of positive use to all similar institutions of the Continent, which derive mutual advantage from the intensification of an interchange thereof;

2. One of the chief objectives of the Third Inter-American Conference on Agriculture is to study and to recommend a program of work intended to eliminate the differences, both qualitative and quantitative, which exist in the national credit systems on the continent;

3. The existence of uniform laws, similar technical forms and a common nomenclature, uniform registration and accounting systems, would greatly aid inter-American cooperation with respect to agricultural credit;

4. It is highly necessary to initiate as soon as possible the necessary operations in order to do beforehand the work of preparation and coordination of national agricultural credit systems in order to leave them in a position to operate easily and efficiently whenever the International Bank for Reconstruction and Development or any other agency charged with agricultural credit on the Continent is created,

The Third Inter-American Conference on Agriculture Resolves:

1. To recommend to the Pan American Union the formation of a special permanent organization which shall be charged with promoting the uniformity of national credit systems on the Continent with respect

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