The twenty-sixth annual report of the Bank for International Settlements was published on June II, 1956. In its survey of the year April 1, 1955—March 31, 1956, the report declared that the most important feature of 1955 was that the effect of an economic boom in North America had been superimposed on the powerful forces for expansion operating in western Europe. There was a definite need, however, for measures which would moderate the boom without weakening the forces tending to promote healthy economic growth. For this reason, direct internal or external controls had not been reapplied by the authorities and trade had been further liberalized, while restrictions on foreign payments had also been further relaxed. There had been a continuation of flexibility in credit policies pursued by the authorities who had employed methods of credit restraint, such as increased interest rates.

Thirty-one of the 35 contracting parties to the General Agreement on Tariffs and Trade (GATT) attended meetings of the inter-sessional committee of GATT from April 24 to 28, 1957 to discuss among other matters the procedure to be followed for considering the European Common Market Treaty and to examine a complaint from the government of Denmark concerning exports of subsidized eggs from the United Kingdom. In regard to the first of these matters, it was reported that the committee reached no decision on whether it would be better to call a special session of the contracting parties, as suggested by the delegate from Japan, or whether it should be considered at the regular session to be held in October. It was decided to draw up a program of preparatory work, to extend over several months, including consultations with the interim committee appointed by the signatories of the treaty. The work would be supervised by the GATT Secretariat, and the inter-sessional committee would meet at an appropriate date to arrange for definitive discussions on whether the articles of the treaty conformed with the requirements of GATT. It was reported that in the course of the discussion Japan voiced a complaint against the fact that overseas territories of the Common Market nations would be associated with the Common Market on a privileged economic status.

The eighteenth session of the International Wheat Council was held in Geneva on November 7,1955, while the United Nations Wheat Conference was meeting. The Council, in connection with consideration of quality differentials during the UN Conference, agreed that information should be furnished by the Secretariat concerning prices as recorded in past transactions under the Agreement and also on current prices in the future. The nineteenth session met in London on July 17, 1956, at which time the Council noted expenditure for office and conference accommodation in Haymarket House for the International Sugar Council and the International Wheat Council, and expressed its approval of various proposals, to be adopted subject to the agreement of the International Sugar Council, for apportioning the expenditure between the two bodies and for arrangements necessary for the discharge of their joint responsibilities in connection with the premises. After this session, a conference of the signatories of the International Wheat Agreement, 1956, met and agreed that the latter should come into force.