The functions under section 108 of the Act, with respect to making reports to Congress, are reserved to the President.

In implementing these policies with respect to agricultural commodities, the United States Government will seek to assure conditions of commerce permitting the private trader to function effectively.

I shall look to the Chairman to advise me concerning policy issues which arise.

The delegation to the State Department of responsibility for negotiations with foreign governments is intended to give recognition to State Department's central responsibility in this area.

I request you to assume responsibility for organizing this Committee and to serve as its Chairman.

It should generate confidence both at home and abroad as to our purposes in this vital area of international economic relations.

The adjustment of world supply to world demand will require adjustments of production in other countries, as well as the United States.

The United States will seek in cooperation with friendly countries to utilize its agricultural surpluses to increase consumption in those areas where there is demonstrable under-consumption.

The world supply and demand situation in agricultural products requires in the interest of the general welfare, an orderly and gradual liquidation of our surpluses.

I shall expect you to be guided by the policy statement concerning foreign trade as related to agriculture which I have approved and issued today.

The functions of negotiating and entering into agreements with friendly nations or organizations of friendly nations conferred upon the President by the Act are hereby delegated to the Secretary of State.

I regard this document as an important announcement of the philosophy of this Administration with respect to agricultural foreign economic policy.