London, June 15.
Referring to the International Sugar Agreement of 1937 in the House of Commons yesterday, Mr. Malcolm MacDonald, Secretary for the Colonies, stated that the calculation on which the agreement was based "anticipated a normal demand for sugar in the Far East of 560,000 tons a year,"
As a result of the Sino-Japanese hostilities, Mr. MacDonald continued, it was doubtful whether the Far East was absorbing 300,000 thousand tons a year.
The cuts in the quotas, made as a result of a recent meeting of the International Sugar Council, were proving inadequate to meet <he situation, MacDonald declared, Delegates were consulting their respective governments, and the Council was to meet again early in July.
Mr, MacDonald hoped the Council, further voluntary reductions in pplies, would re-establish the equilibrium between supply and demand, so that prices for producers generally could rise to a reasonable and proper level.—Reuter., U, S.-Iranian Oil Company Teheran, June 15, M. Bader, Iranian Finance Minister, today informed Parliament that the America-Iranian Oil Company had renounced the oil monopoly granted to them in 1936.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.