The International Cotton Advisory Committee held its fifteenth plenary meeting in Washington, D. C, from May 8 through 17, 1956, under the chairmanship of Mr. Marvin L. McLain (United States). Sixty-two governments were represented, 32 as members of the Committee and 30 as observers. The Committee received a report from the Standing Committee on the present world cotton situation and the Secretariat's annual review, heard statements by member countries and observers, and held an extensive discussion of the world cotton situation, in which it attributed the present imbalance between supply and demand and the consequent build-up of world cotton stocks to the 1) existence of relatively high cotton prices, 2) marked improvement in cotton production techniques, and 3) economic progress in a number of underdeveloped countries, bringing new areas into cotton production. The conference felt that changes in United States government policy would lead to an improvement in cotton's competitive position and would offer some disincentive to uneconomic cotton production. At the same time, the Committee warned against any sudden or substantial decline in cotton prices which would adversely affect the economies of both producing and consuming countries. Finally, the Committee stressed the unsettling effect on world markets of uncertainty regarding the future level of cotton prices. With respect to the price question, the Committee recommended reasonable short-term stability to facilitate orderly distribution of crops and longer-term price flexibility to permit adjustments in cotton supply and demand.