The first Annual Report of the International Wheat Council, considered and approved at the fourth session of the Council, was published in November, 1950.2 Part I of the report dealt with: 1) the historical development of the International Wheat Agreement; 2) the administration of the agreement and the operation of the council, executive committee, advisory committee on price equivalents and the secretariat; 3) the guaranteed purchases, guaranteed sales and the resales for the period under review — i.e., the crop-year 1949–1950; 4) the maximum and minimum prices and the price equivalents for the same period; and 5) as distinguished from the factual account of the council's activities, the broader subject of world trade in wheat, although an exhaustive analysis of the problem was not considered to be within the scope of the report. Part II of the report was an official reproduction of the International Wheat Agreement, signed in Washington in March, 1949. Part III was the first publication of the rules of procedure, given in response to many requests for information on the operation of the agreement.