The Sixth International Tin Agreement (hereinafter ‘ITA6’) came into force on 17 July 1982 and has as its object the stabilization and development of the international tin market for the benefit of producer and consumer States. ITA6 provides for the maintenance of floor and ceiling prices for tin, to be achieved, in part, by the establishment of an international buffer stock financed by government contributions and loans. The operation of the buffer stock is entrusted to the institutional arm of ITA6, the International Tin Council (hereinafter ‘ITC’), which has the power to borrow for the purposes of the buffer stock and to appoint a Buffer Stock Manager. Up to October 1985 the ITC, acting through the Buffer Stock Manager, defended the official floor price of tin, as set by the ITC, by making cash purchases and by financing future purchases through broker and bank loans amounting to some 900 million pounds sterling.