Statement by the President Upon Signing Bill Amending the Agricultural Trade Development and Assistance Act

I HAVE TODAY approved S. 2253 "To reemphasize trade development as the primary purpose of title I of the Agricultural Trade Development and Assistance Act of 1954." When I signed the Agricultural Trade Development and Assistance Act of 1954 a year ago I expected that constructive benefits would result from the disposal of agricultural surplus commodities abroad under the provisions and safeguards of that legislation. The experience of the past year, during which agreements providing for the sale of surplus commodities valued at $469 million have been reached with 17 nations, has proved that hope to have been well rounded. The agreements have been negotiated so as to safeguard usual marketings of the United States and to avoid undue disruption of world prices and world markets. The foreign currencies accruing from the sales are programmed for economic developmental loans, market development, educational exchange, and various United States expenditures abroad, with substantial benefit to both the recipient countries and ourselves. This program should lay the basis for a permanent expansion of our agricultural exports on a normal commercial basis.

This amendment to Public Law 480 will permit the expanded future operation of this program within the same safeguards existing in the basic law. I take pride in the cooperative and constructive manner in which this program has operated during the past year. I feel sure that a continuation of the same spirit will make possible an expanded effort of greater mutual benefit during the coming year and an eventual replacement of this program by expanded commercial sales.