In 1947 FAO set up a Committee on Commodity Problems (CCP), as a standing committee of its council. New Zealand has taken a close interest in the work of this Committee, and has been an elected member since 1955. Much valuable work has been done by commodity groups established by CCP for the study of problems of the production, marketing, grading, and trade in individual agricultural commodities. CCP has also set out guiding principles for formulating and administering policies of price stabilisation, support, and disposal of agricultural surpluses.