The International Tin Council was established in 1956, following on from the work of the International Tin Study Group, which was established in 1947 to survey the world supply and demand of tin. The ITC aims were to promote the achievement of a long-term balance between world production and consumption of tin, and to prevent excessive fluctuation in price. This was achieved by the creation and operation of a buffer stock system involving mandatory contributions by producer and consumer countries, the fixing of floor and ceiling prices, and the regulation of exports. The activities of the Council were governed by a series of six 5-year Agreements, commencing in 1956. The sixth agreement was extended for a further two years in 1987. The Council was dissolved in 1990.