At the first meeting of the International Tin Council, held in London in July 1956, it was agreed that September 15, 1956, would be the date from which producing countries would begin to make their contributions to the buffer stock. The producing countries announced their intention to make their initial contributions in cash rather than in stock, because payments were based on the tin floor price, which was below the current market price at the time of the meeting. All the main producing countries had become members by the time of the meeting. The Council decided to open its next meeting on October 15, 1956.