269. Editorial Note
On November 17, the White House in Augusta, Georgia, released the text of a November 16 statement by President Eisenhower outlining steps to improve the U.S. balance of payments. Among other items it instructed Secretary of State Herter to direct the International Cooperation Administration to emphasize financing U.S. goods and services in all of its activities, to place a ceiling on operations not financing direct procurement of U.S. goods and services, and to reduce the purchase of commodities abroad as far as possible. Eisenhower issued similar orders to the Development Loan Fund Board of Directors. For text, see Department of State Bulletin, December 5, 1960, pages 860–863. In a December 5 memorandum, Herter instructed ICA Director Riddleberger to phase out commodity procurement in several industrialized countries, to develop proposals for minimizing procurement expenditures in these countries, and to eliminate other expenditures in these countries. The text is ibid., December 26, 1960, pages 972–973.