Foreign Relations of the United States, 1964–1968, Volume VIII, International Monetary and Trade Policy

146. Memorandum From the Secretary of Commerce’s Assistant (Simpich) to Secretary of Commerce Trowbridge¹

Washington, October 13, 1967.

SUBJECT

• Balance of Payments Advisory Committee Meeting, October 9

Here, for future reference, is a summary of how we left matters at the October 9 BOP Advisory Committee Meeting:

1. The “target” is acceptable, subject to our promise to seek to squeeze $200 million from recalcitrant companies.

2. The responsibility for working on recalcitrants lies with the Department of Commerce, not the Advisory Committee.

3. The “goal” suggested to the Committee was rejected on the ground that it was largely attributable to what, in the Committee’s view, was an overly sanguine estimate of exports for 1968. The Committee will agree to whatever goal we derive by polling the 50 or so largest exporters, determining an average anticipated percentage increase in exports, and using that average as the basis for our calculation of the goal.

4. There will be no “advisory group” on foreign borrowing.

5. Although credit will not be given for exports in kind, we will encourage such exports in our statements, letters, speeches, etc. and give informal recognition of efforts of this kind.

Fred

1. Source: Washington National Records Center, RG 40, Executive Secretariat Files: FRC 74 A 30, Balance of Payments Background Material. No classification marking. A handwritten note on the source text reads: “Put with notebooks on BOP program.”