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THE LYNDON BAINES JOHNSON L IB R A R Y PAPERS OF HENRY FOWLER BOX 53 HB27 htlp://fraser.stlouisfed.org/ Federal Reserve Bank o f St. Louis International Balance of Payments Classified Material: Cabinet Committee Meeting, 3/25/66 X m C/1 7 / TREASURY DEPARTMENT j ASSISTANT SECRETARY i 4 - 20^66 - " Mr. Trued also asked me to send this through. A copy has also been sent to Mr, Bator for his comments * nam M E R L Y K R o o m 3434 N. T R U E D 2522 E x t . h□ Ft r o n O n C i O" u T 1 Ui -* 3 * Hi r» m n Ch. 0 tii 0 1 - c ■ w P 1 H c i1 D a a L , h n (6 ! i f A ft a f *+ ( http://fraser.stlouisfed.org/ Federal Reserve Bank o f St. Louis i 55 C A B I K E T C O M M I T T E E O N BALANCE OF PAYMENTS Friday, M a r c h 25, 1966, 3:00 pm The f o l l o w i n g p r i n c i p a l s w i l l meet with Secretary Fowler in h i s o f X i c e at 3:00 pm: Defense Commerce £tate Agriculture AID Trade Negotiations Budget CEA White House Federal Reserve S e c r e t a r y McNamara Secretary Connor Under Secretary Mann Under Secretary Schnittker M r . Gaud Governor Herter Assistant Director Zwick Chairman Ackley Mr* Bator Chairman Martin T h e p r i n c i p a l s w i l l then m e e t with the following in R o o m 4 4 26: A s s i s t a n t Secretary Trued Treasury Defense Commerce State Agriculture Trade Negotiations Budget CEA white House AID Federal Reserve C U £-*44 http://fraser.stlouisfed.org/ Federal Reserve Bank o f St. Louis & M r .S c h a f f n e i Mr* Robert Kovarick Mr- Lawrence McQuade Asst Secy Solomon and Mr. Cooper Mr. Koffsky Mr. Richard Richardson Mr, Arthur Okun Mr. Gustav Ranis Go v ernor Daane & Governor Brimmer A»0 MEMORANDUM TO THE SECRETARY: _ March 24, 1966 From: ?hilip P. Schafir.er/i/P. & (Por information) (through Assistant Secretary Trued) 1 Subject:: 1965 Direct Investment Under Commerce Guidelines (a) Original estimate of 1965 outflow to all countries was $3 ,400 million* (b) The outflow is now calculated to be only $3,266 million (reflecting the borrowing of foreign subs) and will so appear in the balance-of-payments tables in the "Survey"* (c) To arrive at the outflow of parent companies' funds subject to the target* Commerce deducts from the $3,266 million... $290 mil* of refinancing and other outflows not considered a charge against the target $80 mil. representing the portion transferred to foreign subs during 1965 out of the $200 million borrowed abroad by U*S. subs during 1965 $2,896 mil* to all countries (d) Leaving (e) Of which (f) Leaving $2,456 mil* outflow to urogram coun tries (g) Instead of the $2,830 mil*., the original est* of out flow to program countries (h) Hence, the companies did better than est, for 1965 by the amt* (l) $440 mil* to LDC1s $374 mil With the 2-year target $4,£00 rail, outflow to program coun OI tries (j) http://fraser.stlouisfed.org/ Federal Reserve Bank o f St. Louis The cos have a still could $ 2 ^ 4 4 mil. outflow to program coun tries without exceeding the 2-year target * http://fraser.stlouisfed.org/ Federal Reserve Bank o f St. L