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THE LYNDON BAINES JOHNSON L IB R A R Y

PAPERS OF HENRY FOWLER
BOX 53

HB27


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Federal Reserve Bank o f St. Louis

International Balance of Payments Classified Material:
Cabinet Committee Meeting, 3/25/66

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/ TREASURY DEPARTMENT
j ASSISTANT SECRETARY

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Mr. Trued also asked me
to send this through.
A copy has also been sent
to Mr, Bator for his
comments *

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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


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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)


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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 *


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