Balance of payments issue; Balance of Payments Advisory Committee; a visit to LBJ at the Ranch; the Office of Foreign Direct Investments; Trowbridge's retirement and C. R. Smith; Charles E. Fiero; staffing problems; LBJ's free-trade views; textile industry and trade issues; the voluntary program with Japan; the aluminum price problem; wage-price controls; frequent meetings with senior business executives; the copper strike of 1967; the tax surcharge; evaluation of LBJ