14. Telegram From President Johnson to Prime Minister Wilson 1

CAP 64270. For the Prime Minister from the President. For morning delivery.

Thank you for your message giving me the outlines of your new economic program and for the further details given us today by Eric Roll.2

While we always regret the recourse to restrictive measures I fully recognize the need for strong action in defense of sterling. I welcome your assurance the import surcharges are temporary in nature and will be removed as soon as your balance of payments permits.

I am also most pleased at your desire to avoid recourse to higher interest rates.

I wish you every success in your effort to protect the pound. Success in this effort will reinforce the position of the whole free world.

  1. Source: Department of State, Central Files, FN 12 UK. Confidential; Exdis.
  2. See Document 13. No record of Roll’s meeting with U.S. officials on this occasion has been found.