78 
(4) Elimination of the concept of reciprocating States which 
were defined as States having similar legislation or with which the 
United States establishes a comparable interim policy. 
(5) Elimination of the escrow fund which was derived from 
part of the license fees and tax revenues from deep seabed mining 
operations to provide financial assistance to developing recip- 
rocating States. 
(6) Elimination of the concept of an international registry 
clearinghouse to record licenses and keep records and place this 
function with the Secretary of the Interior. 
(7) Raising of the license fee from $5,000 to $50,000 
L 
The new legislation appeared to be much more independent in its 
nature in that it tended to eliminate many of the provisions that related 
to foreign countries. It was also a tighter bill in that it incorporated 
a number of additional restrictions, reduced the scope of the licenses, 
and allowed a time period for international agreement to be reached 
before permitting commercial recovery. 
Tn registering impatience over the lack of progress by the Adminis- 
tration in international negotiations and pointing out the increasing 
need to support American interests in deep seabed minerals, Senator 
Metcalf commented: 
That’s the last we’ve heard from President Nixon on this subject, which he 
said—or was quoted as saying—on May 23, 1970 was ’urgent.” I’m paraphrasing 
the quotation. He was quoted as saying thait “the issue arises now—and with 
urgency.” I suggest there may be something less than urgent about that 4-year- 
old urgency in the mind of the President. His inability or unwillingness to act are 
in sharp contrast to the Government of at least one other major developed power— 
the United Kingdom. 
In the opinion of some Members of Congress, and I am among them, we should 
support the efforts of American industry to go after these minerals vital to our 
economy. On the basis of information available to us now, our support certainly 
need not go so far as that of the United Kingdom—but American industry may 
be able to make such a case. In any event, they should have something more to 
go on than a hollow statement from the President that he, almost 4 years ago, 
did not believe it either necessary or desirable to try to halt exploration and ex- 
ploitation of the seabeds beyond the depth of 200 meters while we seek inter- 
national agreement on who shall develop seabed resources. 
Of course, it would be preferable to carry forward such exploration and de- 
velopment under an international agreement. But I am realistically pessimistic 
about our ability to achieve such an agreement in an assembly dominated by the 
world have-nots, whose primary interest in the seabed demonstrated to date is the 
intent to rip off what they can from the handful of developed nations with the 
wherewithal to develop these seabed minerals. 
Time is running out for our economy unless we find new sources of the min- 
erals we must have—and soon. I feel this Congress would make a horrible 
