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the many and varied uses of ocean space including the 
seabeds. At the same time we believe that it is neither 
necessary nor desirable to try to halt exploration and 
exploitation of the seabeds beyond a depth of 200 meters 
during the negotiation process, provided that such activi- 
ties are subject to the international regime to be agreed 
upon, which should include due protection of the integrity 
of investments made in the interim period. 
Second, we believe that there is reason to expect that 
the schedule for the Law of the Sea Conference outlined 
in the Conference Resolution just passed by the General 
Assembly will be adhered to. As previously indicated, 
the preamble of the Conference Resolution expressly states 
the expectation that the Conference will complete its work 
in 1974 or at the very latest in 1975. 
Third, we believe that with the Law of the Sea nego- 
tiations moving into a critical stage, it is necessary for 
States to be very careful to avoid actions that can have 
an adverse effect on the negotiating atmosphere. It is 
apparent that S.2801 (now H.R. 9), independent of the 
particular content or merits of the Bill, has become a 
symbol to many countries of defiance of the multilateral 
negotiating process. Regardless of our views on the intent 
and effect of the legislation, it may be argued by others 
that the legislation is similar to unilateral claims that 
we oppose and that are contrary to our security, navigation 
and resource interests, and moreover preempts the Law of 
the Sea Conference on this issue. It is well known that 
we have urged legislative restraint on other countries 
during the multilateral negotiating process even when they 
felt important interests were involved; we believe we 
should do the same so long as there are reasonable pros- 
pects for a timely and successful conference. 
Fourth, we wish to insure that technology to mine the 
seabeds will be developed and that the United States will 
be able to look to seabed mineral resources aS a new source 
of metals which would otherwise have to be imported with 
an attendant impact on our balance of payments and other 
interests. 
Fifth, we also believe that a secure and stable in- 
vestment climate must surround seabed mining activity 
under any new legal regime. 
