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industry represntatives and members of the publie on 
this issue with a view to formulating such an approach 
within the Administration. 
Similarly, we have had interesting discussions of this 
problem with other nations. In this connection, it must 
be borne in mind that economic as well as poliical fae= 
tors make it necessary that we understand and take into 
account the interests and views of other countries on 
this subject. United States companies will not be alone 
on the deep seabeds, nor will the United States be the 
only country affected by their activities. Thus, we alse 
intend te continue our consultations with other interested 
States on this subject, and in particular with those States 
whose nationals may in the foreseeable future be in compe- 
tition with our own companies. 
In this process, we will try to be guided by the need 
to avoid taking any definitive steps which would make the 
U.N. negotiations more difficult for ourselves or other 
nations, as well as the need to provide the essential 
elements of the financial security which industry considers 
necessary. 
Let me be quite clear about the timing of this course 
of action. First, we will commence work on alternative 
approaches immediately, and will cencentrate on the period 
between signature and entry inte force of the treaty; 
second, we will want to make a continuing assessment of 
the negotiations to determine if a timely and successful 
Conference will occur; and third, we will net ask Congress 
to pass alternative legislation for the period before the 
eenelugion of the Conference if a timely and successful 
Conference is predictable. 
Let me also be clear as to what we mean by a "timely 
and successful" Conference. We would not regard a Con= 
ference as timely unless the schedule referred to in the 
preamble of the Conference Resolution is adhered to: in 
other words, a Convention, ineluding arrangements regarding 
the provisional application of the international seabeds 
regime, would be opened for signature in 1974 or, at the 
latest, in 1975. In practical terms, this means not later 
than the summer of 1975, since many delegates would have 
to be present when the U.N. General Assembly convenes 
in September. 
