402 



Congressional hearings will probably take place some time later on this 

 spring and, hopefully, concrete action will result in launching at least a good 

 part of the new program as proposed by the Commission during the coming 

 fiscal year. The Government now plainly has "the ball" to convince the private 

 sector of the economy that it means "business" in oceanography. The Council 

 will probably continue to function until Congress and the Administration have 

 kcted on the Commission's report. It is obvious that some sort of effective 

 coordinating agency is needed to spearhead existing and proposed programis. 

 If it is established with sufficient authority, it should result in an energetic 

 and aggressive program for oceanography in the 70's. The thrust from the 

 Government would be research, leaving development mainly to industry. 



We feel encouraged at the breadth of the proposals by the Commission. We 

 hope that the Administration and the Congress will provide the necessary follow- 

 through. This year may well be a decisive one in determining the Gavernment's 

 role in oceanography. We are glad that subsidies have not been recommended 

 and feel that the Government's role is properly to concentrate on research and, 

 of course, security together with clarifying legal questions with other govern- 

 mental bodies. Industry will respond, we are sure, as it has already started 

 to do, when the government program starts to shape-up and seed money is laid 

 on the line to provide the catalytic effect and incentive to business, as well as to 

 the many coastal states and municipalities. 



Involving the Coast Guard in more of an active oceanographic role, especially 

 in peacetime, makes a great deal of sense as does bringing the Bureau of Com- 

 mercial Fisheries directly into an ocean-oriented agency, where it would prob- 

 ably be a more effective influence in providing leadership and guidance to the 

 fishing industry. 



As air and water are so inter-related in providing our environment, including 

 the weather and avoiding pollution, we are strongly in favor of including the atmo- 

 sphere in the proposed agency's domain. It should help spark lagging pollution 

 abatement progranas. 



Our views about the relative investment merits of oceanography's main areas 

 of activity were discussed in the following talk. 



AMERICAN MANAGEMENT ASSOCIATION MEETING ON OCEANOLOGY 



Tuesday - February 26, 1969 - - - Americana Hotel, N. Y. 



SUBJECT: "Management Considerations in Oceanology Operations - Financial" 

 By: Robert L. Clark, Vice President, Hayden, Stone Incorporated 



We, in Wall Street, are often accused of setting and following fashions in the 

 Stock Market. Certain groups of stocks are in style - like those of companies in 

 the nursing and mobile home business, including house boats and now even floatels ! 



J 



