406 



would be a source of capital for private companies, especially when circumstances 

 seem favorable to their becoming public in a year or so. Wall Street may then be 

 ready for oceanography in answer to Admiral Waters' aptly put question "Is ocean- 

 ography ready for Wall Street"? There is, indeed, a continuing interest in the 

 financial community in oceanology. It is regarded as a new industry with great 

 potential in the years to come as it emerges onto the industrial stage. 



As the needs develop and the budget pressures lessen from Vietnam, fin- 

 ancing, both private and public, will, we feel sure, be available to make our 

 waters and ocean beds contribute an increasingly important share of our Gross 

 National Product and to our country's security. 



In conclusion, it might be well to turn part of our title for this meeting 

 around to say that there is a Challenge to Government and how it organizes itself 

 to do the job in responding to the Commission's report. An effective civilian 

 agency seems to be needed for direction and funding and showing industry that 

 it means "business". There is a great deal for Government to do to provide 

 industry with the necessary incentives and favorable economic environment in 

 many areas of oceanology. 



Government initiative is needed in fisheries, in pollution, in shipping and 

 shipbuilding, in research and development, in underwater search and rescue, 

 in coastal and harbor development. Some progress has been made. We hope 

 it continues and without undue delay. 



OCEANOGRAPHY AND NATIONAL DEFENSE 



Proposals to Bar Arms from the Ocean Beds 



The Russians have submitted a draft treaty at the disarmament conference 

 currently underway in Geneva prohibiting the use for military purposes of the sea 

 bed and the ocean floor and the sub-soil thereof beyond the 12-mile maritime zone 

 of coastal states. Nuclear weapons or any types of weapons of mass destruction, 

 military bases, structures, installations, fortifications or other objects of a 

 military nature would be forbidden. Territorial waters would be excluded. 



The United States, through a letter submitted by President Nixon to the con- 

 ference, in its first item has proposed that an international agreement be worked 

 out that would prohibit the emplacement of nulcear weapons or other weapons of 

 mass destruction on the sea bed. In responding to the Russian proposal, Gerard 

 C. Smith, Director of the U.S. Arms Control and Disarmament Agency, indicated 

 that the U.S. would oppose the Soviet proposal to include in the ban, military bases, 

 structures, installations, fortifications and other objects of a military nature either 

 on the ocean floor or beneath the sea bed. There would be no ban on the operation 

 of submarines in either proposal. 



