(e) Extension of the investment credit against 
income tax. 
Such incentives would encourage industry to 
undertake initial, high risk ventures and also 
make enterprise on U.S. continental shelves 
more competitive with that of foreign countries 
providing such incentives. Special tax compensa- 
tions should be discontinued gradually as the 
offshore mining industry becomes self-sustaining. 
—Minerals mined by U.S. companies in inter- 
national waters should not be subject to import 
duties and restrictions. To consider such minerals 
to be of foreign origin would impose an undue 
burden on the infant industry. 
—The existence of multiple use conflicts poses a 
possible barrier to ocean mining. Because no 
strong industry represents offshore mining activi- 
ties, established interests probably will voice 
strong objections to such ventures. Problems will 
arise not only from existing regulatory policies, 
but from traditional users of the ocean for 
navigation, fishing, and recreation, from conserva- 
tion groups, and from owners of pipelines and 
communication cables. 
Encouragement from Federal, State, and local 
governments will be needed in a variety of such 
multiple use conflicts. For example, water quality 
standards now being set by States rarely consider 
the possibility of offshore mining operations. A 
time may arise in the future when pollution 
regulations inadvertently prevent a company from 
carrying out a profitable offshore mining venture 
simply because mining was not considered when 
the law was formed. 
—The Coast Guard should review its requirements 
for operation of special vessels at sea. Indications 
are that the present regulations, particularly with 
regard to minimum crew size, are unrealistic where 
applied to offshore mining operations. The regula- 
tions may burden the operator with an additional 
and perhaps unnecessary cost. 
—Navigation systems sponsored by the Federal 
Government, although extremely useful to off- 
shore mining companies, do not provide sufficient 
accuracy for some types of exploratory surveys. In 
many types of delineation or recovery, extreme 
precision is required. Perhaps this degree of preci- 
sion is more properly obtained by installation of 
private systems; however, there is more general 
need for a National system that will allow survey 
data to be obtained with much more accuracy and 
that will be economic for many users. 
Three other topics important to offshore min- 
ing have been discussed at length in different 
places: the industry’s technological needs are 
found in the report of the Panel on Marine 
Engineering and Technology; the importance of 
environmental data and prediction services is 
discussed in the petroleum section of this chapter; 
and the need for clarification of jurisdiction in 
offshore areas is emphasized in Chapter 3 of this 
report, in the Panel Report on Management and 
Development of the Coastal Zone, and in the 
International Panel Report. 
V. FISHING 
A. Fundamental Position 
Fishing as an occupation is as old as mankind. 
In this country it has evolved through the years 
with the Nation’s economy and politics. Two 
important U.S. fisheries, tuna and shrimp, are 
economically strong and healthy; several other 
segments of the industry are almost as vigorous; 
and still others are marginal. The industry often 
has been called sick, but this description is 
misleading. It is not a single industry, but a group 
of diverse industries, each with its own peculiar 
problems and economic situation. 
These industries have some serious common 
problems which probably will lead to progressive 
deterioration if not checked. Some are world 
problems, common to all sea-fishing nations. 
Others are strictly domestic problems which place 
the U.S. fishing industry in a weak international 
competitive position. In some areas the industry is 
subject to international treaties as well as a maze 
of U.S., State, and local regulations. 
Fish are a freely available, renewable resource. 
Although found at all depths and throughout the 
world’s oceans, most desirable species are concen- 
trated near coasts.1? Even the coastal fisheries, 
19The ratio of U.S. catch beyond coastal fisheries to 
total catch is about 10 per cent in tonnage with about 15 
per cent in value. If statistics on U.S. flag tuna landed in 
Puerto Rico were included, the percentage would be 
somewhat higher. 
