Preface 
Early in its history, the Commission organized 
seven panels. Each dealt with a major area of 
interest pertinent to the responsibilities assigned to 
the Commission by the” Marine Resources and 
Engineering Development Act of 1966, P.L. 
89-454. Thus, a means was provided to focus on 
the basic problems and to recommend solutions in 
critical areas. This report is the work of the Panel 
on Industry and Private Investment. 
The panel gathered information from many 
people,’ including approximately 150 personal 
interviews with key figures. A series of conferences 
was sponsored by the Ocean Science and Tech- 
nology Advisory Committee (OSTAC) of the 
National Security Industrial Association (NSIA) to 
assist the panel. The panel utilized detailed state- 
ments and reports provided by: OSTAC; the 
National Chamber of Commerce; the Oceano- 
graphic Committee of the National Association of 
Manufacturers; the National Academy of Engi- 
neering, Committee on Ocean Engineering; the 
National Oceanography Association; and various 
organizations under contract to the Commission 
and the National Council on Marine Resources and 
Engineering Development. Much information was 
derived from symposia sponsored by various tech- 
nical societies and universities during the period in 
' individuals making primary contributions are listed 
in Appendix A. 
which this report was being prepared. In addition, 
the panel participated in formal hearings with 
representatives from Federal and State government 
agencies, industry, universities, and non-profit 
institutions. Finally, the help of Charles C. Convers 
and J. Stan Stephan was enlisted for particular 
portions of the text. 
The report has been carefully reviewed by 
consultants and various experts throughout gov- 
ernment and industry, to whom the panel is 
indebted. 
Kenneth Drummond, of Texas Instruments, 
served as Panel Executive Secretary. Of major 
assistance to the panel in writing the report were 
the following staff members: Timothy J. Coleman, 
Union Carbide Corp.; James W. Drewry, University - 
of Virginia; Amor L. Lane, American Machine & 
Foundry Co.; and R. Lawrence Snideman II, The 
Oceanic Foundation. The panel greatly appreciates 
the contributions of these individuals and the time 
made available by their organizations. 
Respectfully submitted, 
Richard A. Geyer, Chairman 
Charles F. Baird 
Taylor A. Pryor 
George H. Sullivan 
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