ABSTRACT
On May 23,1970, President Nixon, aware of the possibilities of development of the seabed and the waters above, issued a statement of policy concerning the oceans. He noted "that the present law of the sea is inadequate and if they are not yet modernized unilateral action and conflict among nations is inevitable.''1 To avoid this possible catastrophic development, Nixon contended that nations adopt a treaty:
Nixon then suggested that a treaty should establish an international regime that ’’would be for the collection of substantial mineral royalties to establish an international regime that "would be for the collection of substantial mineral royalties to be used for international community purposes." Nixon went on to say that these uses would be best served by "economic assistance to developing countries" and that a regime "should establish general rules to prevent unreasonable interference with other uses of the ocean,"3 namely, "to protect the ocean from pollution" and to "ensure the integrity of investment necessary for such exploitation and to provide for peaceful and compulsory settlement of disputes."
