Authorizes the following fiscal year 1974 appropriations for maritime programs of the Department of Commerce: (1) $275,000,000 for acquisition, construction, or reconstruction of vessels; (2) $221,515,000 for payment of obligations incurred for ship operation subsidies; (3) $20,000,000 for research and development; (4) $3,773,000 for reserve fleet expenses; (5) $8,600,000 for maritime training at the Merchant Marine Academy; and (6) $2,427,000 for financial assistance to state marine schools.

Authorizes additional supplemental amounts for employee benefits such as increases in salary and retirement pay.