IRAN: Blowup?

The Iranian fuse was sputtering nearer & nearer to the powder keg.

Early last week, Anglo-Iranian's negotiators had walked into the Teheran meeting room with a highly reasonable offer: the British would accept, almost without qualification, the principle of nationalizing Anglo-Iranian. They suggested this method of procedure: Britain would give up all its Iranian assets (worth about $1 billion) to an Iranian-owned Persian National Oil Co. In turn, the new company would contract with an operating concern to manage production. The operating concern would be directed by a joint British-Iranian board. Final item: Britain would pay Iran $28 million immediately,...

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