His Majesty’s government is not being tough only with the people in these islands, however. At the moment it would seem that at last we are going to be firm with the tearful Mr. Mossadegh of Iran. Undoubtedly Mr. Mossadegh is in a very unpleasant position. If he does a deal with Britain he will probably be assassinated, and if he doesn’t he will not be able to pay the state employees their salaries.

In fact the weepy Persian Premier is in a sad way. But this whole affair shows how ridiculous it is for a world power like Britain to get mixed up with nationalization while it tries to maintain a closed economy. Quite obviously the British could not nationalize their own steel, coal and transport and, at the same time, deny Iran the right to nationalize its oil. By the British Government’s stupid limitation of dividends as a matter of fiscal policy the Anglo-Iranian Oil Co., which is government owned, [half-owned] could not pay increased dividends to Iran in spite of immensely increased profits.

There is really the basis of an amusing comedy in such a situation except that it is so close [...illegible] Here were the British, in honor bound to pay the Persians more, but unable to do so because of the Chancellor’s ruling on dividend limitation. These facts are of course known to readers of The Financial Post but I have ventured to bring them forward again in case the great men of St. James’s St. have failed to learn the lesson which Britain has with sweat and tears.