 The World's Most Honored Watch is Laun Jean. Laun Jean watches have won 10 World's Fair Grand Prizes, 28 gold medals and more honors for accuracy than any other timepiece. Laun Jean, the world's most honored watch, is made and guaranteed by the Laun Jean Wittgenall Watch Company. It's time for the Laun Jean Chronoscope. A television journal of the vital issues of the hour brought to you three times weekly. A presentation of the Laun Jean Wittgenall Watch Company. Maker of Laun Jean, the world's most honored watch and Wittgenall. Distinguished companion to the world-honored Laun Jean. Good evening, this is Frank Knight. May I introduce our co-editors for this edition of the Laun Jean Chronoscope? Mr. L.A. Brophy, General Business Editor of the Associated Press. And Mr. William Bradford Huey, Editor of the American Mercury. Our distinguished guest for this evening is Mr. Charles L. Harding, Coordinator of Middle East Operations and member of the Board of Directors of the Sikoni Vacuum and Arabian American Oil Companies. In this spontaneous and unrehearsed discussion, the opinions are necessarily those of the speakers. Mr. Harding, our listeners tonight are of course concerned over the Iranian crisis and I'm sure they are welcome the information which an expert like you can give them. Now what do you think is the next most likely development in the crisis, sir? I think that's a pretty hard question to answer. It looks like the Iranians are pretty determined to exclude the British technicians from their country. And if the Iranians do take such a step and they drive the British technicians out, what will be the result, sir? Well, I doubt that they'll be very much oil leave the Iranian shore. I don't believe that they can operate the refinery or the oil industry without the British technicians. Nor do they have the tankers nor the markets to move the oil to. So it seemed to me that the industry would stay at a standstill. With this great installation thus out of commission, Mr. Harding, what then do you think will be the effect upon the economy of the European nations and of the United States? We won't be short of oil. We still have plenty of oil to supply the needs of our friendly powers and also of the United States. The resources in the Middle East are very large and they're divided more or less between four or five different political jurisdictions. And we've already made up substantially most of the short production as a result of the falling off of Iran. Is there any danger, sir, of our troops in Korea suffering from a loss of oil? No, I think not. Is that war being oiled from the Middle East or from our own supplies in the United States? Well, I suppose a major portion of those supplies are coming from the United States. Some have been coming from the Middle East. Would you say that our enemies, the Chinese Reds, are receiving any oil from the Middle East now, sir? Not to my knowledge. Do you know where they are receiving their oil from where they're receiving it? No, that's a question that we've been trying to find the answer to. I don't know. Since you need oil to win wars, what do you think is a situation regarding the present and potential oil supplies of the Free Nations and of communist Russia? Well, I think you might be interested in our best guess there as to the Russian picture. But on the whole, we're producing about ten times the amount of oil in the Free Nations that are produced by Russia and her satellite countries. So I doubt there'll be any shortage of crude oil and I think we'll make up the refining capacity. That's an interesting figure, sir. You mean we are producing at least ten times the Russian production now? That's our best estimate, yes. Somewhat more than ten times. I'd like to know this, sir. If the Iranian oil field should fall in the hands of Russia, I think most of our people are worried over that contingency. If that should happen, if Russia should move in, do you think that it would be possible for Russia to explore at these fields at once? Well, if Russia were to make an arrangement with Iran, then her real problem would be transportation. And she separated from the oil by this high range of mountains. So I would doubt very much that more but the tiniest trickle of oil would flow overland to Russia over a period of the next few years. And I would also think that, say, within a period of three or four years, it would be pretty hard for Russia to obtain enough tankers to move any substantial quantity of oil to two Russia. Certainly, I doubt that there would be enough move to effect their war potential. You are seeing an effect, sir, as an oil expert, that even if Russia got the fields, we wouldn't have to worry about Russia exploiting the fields for at least another three years. That would be my best guess. Now, the long-term picture could be something quite different, you understand. Then you think that even if Iran does make a deal with Russia, that there will be more oil for, say, the Atlantic-packed nations than for Russia in the Middle East? Oh, I don't think there's any question about that. There are ample crews. As I said, the resources in the Middle East are very large and we can make the crew itself up from other sources and we're rapidly replacing the refining capacity by operating other refineries to a greater extent than we have. Will the British have ample oil supplies if they lose the Aberdan refinery? Yes. They'll be hard put until they can replace the refinery. But I don't anticipate any real shortage and we're already replacing part of the oil from Western Hemisphere sources for Britain. So, your conclusions are then that even if the oil fields should be lost at the moment, about the people who would suffer most would be not we in America, not Americans or not our allies in Western Europe, but the Iranians themselves. I would think that's correct. It would mean shelling off the source of their, the most of their revenue because the oil can't flow without the tankers and the markets that are required and are not possessed by the Iranians. Do you see any foreseeable time limit as to when this controversy might be settled? No, I don't, Mr. Rolfie. I think it's a very difficult question to guess on. Is there any responsibility, American responsibility tonight in the most latest development series that the British have appealed to the United Nations? Do you see an American responsibility there? What do you think that we as a nation should do now in this crisis? Well, I think what we've done has been quite worthwhile. It's well to keep in mind that Iran is one of the few major oil producing nations of the world in which there is no American oil investment. Now, as you know, our government offered its friendly services to Iran as a disinterested nation, hoping and to Britain, hoping as a neutral party to the problem to try and bring them together in a solution. Now, the fact that they've failed, all our efforts have failed after the present time shouldn't discourage us from continuing to try to bring about a proper solution. I certainly don't think we should encourage Britain to go beyond the point which would violate principles. Now, you represent companies, sir, that are now engaged in other parts of the Middle East and producing oil. What's the situation in regard to your companies and our relations with other nations in the Middle East now? I think on the whole our relations are relatively good, but those countries are watching this Iranian development very closely, and I'm sure that, depending on the form of solution worked out there, it could have an effect on their attitude toward us. Do you think the fire might spread to threaten some of our relations there? I think it depends on the kind of solution that's arrived at, and that's why I think it's most important that we not try to obtain an expedient solution which violates fundamental principles and could upset our oil investments elsewhere. Do you think that we have followed the proper course in this dispute so far? Well, that is a bit difficult to answer. I certainly feel the American government was justified in trying to help the parties find a solution. I think that they've been equally justified in not encouraging Iran and the breach of the contract that's taken place there. What we have tried to do as a friendly power, I'm sure, is to help find a solution and still maintain these basic principles of faith in this spoken word and written word. Mr. Harding, this is a question that I know the military has discussed a great deal. Are the Middle Eastern oil reserves so valuable that we as a nation should even go to war to deny them to Russia? Can we as a nation safely allow Russia to take over the Middle Eastern oil fields? Well, I suppose maybe a question of what you mean by safely. That certainly those Middle Eastern reserves are most important to us. We need them in the world today without the Middle East. That's something quite different than Iran. You're talking about the total. I mean if the fire spreads and we lose them all. Then we wouldn't have enough oil to supply our needs and the needs of Western Europe without very severe rationing in this country if we were to lose the Middle East. This question, sir, I'm sure all our listeners would like to have your answer to. Do you think that there's any likelihood of rationing in the United States as a result of this crisis? No, I don't think there will be any need for rationing as far as we can tell either of gasoline or heating oil in this coming winter. Certainly not as because of the Iranian situation. Then to recap, sir, your message tonight is one of reassurance to Americans that even if the oil fields are temporarily lost, that we will not suffer and our allies are not likely to suffer and our enemy Russia could not exploit the fields immediately. Thank you very much for being with us, sir. The editorial board for this edition of the Long Gene Chronoscope was Mr. L. A. Brophy and Mr. William Bradford Huey. Our distinguished guest was Mr. Charles L. Harding. The custodians of time are the astronomers of the national observatories around the globe. Their master clock is the sky. For only from the stars in the heavens does man get accurate time. Only the universe is the perfect timekeeper. And the most accurate man-made timepiece in the world is not absolutely correct. But about the most accurate watch in the world is Long Gene. The only watch to win first prizes from the four great government observatories of Washington, Geneva, Neuchâtel, and Q. Teddington. For more than 75 years, year after year, Long Gene has entered observatory accuracy contests. And Long Gene watches have won literally thousands of prizes, bulletins, and awards of merit. As an example, the most accurate wristwatch ever tested at the Neuchâtel government observatory was the Long Gene. The Long Gene watches now being shown by fine jewelers throughout the world reflect in every detail of performance and beauty the perfection which Long Gene watches have attained. Among the world's finest watches, Long Gene alone has won 10 World's Fair Grand Prizes and 28 Gold Medal Awards. 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