Ordinarily an oil tanker is an unromantic part of ocean traffic, its comings and goings little noted except by its owners. The tanker British Advocate is an exception. At Abadan its sailing papers were handed to the skipper by no less a personage than Finance Minister Amini of Iran. [Ali Amini]

There was good reason for the ceremony. The Advocate was the first tanker to visit Abadan in three years. In the interim Iran’s oil had been the center of a raging storm of Iranian and international politics, a menace to world peace.

There was fault on both sides. It is significant that the new agreement, between Iran and eight oil companies, gives the government half of the net oil profits, whereas the old contract with the Anglo-Iranian Company [sic] gave the government a fifth of the dividend paid to stockholders.

On the other hand, former Premiere Mossadegh [sic] took the wrong course in seizing foreign property by force and maintaining himself in power by violence. He now has plenty of leisure to consider his mistakes, for he is in prison.

The three-year struggle cost both sides heavily. For Iran and its poverty-stricken people the loss is some half billion dollars so far, and will be more before the Iranian industry can get back to its former volume. Indeed, it may never regain its old position, for its place has been largely filled by others.

There are lessons for both sides. For the big powers, don’t cling too long to arrangements which have an imperialistic or colonial aspect. For fiercely nationalistic small countries, don’t kill the goose that lays the golden egg. Americans can be well satisfied at an ultimately peaceful outcome ending the once-serious threat of a Communist take-over in Iran which would breach the Near East defense line.