Covenanter Witness Vol. 54 - Rparchives.org

Current Events
By Prof. William H. Russell, Ph.D.
HOPE FOR PEACE
A new peace drive seems to be under way in the Com
munist world. The Big Four are making preparations for a
conference to settle the Austrian peace treaty. While at
Bandung, Chinese Premier Chou En-lai asked for direct ne
gotiations with the U. S. over Formosa and other Far East
ern questions. Last February Chou rejected the idea of U.N.
negotiations. His recent announcement followed a luncheon
conference of the eight leading Asian premiers. The state
ment professed friendship for the American people and a
desire to lessen tension around Formosa, but Chou still in
sists that Formosa belongs to Red China. The U. S. will de
mand the participation of Nationalist China as an equal in
any conference. As a guarantee of Red sincerity, we also
want the immediate release of our imprisoned airmen, and
a cease-fire in the Formosa straits. Chou En-lai is not likely
to accept these conditions without modification; but his new
attitude lessens the immediate danger of attack on Quemoy
and Matsu, and offers new hope for peace.
U. N. EVALUATION
A provision in the United Nations Charter calls for a
conference, at the end of ten years, to consider revising the
charter. This fall the General Assembly
will automatically
take up the question of holding such a session, and some
worthwhile discussion has already resulted. The Senate For
eign Affairs Committee is holding hearings on the subject.
One proposal is to strengthen the U. N. Security Council by
limiting the big-power veto, which has been a major obstacle
to the handling of important disputes. At the other extreme,
some believe that either the free nations or the Communists
should get out of the U. N. Most of the practical suggestions,
however, have involved little change. Secretary of State Dul
les believes that the Russians would not agree to any major
changes in the charter, but that some improvements can be
made in procedure. Ex-Presidents Hoover and Truman have
made similar statements. Mrs. F. D. Roosevelt, who has
given most of the past ten years to U. N. work, is also skep
tical of the value of a revision conference.
HOME FROM BANDUNG
The Asia-African Conference at Bandung, Indonesia, has
adjourned without the Communist victory which many West
erners had feared. Twenty-nine nations, from Egypt to the
Philippines, were represented at the seven-day meeting.
Several pro- Western countries made strong attacks on Com
munism, denouncing it as a new form of colonialism and de
fending their alliances with the West. Premier Chou En-lai
of Red China was taken aback by this hostility, but kept
a conciliatory attitude. He threw his country's support be
hind the Arab states in their quarrel with Israel. Premier
Nehru of India failed to dominate the proceedings as ex
pected, though he made a forceful appeal for neutrality and
coexistence. Our diplomats are relieved that the conference
did not commit itself to an anti-Western position, and that
the Afro-Asian nations apparently do not form a solid bloc.
MENTAL GIANT
Few scientists have won such affection and respect as
Dr. Albert Einstein, who recently died at the age of 76.
May 4, 1955
One of the great mathematicians and physicists of moderntimes,
he was also famous as a humanitarian. Einstein left
his native Germany in 1932 because of the rise of Nazism,
and spent his last years at the Princeton Institute for Ad
vanced Study. He was most famous for his theory of rela
tivity, which introduced time as a fourth dimension. His:
work on the quantum theory
showed the relation between
matter and energy, and thus opened the way for the develop
ment of atomic energy. Einstein's passion for social justice
sometimes led him into unpopular causes, but he was widely
loved for his sympathy and humility. He willed his brain to
science, to determine whether it had any physical variations
which would help to explain his mental power.
GOOD NEWS FOR BRITAIN
Great Britain's Chancellor of the Exchequer, R. A. But
ler has given Parliament a budget with sweeping tax reduc
tions. The basic rate of income tax is cut from 45 to 42.5
per cent on all taxable incomes above $1,400, and more lib
eral deductions are allowed for dependents. The 50 per cent
purchase tax on textiles will be reduced 25 per cent. These
cuts will lower government revenues by $375 million, but a
treasury
surplus is still expected. Britain had a surplus of
over $1.2 billion for the past fiscal year, much higher than
predicted. Political considerations are also involved in the
new budget, as Parliamentary elections will be held May
26. Britons will still pay much higher income taxes than we
do in the U. S. more than double at the upper income levels.
SURPLUS DOLLARS
A recent report of the Hoover Commission brings out
the possibility of large savings in the disposal of federal sur
plus property. Our national government holds property,
scattered around the world, worth about $155 billion, not
including land, surplus farm commodities, or stockpiled
strategic materials. Each year about $2 billion worth of unneeded
goods are sold, usually at auction. The average sur
plus sale brings only 5 to 7 per cent of the original cost.
Better methods of disposal might increase this percentage
and save many millions. The commission also found that the
government needs a better inventory and cataloging system
to keep track of its property and prevent the accumulation
of excess stocks. The report estimated that such improve
ments could eliminate from $10 to $20 billion worth of sup
plies now in government warehouses.
STOCKHOLDERS FIGHT
One of the bitterest battles in modern corporate finance
has ended in victory for 82-year-old Sewell Avery, who will
keep control of Montgomery Ward & Co. As the nation's sec
ond largest mail-order house, Ward has 650 retail stores
and $327 million in cash assets Avery's management was
challenged by Louis E. Wolfson, a Florida financier, who
charged that Avery was hoarding Ward's assets and losing
business to Sears Roebuck. Last August Wolfson began a
campaign to secure the proxies of other stockholders for the
election of the board of directors. He promised to expand
Ward's operations and pay bigger stock dividends; but when
the balloting began, he had to concede defeat, and Avery
apparently has no plans for retirement.
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