Britain: Lord of Steel

The British Steel Corporation, a nationalized giant, last week opened for business after a long and turbulent incubation period. Named to head it was a chap about whom his government boss, Minister of Power Richard Marsh, exulted: "He's first-rate. He's got enormous intelligence, breadth, which enables him to get on with unions and everybody else. He's very dynamic, and he works long hours."

For the Labor Government, which nationalized steel over the anguished outcry of industry and the Conservative minority, the new man is an astonishing—but shrewd—choice. He is an Etonian, a Tory and a peer—Julian Edward Alfred Mond, 42,...