Word: formosae
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...shell raining again (see FOREIGN NEWS), the U.S. saw Quemoy and Matsu as being of even greater importance than in 1954. Said the President at press conference: the Nationalists now have one-third of their strength deployed on the offshore islands, and loss of that strength would lay Formosa itself more open to invasion...
...blunt diplomatic talk with military beef. To the Seventh Fleet of Vice Admiral Wallace ("Beak") Beakley steamed the carrier Essex and four destroyers from the Middle East, the big carrier Midway and the heavy cruiser Los Angeles from the West Coast. U.S. fighters rolled onto the ready line on Formosa, and Tactical Air Force sent out from the states a reinforcing squadron along with air cargo support planes from the Military Transport Service-all meaningful public warning that the U.S. means business...
From a strategic point of view, the targets that Red China's gunners worked over were not worth anything like the ammunition expended. Even if all of them fell into Red hands, the Nationalist bastion of Formosa, about 120 miles to the east, would still be screened by the Pescadores Islands (see map). But the Nationalist garrisons of the offshore islands mock Mao Tse-tung on his very doorstep. (Tatan and Erhtan, with a combined area of 143 acres, lie smack in the mouth of Amoy harbor only 2½ miles from shore.) Moreover, since Formosa itself was under...
Russia's Khrushchev and Red China's Mao, meeting in Peking in early August, were accompanied by their defense ministers-a fact that led to a rush of speculation. Gist of the rumors: Communist China was again preparing to attack Formosa or the Nationalist-held offshore island chains of Quemoy and Matsu. Later events gave some substance to the speculation: Communist MIG-17s and Nationalist F-86s and F-845 began tangling more often above Formosa Strait; Communist gunners began to pound the islands, last week put down thousands of shells in two hours of the heaviest bombardment...
...main reason for this poor showing does not lie in the guaranty program itself. Any U.S. investor in a country included in the program-from Venetian-blind makers in The Netherlands to rayon manufacturers on Formosa-can apply for insurance covering the full value of the investment. Policies bear a relatively modest annual premium of one-half of 1%. In the event of a claim, the U.S. Government takes upon itself to save or recover the investment, gives full restitution to the U.S. firm before undertaking legal and diplomatic action to collect. Premiums paid by protected firms go into...