Foreign News: Schacht vs. Managers

Dr. Hjalmar Schacht, new President of the Reischbank (TIME, Dec. "31), was not in any hurry to assume his duties. Having been elected in opposition to the wishes of the Board of Managers of the Bank, he was reported to be anxious to avoid the machinations which the friends of Dr. Helffrich, the candidate of the Board, were preparing.

To this end he asked the Reischtag to pass a law giving the President of the Reichsbank the necessary power to ignore the Board of Managers and hold him solely responsible to the President of the Republic.

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