THE HIGH SEAS: Now, the Cod Peace

Iceland 3, Britain 0.

This seemed to be the score last week after Reykjavik handily won the third round—as it had the previous two —in the so-called Cod War, a 17-year-old dispute with London over the valuable fishing rights in the chilling Arctic waters off the Icelandic coast. At a hastily arranged meeting in "neutral" Oslo, British Foreign Secretary Anthony Crosland and Icelandic Foreign Minister Einar Agústsson signed a six-month agreement that could end what had become an increasingly acrimonious disagreement between the two NATO allies (they broke off diplomatic relations last...