Foreign News: Success at The Hague

In all the trade of war no feat Is nobler than a brave retreat.

Hudibras.—Samuel Butler

The retreat of Germany's stiff-necked Dr. Hjalmar ("Iron Man") Schacht at The Hague Reparations Conference last week was epic, masterful.

The President of the Reichsbank came upon the scene with the haughty air of a Goliath, defying not only the Allied Powers but also his own Government (TIME, Jan. 20).

The Conference had substantially agreed to sign forthwith the protocol of the Reparations Plan, drafted at Paris last spring under the chairmanship of Owen D. Young, by a committee of...

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