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Fortnight ago the Imperial Businessman had instructed Al Smith's publicity director, Josef Israels II. to tell the world that His Majesty was willing to settle on terms only slightly more generous to Ethiopia than those offered by The Deal of Hoare & Laval. He was willing to yield a great chunk of his empire in exchange for peace and a corridor to the Red Sea. The resignation of Sir Samuel Hoare and the tribulations of Premier Laval last week caused the Imperial Businessman to propose a completely New Deal. Ethiopia's new "basis for discussion," with which the Man of the Year masterfully closed 1935, are that: 1) Mussolini's forces are to withdraw; 2) Italy is to pay an indemnity to Ethiopia, and 3) the Great Powers excluding Italy are to be invited to a new game of giving economic, administrative and financial "assistance and advice" to Ethiopia, with Haile Selassie holding all the trumps and calling it Civilization.