The Exchequer

Reginald McKenna, liberal member of Parliament and Chairman of the London Joint City and Midland Bank, informed Premier Baldwin that he would not be able to assume the office of Chancellor of the Exchequer, at present held with the Premiership by Mr. Baldwin.

At the time Stanley Baldwin became First Minister in succession to Andrew Bonar Law, who retired on account of ill health, it was announced that Mr. McKenna would take over the portfolio as soon as his health permitted (TIME, June 4).

Mr. McKenna's refusal, therefore, puts the Government in a difficulty. Sir Robert Home, an ex-Chancellor, was approached, but it is understood that he has again refused the post. The name of Neville Chamberlain, Minister of Health, has been mentioned in connection with the vacant post, but nothing definite is known. Austen Chamberlain (halfbrother to Neville) is the most likely man if he can be brought back into the Conservative fold.

The reasons for Mr. McKenna's refusal were not published. As he is a Liberal it is not difficult to infer that office in a Conservative Government would be trying to say the least; but there are doubtless other reasons.

Reginald McKenna is 60 years of age and a Senior Wrangler of Cambridge. He became Financial Secretary to the Treasury in 1905, President of the Board of Education 1907, First Lord of the Admiralty 1908, Home Secretary 1911, Chancellor of the Exchequer 1915.

He was an ardent oarsman in his youth; in 1887 he rowed bow in the Cambridge eight and in later years won the Grand and Steward's cups at Henley-on-Thames.