Evening star., 1923-08-25
British Admirals Are ''Wet'':
McKenna Not for Cabinet

cXchequer have been reduced To the
vanishing point. Mckenna, who was.
in the decade lasting from 1906 to
1916. in turn. minister of education.
first lord of the admiralty. secretary
of state for home affairs and chan
cellor of the eXchequer, until the ad-
vent into power of the Lloyd George
government, is very unCompromiS-
ing liberal and is committed t.
economic policies opposed 10 those Of
the ultra a-conservative members Of the
present administration. He is most
vigorous champion of free trade and
has frequently expressed his opinion.
in no uncertain terms that all ad
valorem duty on imported luxuries
imposed during the great war should
have been repealed on the restoration
of peace. insisting that these duties
were only authorized by parliament.
at his request, on that distinct under
standing.
When Reginald McKcnna agreed
last winter to accept Stanley Bald
wins offer of the chancellorship of
the excheQuer. it was on the under
standing that these war duties would
be repealed, and there is no doubt that
McKenna was prompted to accept the
office by this belief, and also by the
universal expression of public opin-
ion that he was the man supremeIy
fitted for the position of the con-
troller of the finances of the nation
in these extremely difficult times AS
to his unique competence. there can
be no question. For. since his with
drawa1 from politics in 1915 when he
followed his friend and chieftain. Her
bert Asquith. into retirement and be-
came the chairman of the London
Joint City and Midland Bank. he has
=. Il ,l.r, 49,.
and trusts into the most powerful
banking combine in the United King
dom. gradually becoming the prin-
Cipal power in the financial world OF
the British metropolis. His return to
politics and his acceptance of the
office of chancellor of the excheouct
would have involved enormous per-
sonal sacrifice, which. however. hs
was willing to undertake for the sake
of patriotism
But McKenna was not willing to ga
back on his word, and when last
June Capt. Wedgewood Benn, NJ. p.
who is credited with card index"
mind, produced letter written by
McKenna two years ago. vigorously
championing the repeal of these war
duties on. the ground that their con-
tinuance was a breach of faith, and
asked, point blank. of the government
for an assurance that either the cab
met had yielded to McKenna or that
the latter had abandoned his prin-
ciples proclaimed in the letter-and
the government was unable to give
a definite answer-it was felt that
his prospects of becoming chancellor
of the exchequer had become very
dim. Since then Lord Salisbury and
other ultra conservative members ot
the cabinet, who are strong advo-
Gates of protection for the purposes
of revenue. have taken up the cud-
gels against any concession to Nc
Kenna in the matter. and, as a result
thereof both Sir Frederick Banbury
and Edward Charles Grenfell. heat
of the London branch of the banking
firm of j. Pierpont Morgan. the two
ultra-conservative members of the
city of London in parliament. have
declined to any longer consider the
question of surrendering their seats in
favor of one to whose political views.
especially on economic matters, they
were, like the Marquis of Salisbury, so
strongly opposed. As McKenna's un
the chancellorship of the exchcquer.
1t would be to sit in parliament with
the additional prestige of being the
Representative there of the city, which
| is an altogether privileged position.
he has now declared that he will no
longer consider the question of re-
turning to parliament or to politics
and will remain in his wonderfully
lucrative and powerful position as
chairman of the London and Midland
. Joint stock banking combine.