Foreign News: 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....