Very Peculiar Circumstances

Walter Runciman's role in the crisis of 1931 and its aftermath is not as well known as those of his Liberal contemporaries, Samuel and Simon. It was, however, at least as important in determining the outcome. Runciman was not a member of the first National Cabinet of August 1931, but he reluctantly accepted the Board of Trade, on flattering terms, in November. Highly regarded by MacDonald, he developed an effective working and personal relationship with Neville Chamberlain, and together they shaped the government's tariff policy. It was a compromise that ensured the long-term survival of the National Government and defined the fiscal policy that would replace free trade. Runciman remained convinced throughout his years in office that he was remaining true to Liberal principles—using tariff bargaining to reduce the general level of tariffs—and that the national crisis and the changing economic climate justified his compromise with the Conservatives

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