From Gladstone to Lloyd George Parliament in Peace And War

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It shed lustre over his own name, which became associated with the conversion of Consols.
Formal leadership never fell to Goschen, although he was of the rank from which leaders are drawn. On Gladstone's first resignation of the Liberal leadership in 1875 he had been named by friends as a possible successor, but he supported the choice of Hartington, and although, in 1891, on the death of W. H. Smith, he had clear claims to the leadership of the House of Commons, he readily acquiesced in Salisb
...ury's appointment of Mr. Balfour. Naturally the Conservatives preferred — as they preferred after the Great \Var — to be led by a member of their own party, and Goschen had not then become a member of the Carlton Club, although he joined it in 1893. In the Unionist Coalition Government of 1895 he returned to the LATE VICTORIANS 109 office of First Lord of the Admiralty, which he occupied more than twenty years previously. Surprise was expressed at his taking one of the great spending departments instead of resuming the position of Chancellor of the Exchequer.

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