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Marconi scandal
Marconi scandal. An Edwardian political-financial controversy. The scandal arose out of a contract for the construction of a chain of wireless stations between the English Marconi Company and the British government represented by the postmaster-general, Herbert Samuel, who was a wholly innocent party. One of the company's directors, Godfrey Isaacs, was also a director of the American Marconi Company which had no holdings in the English company but stood to benefit indirectly from its success. In April 1912 Godfrey offered shares in the American company to his brother Rufus Isaacs (attorney-general), Lloyd George (chancellor of the Exchequer), and Alexander Murray (Liberal chief whip). Lloyd George unhesitatingly bought 1,000 shares at £2 each before they went on sale to the public at a price of £3.50.
In July rumours of ministerial speculation surfaced, notably in Eye Witness, a journal edited by Cecil Chesterton, which coined the phrase ‘Marconi scandal’. This was taken up by the opposition and led to the appointment of a House of Commons select committee. Though this exonerated the ministers, its verdict was essentially a party political one, for Murray had purchased additional shares for Liberal Party funds and subsequently disappeared to Bogotá in South America. Martin Pugh |
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JOHN CANNON. "Marconi scandal." The Oxford Companion to British History. 2002. Encyclopedia.com. 1 Jun. 2012 <http://www.encyclopedia.com>. JOHN CANNON. "Marconi scandal." The Oxford Companion to British History. 2002. Encyclopedia.com. (June 1, 2012). http://www.encyclopedia.com/doc/1O110-Marconiscandal.html JOHN CANNON. "Marconi scandal." The Oxford Companion to British History. 2002. Retrieved June 01, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O110-Marconiscandal.html |
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Marconi scandal
Marconi scandal An Edwardian political‐financial controversy. The scandal arose out of a contract between the English Marconi Company and the British government for the construction of a chain of wireless stations. Lloyd George (chancellor of the Exchequer) and Alexander Murray (Liberal chief whip) bought shares at £2 each in the American Marconi Company before they went on sale to the public at a price of £3.50. This led to the appointment of a House of Commons select committee. Though it exonerated the ministers, its verdict was a party political one, for Murray had purchased additional shares for Liberal Party funds.
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Cite this article
JOHN CANNON. "Marconi scandal." A Dictionary of British History. 2004. Encyclopedia.com. 1 Jun. 2012 <http://www.encyclopedia.com>. JOHN CANNON. "Marconi scandal." A Dictionary of British History. 2004. Encyclopedia.com. (June 1, 2012). http://www.encyclopedia.com/doc/1O43-Marconiscandal.html JOHN CANNON. "Marconi scandal." A Dictionary of British History. 2004. Retrieved June 01, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O43-Marconiscandal.html |
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Marconi scandal
Marconi scandal in 1912, it was suggested that Lloyd George, chancellor of the exchequer, and Rufus Isaacs, attorney general, had used inside knowledge to buy shares in the American Marconi company at a favourable rate. In the following year a House of Commons select committee acquitted both ministers of acting otherwise than in good faith, but the reputations of both men suffered.
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ELIZABETH KNOWLES. "Marconi scandal." The Oxford Dictionary of Phrase and Fable. 2006. Encyclopedia.com. 1 Jun. 2012 <http://www.encyclopedia.com>. ELIZABETH KNOWLES. "Marconi scandal." The Oxford Dictionary of Phrase and Fable. 2006. Encyclopedia.com. (June 1, 2012). http://www.encyclopedia.com/doc/1O214-Marconiscandal.html ELIZABETH KNOWLES. "Marconi scandal." The Oxford Dictionary of Phrase and Fable. 2006. Retrieved June 01, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O214-Marconiscandal.html |
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