uthfully deny them. The rumours, he says, were that the
Ministers had dealt in the shares of a Company with which the
Government was negotiating a contract: "Never from the beginning . . .
have I had one single transaction with the shares of that Company."

Literally true, as you see. The contract was with the English
Company, the shares he had bought were in the American Company. He
made no allusion to that purchase.

Mr. Herbert Samuel--who is not accused of having purchased shares
himself but who knew of what his colleagues had done--treads the same
careful line: "I say that these stories that members of the Cabinet,
knowing the contract was in contemplation, and feeling that possibly
the price of shares might rise, themselves, directly or indirectly
bought any of those shares, or took any interest in this Company
through any other party whatever, have not one syllable of truth in
them. Neither I myself nor any of my colleagues have at any time held
one shilling's worth of shares in this Company, directly or
indirectly, or have derived one penny profit from the fluctuations in
their prices." However, he promised a Parliamentary Committee to
enquire into the whole affair.

Isaacs had denied any transactions with "that Company," Samuel with
"this Company." Neither had ventured to say "the English
Company"--for that would instantly have raised the question of the
American Company. It is an odd truth that has to be phrased so
delicately. Lloyd George, the first of the ministers to speak,
managed better. He flew into a rage with an interjector: "The hon.
member said something about the Government, and he has talked about
'rumours.' I want to know what these rumours are. If the hon.
gentleman has any charge to make against the Government as a whole,
or against individual members of it, I think it ought to be stated
openly. The reason why the Government wanted _a frank discussion
before going to Committee_* was because we wanted to bring here these
rumours, these sinister rumours, that have been passing from one foul
lip to another behind the backs of the House." He sat down, still in
a white heat, without having denied anything.

[* Italics mine.]

The Master of Elibank did not deny anything either. He was not there.
He was, indeed, no longer in the House of Commons. He had inherited
the title of Lord Murray of Elibank. He had left England in August
and did not return till the enquiry was over: nor did he send any
c