Parliament of the United Kingdom. The Liberals soon found themselves heavily divided over how to respond to the Great Depression, whether or not to continue supporting the Labour government of Ramsay MacDonald and even over the basic direction of the party. In 1931, the cause of the strife was seemingly removed when the Labour government was succeeded by an all-party National Government. Further division emerged, however, when it was proposed that the National Government call a general election to seek a mandate to introduce protective tariffs, a policy that was anathema to Runciman and many other Liberals. Officially, the Liberals threatened to withdraw from the government, but a group led by Sir John Simon emerged as the Liberal Nationals, mainly composed of those who had been opposed to Lloyd George's leadership and who were prepared to continue to support the National Government. A compromise was worked out whereby each party in the National Government campaigned on its own manifesto. After the National Government won a massive majority in the 1931 general election, the Cabinet was reconstructed. It was felt prudent to balance the key Cabinet committee that would take the decisions on tariffs; and so Runciman was appointed President of the Board of Trade once more, in the belief that he would serve as a counterbalance to the protectionist Chancellor of the Exchequer Neville Chamberlain. However, like the other Liberal Nationals, Runciman came to accept the principle of tariffs, amended in November 1931 to 10% in favour of a balance of trade recommended by a Tariff Board. When in late 1932 the official Liberals (the Samuelites) resigned their ministerial posts, Runciman very nearly resigned with them. In 1933 the official Liberals withdrew completely their support for the National Government but Runciman remained in office, despite hoding the presidency of the extra-Parliamentary National Liberal Federation until 1934. He concluded the Roca-Runciman Treaty with Argentina (one of the events of the Infamous Decade), initiated by that country to avoid the curtailment of Argentine beef imports. In a 1934 speech Runciman defended the record of the National Government, citing measures such as a town and country planning country act, “the opening of the greatest crusades against slums ever attempted in any country,” and an upcoming unemployment insurance bill. Runciman remained as President of the Board of Trade until May 1937 when Stanley Baldwin retired and his successor, Neville Chamberlain, only offered Runciman the