bought shares in the American Marconi Company. Welsh Disestablishment Lloyd George was instrumental in fulfilling a long-standing aspiration to disestablish the Anglican Church of Wales. Like Irish Home Rule, previous attempts to enact this had failed in the 1892–1895 Governments, and were now made possible by the removal of the Lords' veto in 1911, and as with Home Rule the initial bill (1912) was delayed for two years by the Lords, becoming law in 1914, only to be suspended for the duration of the war. After the Welsh Church (Temporalities) Act 1919 was passed, Welsh Disestablishment finally came into force in 1920. This Act also removed the right of the six Welsh Bishops in the new Church in Wales to sit in the House of Lords and removed (disendowed) certain pre-1662 property rights. First World War Lloyd George was as surprised as almost everyone else by the outbreak of the First World War. On 23 July 1914, almost a month after the assassination of Archduke Franz Ferdinand of Austria and on the eve of the Austro-Hungarian ultimatum to Serbia, he made a speech advocating "economy" in the House of Commons, saying that Britain's relations with Germany were better than for many years. On 27 July he told C. P. Scott of the Manchester Guardian that Britain would keep out of the impending war. With the Cabinet divided, and most ministers reluctant for Britain to get involved, he struck Asquith as "statesmanlike" at the Cabinet meeting on 1 August, favouring keeping Britain's options open. The next day he seemed likely to resign if Britain intervened, but he held back at Cabinet on Monday 3 August, moved by the news that Belgium would resist Germany's demand for the passage for her army across her soil. He was seen as a key figure whose stance helped to persuade almost the entire Cabinet to support British intervention. He was able to give the more pacifist members of the cabinet and the Liberal Party a principle – the rights of small nations – which meant they could support the war and maintain united political and popular support. Lloyd George remained in office as Chancellor of the Exchequer for the first year of the Great War. The budget of 17 November 1914 had to allow for lower taxation receipts because of the reduction in world trade. The Crimean and Boer Wars had largely been paid for