 At the July 1945 general election Dunglass lost his Parliamentary seat in the landslide Labour victory . It was widely assumed that as his father , the 13th earl , was in his seventies , Dunglass 's political career was behind him , as he would soon inherit the earldom . There being at that time no provision for peers to disclaim their peerages , this would bring with it an obligatory seat in the House of Lords , with no option of remaining in the Commons , where most political power resided . Dunglass was appointed a director of the Bank of Scotland in 1946 , and although he never considered banking as a long @-@ term occupation he gained valuable first @-@ hand experience in commerce and finance . He remained with the bank until 1951 . 
