Read it through once

Mr. Chamberlain's action and policy gave a thrill of pleasant hopefulness to Imperialists everywhere; it stirred up innumerable comments in the British, Colonial and Foreign press; it made Germany pause in a system of fiscal retaliation and tariff war into which she had intended to enter with Canada--and with Australia and South Africa if they presumed to grant a tariff preference to Britain. Meanwhile, the King had suffered the loss, a personal as well as national one, of Lord Salisbury's retirement from office and his death not long afterwards; the Balfour-Chamberlain Government had struggled along until the Tariff Reform movement, as above described, broke in upon and dissipated the party's unanimity of opinion and uniformity of action; a long series of Liberal victories at bye-elections reduced the Conservative majority from 134 as it was in 1900 to 69 in November, 1905; Mr. Balfour, in his Newcastle speech of November 14th, defined his fiscal policy as (1) Retaliation with a view to compelling the removal of some of the restrictions in Foreign markets and (2) the calling of a Conference of Empire leaders to arrange, if possible, a closer commercial union of the Empire. As to himself he had never been and was not now "a protectionist." In December he resigned and the King called on Sir H. Campbell-Bannerman, the Liberal Leader in the Commons, to form a Government.