The election was won by Hurunui MP and co-deputy leader of the party George Forbes.

During the election campaign Ward promised that £70 million would be loaned from overseas to fund government programmes, though little was, or could be, borrowed.

This left the government without the funds to deal with the rapidly worsening economic recession and growing unemployment.

Ward's health declined and his workload was reduced to little more than state administration and chairing cabinet meetings, leaving most of the political management to his two co-deputy leaders, George Forbes and Alfred Ransom.

No cabinet meeting were held in the opening months of 1930 but Ward continued to fulfil the administrate affairs of state However, many of his colleagues and family assembled at his bedside on 14 May 1930 where he agreed to resign as leader and Prime Minister.

He then led the party to a disastrous result at the 1925 general election, losing eleven seats while Reform totaled fifty-five.

He narrowly lost the leadership to Ward in 1928 but was appointed co-deputy leader for the North Island.

The precise numbers were not revealed but it was reported in the media that the final ballot result was very close.

Forbes became Prime Minister but struggled to govern the country in the mounting crisis of the Great Depression.