However, when sought re-election as a National Liberal at the 1922 general election, he lost the seat by only 201 votes to the Labour Party candidate William Watson.
[2] Wallace stood again at the 1923 general election, this time as a Liberal, but Watson increased his majority.
He won the seat with a comfortable majority of 4,616 votes, and held it until his defeat at the 1935 general election.
[3] His son, Ian Wallace, achieved fame as an opera and concert singer and broadcaster.
This article about a Liberal Member of the Parliament of the United Kingdom representing a Scottish constituency is a stub.