It was so cheap because although this 78rpm disc is in one piece, it's so scratched and cracked as to be unplayable.
The record's from the 1929 election campaign - which resulted in a minority Labour government. Ramsay Macdonald has already had a brief spell in power - Labour's first Prime Minister. On one side of this disc is Macdonald speaking about unemployment, and the other he addresses world peace. Want to hear him? Then click here. And there's a bit more about Macdonald's oratory, and this record in particular, here.