The term Prime Minister was initially, but decreasingly, used as a term of derogation; it was first used officially in a royal warrant only in 1905. William Pitt the Younger said the Prime Minister "ought to be the person at the head of the finances"—though Pitt also served as Chancellor of the Exchequer for the entirety of his time as Prime Minister, so his linkage of the finance portfolio to the premiership was wider than merely proposing the occupation of the First Lordship by the Prime Minister.