He was defeated by Edward Walter in 1925. He was appointed to the New Zealand Legislative Council on 11 June 1930 and served for one seven-year term. In the United/Reform Coalition, he was Minister of Education (1931–1934), and Minister of Industries and Commerce (1931–1935).
In 1935, Masters was awarded the King George V Silver Jubilee Meda
He died in 1967.
In the Forbes Ministry, he was a Member of the Executive Council without portfolio (1930–1931).
