The dramatic edge-of-the-seat events of this general election have only one near parallel within living memory - the no less exciting election of February 1974.

I remember clearly how Edward Heath, then Prime Minister, struggled, but in vain, to form a coalition with the Liberal Party - a move, had it been successful, which would have kept him in Downing Street.

This was the famous "who governs Britain?" election, involving a virtually do-or-die tussle between the government and the National Union of Mineworkers.

After a tumultuous campaign, the Conservatives polled more votes than any other party - but finished up with fewer seats than Labour.

The Tories had 297 seats, Labour 301, and the Liberals 14. Mr Heath's plight was created by the refusal of the Ulster Unionists to take the Conservative whip. Mr Heath, severely handicapped in this way, immediately set about wooing the Liberals in a bid to form a government that would have kept Labour out of power.

Jeremy Thorpe, the then Liberal leader, was offered the job as Home Secretary, as well as having two more Liberals in the Cabinet.

This found at least some favour with Mr Thorpe, who agreed with Mr Heath on Europe - both of them were Europhiles - and on incomes policy. He wanted to accept the deal.

However, the plan was stymied by a meeting of Liberal MPs who were unhappy about the outcome of the negotiations. They wanted widespread electoral reforms which Mr Heath would not agree to, so the plan foundered.

Undaunted, Mr Heath turned his attention to the Ulster Unionists and invited them to "come onside". But his blandishments were refused.

So after four tense days of negotiations and pleadings Mr Heath had to recognise that he could not carry on Government without outside support.

He went to Buckingham Palace to resign. And Harold Wilson returned to 10 Downing Street, to lead the first minority Government since 1929.

Ultimately, Mr Wilson sought the dissolution of Parliament later that year, and the October 1974 general election gave Labour 319 seats and the Conservatives 277 - a situation which kept Labour in power, although not comfortably, until the emergence of Margaret Thatcher in 1979.

Now we can look forward to similar heady and possibly acrimonious inter-party negotiations designed to deal with what looks at the moment like an intractable political situation.