Cryptic crossword clue
Chancellor once in black eyeliner 4

The most common and most likely answer to this crossword clue is the 4 letter word KOHL

I've seen this crossword clue in The Daily Telegraph
K
O
H
L

Buddy explains!

The straight part
We know that "Chancellor once/black eyeliner" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case chancellor once/black eyeliner = kohl.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does KOHL mean?

KOHL noun
  1. A dark powder (usually powdered antimony) used as eye makeup, especially in Eastern countries; stibnite.
KOHL verb
  1. To decorate one's eyes with kohl.

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