Yet though comparatively ready for war, its actual declaration caused a serious monetary convulsion, nor have we any record of so many commercial failures on the declaration of any previous war. The struggle for the retention of the American colonies had produced, as war invariably does, numerous evils; and the South Sea Bubble, many years earlier, had spread general ruin among those of her trading community who had rushed wildly into the field of speculation; but now commercial houses of the highest standing gave way under the shock. Indeed the sufferings of the people became so intense that Parliament, after much discussion, resolved to issue 5,000,000_l._ of exchequer bills as a temporary loan to such of the merchants of London, Bristol, Hull, Liverpool, Glasgow, Edinburgh, and Leith as could furnish property equal to double the extent of the loan they requested. The announcement of the intention of the government to support the mercantile interests went so far towards dispelling the wide-prevailing alarm, that the entire amount applied for did not, after all, exceed 3,855,624_l._; and in spite of this panic and of the calamities of war, English merchant shipping continued to prosper. Indeed war generally offers a large remunerative employment to her shipowners; moreover, in this instance, the dread of famine served to increase the demand for ships, and thereby enhanced their prosperity. [Sidenote: High price of corn.] As the winter of 1794-95 set in remarkably early, and proved to be of extraordinary length and severity, many apprehensions were entertained that the growing crops might suffer also. Nor were these fears groundless; the price of wheat, which was 55_s._ 7_d._ on the 1st of January, 1795, rose to 77_s._ 2_d._ on the 1st of July, and to no less than 108_s._ 4_d._ per quarter in August of the same year. Government had, early in 1795,[239] noticed with considerable anxiety the indications of impending dearth. To check or modify these extraordinary prices all neutral corn vessels bound to France were brought into English ports, their cargoes being, however, paid for with a very ample margin of profit to the owners. [Sidenote: Bounties granted on its importation.]