Immediately after the outbreak of war Parliament voted a credit of 100,000,000_l._ and between August and November 90,000,000_l._ in bills were issued. These were mostly in six months' bills, and were placed at average rates ranging from 2_l._ 18_s._ 6_d._ to 3_l._ 15_s._ 6_d._ In November the issue of the great War Loan for 350,000,000_l._ was successfully made, the issue taking the form of stock at 95 per cent., redeemable in 1925-8, and bearing interest at 3-1/2 per cent. The net yield was 323,000,000_l._, which sum was intended to include the repayment of the Treasury Bills issued. A notable feature of the terms of the War Loan was that the Bank of England undertook to make advances up to the amount of the issue price at 1 per cent. below the current Bank rate. Early in January, the Stock Exchange indulged in a little "boom," but towards the end of February a reaction set in and from then until the outbreak of war markets were extremely dull. The Ulster crisis, severe depression in South America, and the failure of the Canadian Agency and the firm of Chaplin, Milne, Grenfell & Co. were depressing influences. Throughout July markets were under the cloud of foreign political complications, and on July 24 the Austrian Note to Serbia caused serious alarm and an immense number of selling orders. In the end of July the settlement was completed with no more serious consequences than the failure of nine firms, involving twenty members. On July 31 the Committee, in response to many representations, decided to close the House. Minimum prices for Trustee stocks were fixed by the Committee on September 14, based on the quotations current on July 30, the main object being to prevent undue depression. Arrangements were made in consultation with the Treasury for carrying out the mid-August settlement on November 18, special rules being issued. The Banks, in return for the assistance they had received from Government, undertook to continue loans during the war without extra margin, while other lenders were granted advances up to 60 per cent. from the Bank of England. Consols, which were quoted at 71-5/8 at the end of 1913, were actually higher on July 27 at 72-1/4 and at the end of 1914 stood at 68-1/2, this, however, being the Stock Exchange minimum price, and nearly all representative securities showed substantial falls. On December 23 the announcement was made that the Stock Exchange would reopen on January 4, with stringent provisions designed to prevent sales by the enemy.