Prices of foodstuffs, including wheat, generally were advanced considerably at first, but declined when trade settled down into more normal conditions and on the regulation of retail prices by boards representative of the different trades which were appointed by the Government. Towards the end of the year prices again advanced, and in many cases closed at the highest points touched. One of the most interesting of the many measures taken by the Government in financial and commercial spheres was the purchase of sugar to replace the million tons of beet sugar which would normally have been imported from Germany and Austria. Roughly, about 900,000 tons were bought for refining and manufacturing purposes and for direct consumption, and, though the Government plan was criticised on the ground _inter alia_ that high prices were paid, it has been widely recognised that but for the prompt action it would have been difficult to obtain adequate supplies, except from tainted sources. A Royal Commission was appointed to determine the selling prices, and a prohibition was placed on importation of all sugars, in order to prevent supplies reaching here from enemy countries through neutrals and indirect payments in return through similar channels. Evidence that Germany was receiving tea through neutral countries led in November to the prohibition of exports from this country, the action being similar to that previously taken in the case of rubber. Life assurance companies were deeply affected by the war. As a result of joint deliberations they resolved to make no additional charge for war risks to all their policy-holders who had, as civilians, assured and have joined the Active Forces. For new policies it was at first decided to charge an additional rate of 7_l._ 7_s._ per cent. This rate was based on the experience of the South African War, but it proved inadequate for the risks of the Continental fighting. Gradually offices began to raise the extra rate, and by the end of the year some were quoting 12_l._ 12_s._ per cent. or even more, or were declining to write the business at all. A suggestion that the Government should assume the war risk did not meet with the approval of the Treasury, since it was considered that the Government was doing all that could be expected of it by increasing the payments to widows and other dependants of those who fell in the war. The most urgent problem facing life offices was that of the heavy depreciation in their securities. This matter is being dealt with by the offices according to their individual views, but it is interesting to note that permission was given to them by the Board of Trade to show in their certificates the prices current as on December 31, 1913. Immense sums have been written off by the Banks for depreciation, and the policy of persistently feeding the reserves in past years will now stand all the great financial institutions in good stead.