N° 
II. FIRST EFFECTS OF THE WAR 
Mucr might be said about the unprecedented experiences 
of the first few weeks after war was declared, which need not 
here be set down, as they were common to all the business 
world. The sudden advent of a 10 per cent. bank rate, and the 
prolongation by two days of the bank holiday, the consequent 
bewilderment approaching nearly to panic; these things were 
fortunately soon over. Their chief effect upon the Life assurance 
offices was a reluctance to part with money if they could possibly 
avoid it, even through the ordinary channels of surrender 
values or policy loans. Very quickly, however, what may be 
called the sensational disturbance passed away. With the 
reduction of the bank rate to what, though high, was no longer 
an emergency figure, and the resumption of regular habits, the 
financial world settled down again to an ordered procedure 
under conditions which, while severe, could at least be 
methodical and practicable. The sudden depletion of staffs, 
also, was a general experience ; and, inconvenient as it of course 
was, had no special feature about it distinguishing one class of 
business from another. 
It is therefore to questions specially affecting Life assurance 
that attention must be directed, and these were serious and 
troublesome enough. Action was imperative and admitted of 
no delay. 
Upon two bodies much labour and responsibility fell at 
once and continued throughout the course of the war: the 
English Life Offices’ Association (meeting in London) and the 
Associated Scottish Life Offices (meeting in Edinburgh). 
Membership of these bodies is voluntary, so far as Life 
Assurance Companies are concerned, but it is general. Each 
Company belonging to either is entitled to send a representative 
(generally the chief Life assurance officer) to its periodical 
meetings, at which all topics of current interest to the business 
are considered and discussed. Decisions thereon, which are 
advisory but not compulsory, are communicated to each 
associated Company. It is difficult to over-estimate the value