with the changes in the customs. The particular circumstances of English political life have led to perhaps undue emphasis being placed on this particular branch of financial development. Between 1820 and 1860 the customs system was transformed from a highly complicated arrangement of duties, pressing with severity on nearly all foreign imports, into a simple and easily understood set of charges on certain specially selected commodities. All favours or preferences to home or colonial producers disappeared. Expressed in financial terms, all duties were imposed "for revenue only," and estimated in reference to their productiveness. An assimilation between the excise and customs rates necessarily followed. The stages of the development under the guidance of (1) Huskisson, (2) Peel, and (3) Gladstone are commonly regarded as part of the movement for Free Trade; but the financial working of the alteration is understood only by remembering that the duties removed by "tens" or by "hundreds" were quite trivial in yield, and did not involve any serious loss to the revenue. Perhaps the most remarkable feature of the English customs of the 19th century was the steadiness of the receipts. In spite of trade depressions, commercial crises and sweeping changes in rates, the annual revenue in the period 1815-1900 only varied between £19,000,000 and £24,000,000; though, on balance, duties amounting to £30,000,000 were remitted. The potential resources of this branch of revenue were made evident in the rapid rise of the yield by the new taxation imposed for the South African War (1899-1902). In consequence of this increase the customs became equal to the excise in return, and, combined, they collected over £60,000,000 annually from the consumption of commodities. They accordingly afforded a counterpoise to the burden put on income and property, or, more accurately speaking, they obtained due, or somewhat more than due, contribution from the smaller incomes, particularly those of the working class.