over £16 million was still owed at William III's death. Connected with the public debt at that time was the foundation of the Bank of England which increasingly became the agent for dealing with the state's revenue and expenditure, although the Exchequer continued to exist until 1834 as a real, albeit antiquated, institution. Thus it is clear that, by the end of the 17th century, new influences dating from the Civil War brought into being all elements of the modern financial system. Expenditure, revenue, borrowing and loans essentially developed into their present-day form. Increases in amounts plus procedural refinements combined with improved views on public policy were the only changes that occurred thereafter. Broadly speaking, the 18th and 19th centuries exhibit several distinct financial periods. During the 90 years from the death of William III (1702) to the outbreak of the Revolutionary War with France (1793), there were four wars covering nearly 35 years. The long, peaceful administration of Walpole can be contrasted with the shorter intervals of peace following each contest. From the beginning of the war with the French Republic to the Battle of Waterloo there was an almost unbroken twenty years of war. The following forty years' peace ended with the Crimean War (1854–56), whilst a further forty years' peace ended with the Second Boer War (1899–1902). During this time, the older form of mercantilism gave way to protectionism which, in turn, led to the gradual adoption of free trade. During each period of war, taxation (particularly indirect taxation) and debt increased. Financial reform was synonymous with peace and, among the great financial ministers, Walpole, the younger Pitt, Peel and Gladstone were conspicuous, while Huskisson's services in the kindred field of economic policy deserve special notice. By taking the several great heads of revenue in order, it is comparatively easy to understand the nature of the progress made in subsequent years. The land tax, established on a definite basis in 1692, was the great 18th century form of direct taxation. Varying in rate from 1s. (in 1731) to 4s. (in most war years), Pitt, in 1798, converted it into a redeemable charge on the lands of each parish, thus reducing it from £1,911,000 in 1798 to £730,000 in 1907–1908. Moreover, major increases in other heads impaired its fiscal value. Excise duty grew rapidly in the 18th century. Most articles of common consumption were permanently taxed, although Adam