the import of articles such as tea advanced in proportion with the growing population. Thus, tea duty of 96% yielded no less than £3,591,000 in 1815. It is, however, true that by that time, the tax system had reached its limit. Further extension (except by direct property confiscation) was hardly possible so that the war closed victoriously at the moment when prolongation seemed unendurable. A particular aspect of the English financial system is its relation to the organization of the finance of territories connected with the English crown. The Exchequer may be plausibly held to have been derived from Normandy, and wherever territory came under English rule the methods familiar at home seem to have been adopted. With the loss of the French possessions the older cases of the kind disappeared. Ireland, however, had its own exchequer, and Scotland remained a distinct kingdom. The 18th century introduced a remarkable change. One of the aims of the union with Scotland was to secure freedom of commerce throughout Great Britain, and the two revenue systems were amalgamated. Scotland was assigned a very moderate share of the land tax (under one-fortieth), and was exempted from certain stamp duties. The attempt to apply selected forms of taxation custom duties (1764), stamp duties (1765), and finally the effort to collect the tea duty (1773) to the American colonies are indications of a movement towards what would now be called imperialist finance. The complete plan of federation for the British empire, outlined by Adam Smith, is avowedly actuated by financial considerations. Notwithstanding the failure of this movement in the case of the colonies, the close of the century saw it successful in respect to Ireland, though separate financial departments were retained until after the close of the Napoleonic War and some fiscal differences still remain. By the consolidation of the English and Irish exchequers and the passage from war to peace, the years between 1815 and 1820 may be said to mark a distinct step in the financial development of the country. The connected change in the Bank of England by the resumption of special payments supports this view. Moreover, the political conditions in their influence on finance were undergoing a revolution. The landed interest, though powerful at the moment, had henceforth to face the rivalry of the wealthy manufacturing communities of the north of England, and it may be added that the influence of theoretic