(1670) and excise (1683) in the hands of special commissioners, as opposed to the former system of farming them out to private collectors. This more modern approach was further evidenced by the greater care taken with customs' administration. Amongst expert officials Dudley North, was the most distinguished commissioner of customs. In this period, too, the beginning of the public debt may be found in the Stop of the Exchequer of 1672, and its indefinite deferral of what had originally been short-term financed obligations due to bankers. The Revolution of 1688 may be regarded in both constitutional and financial terms as the completion of the work of the Long Parliament. In the latter respect its chief effects were: The transfer of the administration of finances from the king's nominees to officials under parliamentary control The consequent application of revenue to the purposes designated by parliamentary appropriation The rapid expansion of various forms of revenue, particularly indirect taxation The rise and growth of the national debt, combined with the creation of an effective banking system. (The greater part of the 18th century was occupied with the working out of these results.) The government of William III faced the expense of war whilst simultaneously needing to allay discontent at home. As a preliminary to settling the necessary revenue, a return was prepared, showing tax receipts of £1,100,000 and £1,800,000 during peace and wartime respectively. Parliament believed that £1,200,000 per annum would suffice for the kingdom's ordinary requirements but nevertheless introduced the Civil List, assigning £600,000 for certain fixed payments, leaving the remainder for other state needs. As "hearth money" had proved extremely unpopular, it was abolished, despite its yield of £170,000. Additionally, further excise duties were voted in for the duration of William and Mary's lifetimes, plus further customs duties, albeit that the latter were for a limited term only. However, these revenues were still totally insufficient to meet the pressures of war and new taxes were therefore created, older forms being revived. A series of poll and capitation taxes was imposed between 1689 and 1698 which were thereafter abandoned, being as unpopular as 'hearth money'. In 1688, monthly assessment were introduced, followed by income tax, followed by twelve-monthly assessments in 1690 and 1691. The way was thus prepared for the property tax of 1692, imposing a rate of 4s. in the pound on real estate, offices and personal property. However, the old