§ Stamps produced £7,800,000, £25,000 less than in the previous year. There was no real revival of business on the Stock 169 Exchange, and there was a curious forestalment in the year 1900–01, of the Companies' capital duty, owing to the passing of the new Companies Act, which came into operation on January 1st, 1901, and led to a great many promoters taking care to register their companies in December, 1900, in order that they might escape the operation of the Act.