This period is not marked, perhaps, by so many unusual events as the preceding one; but it was a period of rapid, though somewhat quiet, internal development. We note in financial affairs the organization of the Bank of Japan, which has ever since been a most important agent in maintaining an economic equilibrium; in business circles the organization of the Japan Mail Steamship Company, which has been instrumental in expanding Japanese trade and commerce; in society the reorganization of the nobility; and in legal matters the promulgation of new codes. Several political events are noted in the chronology; but they were mostly preparatory to the next period. The promise to establish prefectural assemblies was fulfilled, and these became preparatory schools in political science; and another promise, that of a constitution, was made. The Cabinet was reconstructed, and political parties were organized. The Radicals, however, became dissatisfied with the slowness of political progress, and made such an agitation that, in 1887, many were expelled from Tōkyō by the so-called “Peace Preservation Act,” and those who refused to obey were imprisoned. But finally, in 1889, as the climax of the internal development and political preparations, came the establishment of local self-government and the promulgation of the Constitution, which ushered in the next period.