The objects of the society were:[1] (a) To encourage and advance the study of Fiscals and Revenue Stamps of all Countries.
(f) To appoint corresponding Members and Societies in various countries for the exchange and circulation of information respecting Revenue Stamps.
[citation needed] The society was instrumental in collating information about the latest revenue stamps, which was published in their journal The Bulletin.
From 1 January 1920 the society became the Fiscal and Local Stamp Section of the International Philatelic Union.
Although small, the society was notable for its distinguished membership which included many of the most prominent names in British philately in the first decades of the twentieth century and shows a high correlation with Schofield's Who Was Who in British Philately and a significant number of signatories to the Roll of Distinguished Philatelists.