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However, the end of the 17th century saw a decline in the Company's fortunes. At first, new candle making materials, such as spermaceti and paraffin wax, replaced tallow. The subsequent introduction of gas lighting in the 1800s and electric lighting in the 1900s further eroded the company's long established position. However, the facility of tallow as a raw material for the industrial manufacture of soap greatly expanded as the Victorian chemical industry developed. In 1853 Palmerston removed the duty on tallow in order to cut the cost of soap in support of the growing concern with hygiene and cleanliness.

Such change was not exclusive to the Tallow Chandlers. Few livery companies maintain their original role of policing a specific area of commerce. There are some exceptions; gold is still assayed at Goldsmith's Hall, pharmacists sit their exams at Apothecaries' Hall, the Vintners are still involved in wine regulation and the Watermen still control professional standards on the Thames.

Today, the Company exists as a charitable and social body supporting various London based charities and retaining strong links with the lighting and edible oil industries, through various candle manufacturers, FOSFA International (the Federation of Oils, Seeds and Fats Associations). It has also formed new trade links with the mineral oil industry through BP.