smalls, is an other word for garments like knickers, or unmentionables,-- or panties, jockey shorts, boxers, or whatever other name is used for undergarments. (i think smalls might be more general,and like unmentionables, could include garments like bra's or camisoles.. but that is my read.)

now My Dear Mr Bingleys comments about smalls having ancestors has a slightly different read!