THE WAR WITH FRANCE—II
In 1802, with the ratification of the peace of Amiens, certain changes were made both in the tax system and in the sinking-fund arrangements. The income tax, on which the loans of 1798, 1799 and 1800 had been charged, was repealed and replaced by permanent duties. The 1 per cent. sinking fund instituted in 1792 had lapsed; no fund of this sort was attached to the loans of 1798, 1799, 1800 and 1802. But henceforward the separate existence of the two sinking funds—the fund of 1786 and the fund of 1792—was to be discontinued. By an Act of 1802 1 the two funds were amalgamated and the separate accounts ceased to exist. But the amalgamated fund was deprived of two sources of income which the two funds had hitherto ...
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