Consolidated Fund (The)

In 1757 an Act was passed for consolidating the nine loans bearing different interests, into one common loan bearing an interest of three per cent. In 1890 this interest was reduced to two and three-quarter per cent.; and in 1903 will be still further reduced to two and a-half per cent. This fund is pledged for the payment of the interest of the national debt, the civil list, the salaries of the judges, ambassadors, and other high officials, etc.