King George III is the head of a merry-go-round of ministers. Charles James Fox (Secretary of State for Foreign Affairs), characterised as his namesake, leads the procession, holding a money bag. Frederick, Lord North (Secretary of State for the Home Department) follows behind, wig falling off (a reference to his Tory past). Gillray's satire on the Fox-North coalition pokes fun at the unstable nature of British politics. The King had changed the government three times in two years. Politicians frequently changed their ideological standpoint in order to stay in office