Consols

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CONSOLS, Eng. law. This is an abbreviation for consolidated annuities. Formerly when a loan was made, authorized by government, a particular part of the revenue was appropriated for the payment of the interest and of the principal. This was called the fund, and every loan had its fund. In this manner the Aggregate fund originated in 1715; the South Sea fund, in 1717; the General fund, 1617 and the Sinking fund, into which the surplus of these three funds flowed, which, although destined for the diminution of the national debt, was applied to the necessities of the government. These four funds were consolidated into one in the year 1787, under the name of consolidated fund.
     2. The income arises from the receipts on account of excise, customs, stamps, and other, perpetual taxes. The charges on it are the interest on and the redemption of the public debt; the civil list; the salaries of the judges and officers of state, and the like.
     3. The annual grants on account of the army and navy, and every part of the revenue which is considered temporary, are excluded from this fund.
     4. Those persons who lent the money to the government, or their assigns, are entitled to an annuity of three per cent on the amount lent, which, however, is not to be returned, except at the option of the government so that the holders of consols are simply annuitants.

References in periodicals archive ?
Kate O'Donovan, a spokeswoman for Consol, said this morning the F had issued its finding.
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Along with all of our partners, CONSOL Energy is extremely pleased with the performance and potential applications of these technologies," said J.
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Consol enables greater efficiency throughout the entire services lifecycle, including procurement, supplier management, spend management, business intelligence, invoicing, reconciliation and payment.
Coal-to-liquids technologies represent an exciting new market for the American coal industry," said Brett Harvey, President and Chief Executive Officer of CONSOL Energy.
In addition to the paging system, the Cisco equipment has allowed CONSOL Energy to extend its corporate network underground.
CONSOL Energy also announced today that its Board of Directors has authorized management to separately pursue the structuring and formation of a subsidiary entity for the purpose of owning CONSOL Energy's metallurgical coal properties and related mining operations, with a view to conducting an initial public offering of up to 20% of the subsidiary's equity in the second half of 2015.
in the United States District Court for the Western District of Pennsylvania on behalf of purchasers of CONSOL Energy Inc.
In an effort to consolidate information while continuing to provide operational disclosure, CONSOL Energy will no longer issue a quarterly Operations Update before its earnings release.