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 ?
9) An additional pressure came from the Baring Panic of 1890 and from the NYSE's competitor, the Consolidated Stock Exchange, whose clearinghouse had reduced financing needs and also lowered counterparty risk and broker defaults (Gibson, 1889, p.
In the consolidated stock tables published by the Daily News, the companies will continue with the NYSE notation.
I HAVE pounds 422 in 4pc Consolidated Stock, and pounds 277 in 3.
CAX functions as the Military Sealift Command (MSC) and Naval Sea Systems Command's East Coast consolidated stock points for major shipboard mechanical, electronic, and navigational material.
Not so the NYSE, wbich permitted the old "curb" market to deal in lesser securities, while the over-the-counter market was even larger Moreover, the Consolidated Stock Exchange, a renegade exchange that dealt in NYSE-listed shares and proved a clever innovator, lasted until the late 1920s.

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