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.
The 4pc Consolidated Stock currently trades at around pounds 80 for every pounds 100 of face value, so your certificate for pounds 422 should fetch about pounds 337 less broker's fees.
In addition, Key's clients will receive the "My Dashboard" view that enables users to easily track their net worth; view all recent transactions across all their accounts; create and monitor a personalized, consolidated stock portfolio; consolidate their emails and news headlines; and much more.
The SAAB business is for two types of service: weekly consolidated stock moves from GM's Swedish SPO to SAAB operations; and daily "VIP" moves of spare parts needed for immediate orders.
KGL Logistics customers will be able to view consolidated stock status information at numerous warehouses and in disparate locations, helping them to make strategic purchasing decisions and to reallocate slow and non-moving stock from one country to another.
In November 1995, the Company divested its remaining interest in Rainy River through Rainy River's merger with Stone-Consolidated Corporation, and received cash of approximately $183,000,000 and Stone- Consolidated stock.
Carl Yeatman is surrendering 20,000,000 shares of Consolidated stock, approximately half of his ownership, to the Company for cancellation.
The pre-reverse acquisition stockholders of Consolidated will retain approximately 5% of the Consolidated stock, after giving effect to a one for three reverse stock split, to be effected by Consolidated immediately prior to the merger.

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