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 ?
In 1751, Sampson Gideon, a brilliant Jewish-British financier, persuaded Prime Minister Henry Pelham to convert most of the outstanding British government debt into 3 percent Consolidated Annuities (the famous Consols).
The Consols were therefore an attractive investment.
There was then strong demand for new issues of Consols throughout the major wars over the course of the following 50-plus years--the Seven Years War, the American Wars, and the French Revolutionary and Napoleonic Wars (1793-1815, with short remissions).
The Consols enabled Britain to finance heavy military expenditures when its rival France, which had no such mechanism, was unable to do so without financially crippling itself.
Introduced by Senator Joe Scarnati (R-25) two weeks after receiving a $5k donation from Consol Pennsylvania Coal Company (Consol), SB 624 was a direct response to a question currently pending before the EHB as to whether Consol can legally mine underneath and around Ryerson Station State Park, and knowingly damage the streams that flow through the area.
These drawings(4) by Joseph Michael Gandy are intended to show the construction and the (as yet unexecuted) finished state of the Consols Transfer Office at the Bank of England.
It a not a semi-conventional record of construction like the drawings of the Consols Office.
governments complaint, filed concurrently with the settlement, alleges chronic exceedances of osmotic pressure (OP) and other limits in Consols Clean Water Act discharge permits.
Environmental Protection Agency, and the state of Pennsylvania, announced today that Consol Energy Inc., CNX Coal Resources and Consol Pennsylvania Coal Co., LLC (Consol) have agreed to implement extensive water management and monitoring activities to prevent contaminated discharges of mining wastewater from the Bailey Mine Complex (Complex) in Greene and Washington Counties, Pa., to the Ohio River and its tributaries.
In addition, Consol, the largest producer of coal from underground mines in the United States, will pay a $3 million civil penalty for Clean Water Act violations.
CONSOLs mothballed Amonate Mine in southern West Virginia and southwestern Virginia, as well as its greenfield Russell County coal reserves in southwestern Virginia and greenfield Pangburn-Shaner-Fallowfield coal reserves in southwestern Pennsylvania are covered under this deal.
In February, the President & CEO of CONSOL Nicholas J.