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 ?
75 per cent, which compares well with the perpetual bonds issued by other banks in Oman," said, Sasi Kumar, acting chief executive officer of Bank Sohar
Just as Ominvest is preparing to launch its perpetual bond, the company has received a BBB (investment grade) rating with a Stable Outlook from Capital Intelligence.
Calculating the fair value for a perpetual bond can be hard as it does not have a finite life and can't, therefore, be compared to fixed term instruments.
In the present review we have carried out an analysis of the global perpetual bond market, found out what risks and opportunities are carried by perpetual bonds and offered the most interesting investment ideas.
5 percent stake, may top up a perpetual bond this autumn in the size of no more than an initial deal.
In 1902 the Government parcelled up Napoleonic war debts in perpetual bonds, or perps.
2 May 2012 - Goldman Sachs (NYSE:GS) and HSBC (LON:HSBA have been named joint book-runners for the planned US dollar-denominated perpetual bond of Hong Kong-based conglomerate Hutchison Whampoa (HKG:0013), IFR Asia reported on Tuesday.
The transaction follows a recent INR15bn perpetual bond sale by Tata Steel Ltd, indicating the growing interest of Indian companies in hybrid instruments.
Brazil's GOL Linhas Aereas Inteligentes (NYSE: GOL and Bovespa: GOLL4) has been awarded the Latin American "Deal of the Year" for its 2006 perpetual bond offering.
debuted on the overseas perpetual bond market with the issuance of $400 million in landmark senior notes, the first fixed-for-life corporate debt deal out of Southeast Asia.
A perpetual bond has no fixed maturity date, while a hybrid security has features of both debt and equity instruments.
M2 EQUITYBITES-April 10, 2012--DBS, OCBC to run Genting Singapore's perpetual bond offer(C)2012 M2 COMMUNICATIONS http://www.