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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Local lender Ahlibank on Sunday announced that it has successfully concluded the issuance of RO20mn additional tier 1 perpetual bonds through private placements, and these bonds are listed on the Muscat Securities Market (MSM).
The company's board has approved rights issue to raise up to Rs 25,000 crore through issuance of fully paid up shares at a price of Rs 220 per share and to raise an additional Rs 7,000 crore via the foreign currency perpetual bond issue.
Total amount of CNY15.9 billion perpetual bond and perpetual trust have been reclassified as debt from equity in leverage calculation.
Perpetual bonds valued at RO50mn will be issued by Oman International Investment and Development Company (Ominvest), a leading investment holding company in the Mena region.
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.
The first perpetual bond appeared in 18th century, when the UK converted all outstanding issues of redeemable government stock into one bond, Consolidated 3.5% Annuities.
Earlier this week, Kostin said that VTB, where the state owns a 75.5 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.
(500400.BY) is planning to raise around USD500m via sale of dollar-denominated perpetual bonds, Dow Jones has reported citing a source familiar with the matter.
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.
The company said its board of directors considered recommendations of a special committee of directors and "approved the fund raising of up to Rs 32,000 crore through rights issuance of up to Rs 25,000 crore and perpetual bond with equity credit up to Rs 7,000 crore."
has debuted into the offshore perpetual bond market with a $200-million issuance that was priced to yield 5.375 percent a year.