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 ?
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Consol s shares fell more than 9 percent on news it plans to issue $4 billion in debt and equity to fund the purchase and development of the property.
The mine, operated by CONSOL Energy's Consolidation Coal Company subsidiary, will be idled for at least one month, allowing the mine to balance coal production with expected customer shipping schedules to prevent coal inventories from increasing.
A spokeswoman for Consol Suncenters said: "During our short 30p-per-minute offer in October, any customer using our studios will do so in the safest possible tanning environment in Wales.
When the Western Mail visited the Pontypridd Consol Suncenter salon it found large signs on the window advertising the 30p-aminute deal.
Contact Double R Consol lid on 01706 623625 or visit www.drc.co.uk