consols
n . 统一公债
统一公债
Consols \
Con "
sols \ (?
or ?;
277 ),
n .
pl . [
A contraction of consolidated (
annuities ).]
The leading British funded government security .
[
1913 Webster ]
Note :
A considerable part of the public debt of Great Britian ,
which had been contracted in the form of annuities yielding various rates of interest ,
was ,
in 1757 ,
consolidated into one fund at 3 per cent interest ,
the account of which is kept at the Bank of England .
This debt has been diminished and increased at different times ,
and now constitutes somewhat more than half of the entire national debt .
The stocks are transferable ,
and their value in the market constantly fluctuates ;
the price at any time being regarded as a gauge of the national prosperity and public confidence .
[
1913 Webster ]
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 .
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