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consols |
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consols, contraction of consolidated annuities, a bond issue designed to consolidate two or more outstanding issues, used in reference to British government stock. Public borrowing began in England with the establishment of the Bank of England and the national debt (1693–94), and the growth of the debt produced a confusing variety of stocks. Prime Minister Henry Pelham began to consolidate existing stocks in 1751. The consolidated stocks had a fixed rate of interest, or annuity, payable by the Bank of England, with premiums to be paid if the market conditions justified such payments. Consols bore no maturity date and were redeemable on call by the government. During the late 19th and early 20th cent., consols constituted the major part of the national debt and were thus a reliable index to the state of national credit. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| Mr Flower's remarks rankled particularly because it so happened that Consols were the identical investment on which he had decided. She sang Handel and Haydn to the family of evenings, and engaged in a large piece of worsted work, as if she had been born to the business and as if this kind of life was to continue with her until she should sink to the grave in a polite old age, leaving regrets and a great quantity of consols behind her--as if there were not cares and duns, schemes, shifts, and poverty waiting outside the park gates, to pounce upon her when she issued into the world again. "You're a tradesman," he told Philip, "you want to invest life in consols so that it shall bring you in a safe three per cent. |
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