Consols

Consols, a contraction of Consolidated Annuities. In incurring the national debt, government borrowed money at different periods on special conditions, being generally the payment of an annuity of so much per cent. on the sum borrowed. Great confusion arose from the variety of stocks thus created, and it was thought expedient to consolidate them into one fund, kept in one account at the Bank of England. The Consolidated Annuities Act was passed in 1749-50, consolidation being completed in 1757. For consolidation of the Funded Debt subsequent to that period, see NATIONAL DEBT.