Our navigation bar is loading . . .

 


 

Jesus Christ Saves Ministries

Helping San Diego, California and beyond since 1997.  




 

JCSM's Top 1000 Christian Sites - Free Traffic Sharing Service!


Do you need volunteer, community service, work, military or court hours?

Click here and add this page to your favorites!

Return to the JCSM Study Center!

Encyclopedia Britannica



CONSOLS

This article appears in Volume V06, Page 980 of the Encyclopedia Britannica.

Encyclopedia Britannica - Main :: COM-COR
CONSOLS , an abbreviation of consolidated annuities, a form of British government stock which originated in 1751. Consols now form the larger portion of the funded debt of the United Kingdom. In the progress of the national debt it was deemed expedient, on grounds which have been much questioned, instead of borrowing at various rates of
interest
 , according to the state of the market or the need and credit of the government, to offer
a fixed rate of
interest
 , usually 3 or 32 %, and as the market required to give the lenders an advantage in the
principal
  funded. Thus subscribers of loo would sometimes receive 150 of 3 % stock. In 1815, at the close of the French wars, a large
loan
  was raised at as much as 174 3% stock for loo. The low rate of interest was thus purely nominal, while the
principal
  of the debt was increased beyond all due proportion. This practice began in the reign of George II., when some portions of the debt on which the interest had been successfully reduced were consolidated into 3 % annuities, and consols, as the annuities were called, and other stocks of nominallylowinterest,rapidlyincreased under the same practice during the
great
  wars. In times of peace, when the rate of money has enabled portions of the debt at a higher interest to be commuted into stock of lower interest, it has usually been into consols that the conversion has been effected. Temporary deficits of the revenue have been covered by an issue of consols;
exchequer
  bills when funded have taken the same form, though not constantly or exclusively; and some government loans for
special
  purposes, such as the
relief
  of the Irish
famine
  and the expenditure in the Crimean and Boer Wars have been wholly or partly raised in consols. The consequence has been to give this stock a pre-
eminence
  in the amount- of the funded debt. See further under NATIONAL DEBT: United Kingdom.


End of Article: CONSOLS


If you wish, you can link directly to this article.
<a href="http://jcsm.org/StudyCenter/Encyclopedia/COM_COR/CONSOLS.html">
CONSOLS
</a>
(Previous)
CONSOLIDATION ACTS 		(Next)
CONSORT (Lat. consors, a companion)

 


 
 


JCSM was founded in 1997 and exists to help the community and bring people into a life-changing and productive relationship with Jesus Christ. JCSM offers over 200,000 free web pages, including its weekly inspirational emails that were sent continuously for over a decade.

Jesus Christ Saves Ministries
P.O. Box 9297
San Diego, CA  92169
1-888-887-0417 or Email

JCSM is a 501(c)(3), non-profit organization. Copyright © 1997-2012.
 

 

Sponsored Advertisements

Online First Aid and CPR Certification  .  DHA Solutions  .  PB Happy Hour Specials  .  Improvising Made Easy For Guitar and Bass  .  The Skeptic's Annotated Bible: Corrected and Explained  .  Home Equity Loans  .  First Aid and CPR Online  .  San Diego Music Lessons  .  10,000 Wise Quotes and Spiritual Sayings  .  Blow Up Your Site (For Free!)  .  San Diego DUI Lawyers  .  Jason Gastrich  .  Jordan Faith Gastrich  .  Divorce Secrets Revealed  .  Post Your Ad Link Free  .  San Diego Soccer Training  .  JCSM  .  Download Sermons  .  Custom Religious Banners, Build A Sign  .  Christian Singles Dating  .  Christian T-Shirts  .  Healing Christian Prayer  .  Bumper Authority  .  Personalized Blogs and Email  .  San Diego Haircuts  .  The Do the Math Diet  .  Stop Twitter Spam  .  Christian Conservative Work at Home Network  .  The Website of the Lord