Consols

Consols, the shortened expression for the Consolidated Public Funds. Much inconvenience resulted from the varying conditions and modes of payment of interest of the money advanced for the purposes of the central government, and in 1749 the different accounts were grouped together in one general account at the Bank of England. Stock in the Funds cannot, generally speaking, be realised directly, except by the process of selling to a would-be holder. Government may, however, pay off at such intervals as may be convenient any part of the principal advanced.