Consolidated Fund

In England. Usually abbreviated to consols. A fund for the payment of the public debt.

In England. (Usually abbreviated to Consols.) A fund for the payment of the public debt Formerly, when a loan was made by government, a particular part of the revenue was appropriated for the payment of the interest and 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 in 1717; and the Sinking fund, into which the surplus of these flowed, which, although intended for the diminution of the debt, was applied to the necessities of the government. These four funds were consolidated into one in the year 1787; and this fund is the Consolidated fund. It is wholly appropriated to the payment of certain specific charges and the interest on the sums originally lent the government by individuals, which yield an annual interest of three per cent, to the holders. The principal of the debt is to be returned only at the option of the government.

In England A fund for the payment of the public debt.

The great public fund of the United Kingdom of ureat Britain and Ireland, comprising the produce of customs, excise, stamps, and several other taxes, added to some small receipts from the royal hereditary revenue; and constituting almost the whole of the public income of the united kingdom.* 2 Steph. Com. 590. There were formerly three capital funds in existence; the aggregate fund, the general fund, and the South Sea fund. The consolidation of these into one, in the year 1787, on the new arrangement of the public accounts, gave the name to the new fund. Id.