Consols, a term denoting a considerable portion of the debts of Great Britain, known as the three per cent, consolidated annuities. The government has borrowed money at different periods upon special conditions, generally the payment of an annuity of so much per cent, on the sum borrowed, and sometimes by lotteries, as in 1747, in which the prizes were funded in perpetual annuities. Owing to the confusion arising from the variety of the stocks thus created, parliament in 1757 passed an act consolidating these annuities into one fund, to be kept in one account in the bank of England, bearing 3 per cent, interest. From time to time some additions have been made to the consols, and some diminution has been effected by the operation of the sinking fund and by the application of surplus revenue; but they are redeemable only at the option of the government. They constitute a transferable stock in which there is daily speculation, and the varying price is taken as an index of the value of other public securities.