In 1888, the Chancellor of the Exchequer, George Joachim Goschen, converted the Consolidated 3 % Annuities, along with Reduced 3 % Annuities ( issued in 1752 ) and New 3 % Annuities ( 1855 ), into a new bond, 2?% Consolidated Stock, under the National Debt ( Conversion ) Act 1888 ( Goschen's Conversion ).
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