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 ).
