Chinese Imperial Government 4½% Gold Loan of 1898 – £25 – (Deutsch-Asiatische Bank issue) (red) These bonds were offered by Deutsch-Asiatische Bank in Berlin and HSBC in London in equal amounts of £8,000,000 at 90%. The banks made 7% commission on the issue. The bonds were secured on customs revenues and have been in default since September 1939. Price: Band B Chinese Imperial Government 4½% Gold Loan of 1898 – £100 – HSBC issue (brown) These bonds were offered by Deutsch-Asiatische Bank in Berlin and HSBC in London in equal amounts of £8,000,000 at 90%. The banks made 7% commission on the issue. The bonds were secured on customs revenues and have been in default since September 1939. Price: Band C Chinese Imperial Railway Gold Loan, 1899 (Imperial Railways of North China) – £100 – (brown) The bonds were offered by HSBC on behalf of Jardine, Matherson and Company and the British and Chinese Corporation Limited, the Bank taking a 2% commission on the issue. The bonds were secured on part of the line owned by the Chinese Northern Railway and all freights and earnings on the line. The bonds were guaranteed by the Imperial Chinese Government. Price: Band C/D Chinese Imperial Government Honan Railway 5% Gold Loan of 1905 (yellow/black) Offered by HSBC on behalf of the Peking Syndicate Ltd, the first issue of 1905 was for £700,000, the second one in 1906 for £100,000 at 90% and 87½% respectively. The proceeds were used in connection with financing the construction of a railway from Taokow to Ching Hua in Honan, which was opened in 1904. This bond has a particularly clear watermark.The bonds have been in default since 1926. Price: Band C/D Chinese Imperial Railway Gold loan, Canton-Kowloon Railway 1907 - £100 (red/black) Offered by HSBC on behalf of the British and Chinese Corporation Limited in London and Shanghai at 100% and 94%, respectively. HSBC made £35,000 in dealer’s commission on the issue. The proceeds were used to complete the railway line between Canton and Shumchun. Price: Band D/E Anglo-French (Peking-Hankow Ry.) Loan of 1908 (the 1908 Gold Loan) - £20 – French Issue (Banque de L’Indo-Chine) (green) The bonds were sold in equal shares by HSBC in London and Banque de L’Indo-Chine in France. The banks made 4% commission on the issue. The proceeds were used to refinance an earlier loan entered into in 1899 to fund the construction of the Peking-Hankow Railway. Approximately 95% of these bonds were destroyed. All interest being paid, there are no coupons attached to this bond. Price: Band C Anglo-French (Peking-Hankow Ry.) Loan of 1908 (the 1908 Gold Loan) – £100 – London Issue (HSBC) (brown) The bonds were sold in equal shares by HSBC in London and Banque de L’Indo-Chine in France. The banks made 4% commission on the issue. The proceeds were used to refinance an earlier loan which was entered into in 1899 to fund the construction of the Peking-Hankow Railway. Approximately 95% of these bonds were destroyed. All interest being paid, there are no coupons attached to this bond. Price: Band C Imperial Chinese Government 5% Hukuang Railways sinking Fund Gold Loan of 1911 – £20 – London Issue (HSBC), French Issue and German Issue (green) The bond was issued by four banks Deutsch-Asiatische Bank, HSBC, Banque de L’Indo-Chine, The American Banks (J.P. Morgan & Co., Kuhn Loeb & Co, First National Bank of the City of New York and National City Bank of New York) Price: French/ German issues - Band B HSBC issue – Band D Imperial Chinese Government 5% Hukuang Railways sinking Fund Gold Loan of 1911 – £100 – American Issue and German Issue (red) The bond was issued by four banks Deutsch-Asiatische Bank, HSBC, Banque de L’Indo-Chine, The American Banks (J.P. Morgan & Co., Kuhn Loeb & Co, First National Bank of the City of New York and National City Bank of New York). The issue was originally negotiated by the British & Chinese Corporation (set up by HSBC and Jardines) and was for £2,000,000, however international pressure from the German, French and America governments opened the issue to the other banks and the size was increased to £6,000,000. Participation in the loan was seen as creating new opportunities for these countries in an area previously dominated by British interests. Price: French issue – Band C HSBC issue – Band D Chinese Government 5% Reorganisation Gold Loan of 1913 – Rbl189.4 – Russian Issue (Russo-Asiatic Bank) (brown) The bond was issued by four banks Deutsch-Asiatische Bank, HSBC, Banque de L’Indo-Chine, Russo-Asiatic Bank, each of which made 6% in commission on the issue. Of the estimated £21,000,000 proceeds from the issue, approximately £14,000,000 disappeared. This certificate is in the original colour for the issue, brown. Most of the issue was replaced by a green version (called the “Russian Green version”) after the collapse of the Russo-Asiatic Bank in 1926. This certificate is probably one of the 1-2% that missed out on the exchange, making it more collectible than the Russian Green Version. Price: Band C Chinese Government 5% Reorganisation Gold Loan of 1913 – £100 – London Issue (HSBC) (blue) The bond was issued by four banks Deutsch-Asiatische Bank, HSBC, Banque de L’Indo-Chine, Russo-Asiatic Bank, each of which made 6% in commission on the issue. Of the estimated £21,000,000 proceeds from the issue, approximately £14,000,000 disappeared. Price: Band D Chinese Government 5% Reorganisation Gold Loan of 1913 – Rbl189.4 – Russian Issue (Russo-Asiatic Bank) (green) The bond was issued by four banks Deutsch-Asiatische Bank, HSBC, Banque de L’Indo-Chine, Russo-Asiatic Bank, each of which made 6% in commission on the issue. Russo-Asiatic Bank collapsed in 1926 and its obligations under the bonds were assumed by HSBC from that date. Along with other bonds of this issue, the bond was printed by Waterlow & Sons on bank note quality paper. Price: Band B 5% Gold Loan of 1913 for the Lung-Tsing-U-Hai Railway – £20 – (blue/black) The authorised issue size of this bond was £10,000,000 however only £4,000,000 was issued. The bond was offered in Brussels and Paris with a small quantity being issued in London (£50,000) at approximately 92% of face value. Following the renegotiation of the bond in 1936 new coupon sheets were issued (which are attached to this bond). The renegotiation cancelled all outstanding interest payments due on the bonds and reduced the rate of interest payable. Notwithstanding the readjustment, the last interest payment made on the bonds was in July 1939. Price: Band A 5% Petchili Gold Loan of 1913 (brown/red) – £20 The authorised issue size of this bond was £500,000 in a single denomination of £20, the proceeds of which were to be used for public works and improvements in the Province of Petchili. The bonds guaranteed by the Government of the Chinese Republic and were secured by a first mortgage on taxes on alcohol and tobacco. The bonds went into default in 1926. Price: Band A 5½% French Industrial Loan (Emprunt Industriel) of 1914 (brown/red) – FF500 The authorised issue size of this bond was FF150,000,000 however only FF100,000,000 were issued in a single denominations of FF500. The bonds were offered by Banque Industrille de Chine with the cooperation of Soc. Gen Occidentale, Banque de I’Indo-Chine, Credit Francais and Soc. Gen des Banques de Province in Paris at 94%. The banks made a massive 10% commission on the issue. The bonds went into default in 1922. Price: Band A 8% Marconi Loan 1918 (red/yellow) – £100 Referred to as the 10 Year Sterling Treasury Bills of 1918, issued pursuant to an agreement between The Chinese Government and Marconi Wireless Telegraph Company Ltd. The authorised issue size of this bond was only £600,000 and was offered by the British Bank for Foreign Trade Ltd in London at 105%. The bond is signed personally by Kung Hsin Chang who was the minister of Finance at the time of issue. The bonds went into default in 1921 and were restructured in 1936 following which the bonds were stamped with a notice of reorganisation (in red on the right hand side under the signature) and new coupon sheets issued. Price: Band C 8% Lung-Tsing-U-Hai Railway Loan 1921– BF500 – (green and black) The authorised issue size of this bond was Belgian Francs 50,000,000. The bond was offered by La Compagnie Generale de Chemins de fer et de Tramways en Chine Le Delegue in Brussels and the issue proceeds were used to complete part of the Lung-Tsing-U-Hai Railway. We have a single replacement stock certificate (used to replace mutilated or lost certificates) for this issue. Price: In uncirculated condition - Band E 8% Railway Equipment Loan of 1922 – £20 – (blue and black) The authorised issue size of this bond was £800,000 (Belgian Francs 48,000,000). The bond was offered by The Societe Belge D’Entreprises en Chine (SBEC) at a discount of approximately 99% of face value although SBEC managed to receive a healthy 12% commission on the issue. The last interest payment made on the bonds was in June 1925 in London. All principal payments in respect of the bonds remain outstanding. Price: Band A 5% Gold Bonds of 1925 of Republique of Chinois (Boxer Loan) – US$50 – (brown) The authorised issue size of this bond was US$43,893,900. The bond was offered by the Societe Francaise de Gerance de la Banque Industrielle de Chine at par. The proceeds of the loan were to be used for a number of purposes, primarily for repayment of debt but also for Sino-French philanthropic and educational purposes. The last interest payment made on the bonds was in January 1939. All principal payments in respect of the bonds remain outstanding. Price: Band A Chinese Government 23rd year (1934) 6% Sterling Indemnity Loan (for completion of Canton-Hankow Railway) – £50 – (red/brown pale green and blue) Referred to as the 6% British Boxer Indemnity. The issue was a private placement offered in Shanghai by the Central Bank of China, Bank of Communications and HSBC. The bonds were offered at 96%. Containing a picture of Sun Yat-Sen, the bond is highly collectible. The last interest payment made on the bonds was in January 1939. All principal payments in respect of the bonds remain outstanding. Price: Band E 4% Secured Sinking Fund Bonds of 1937 issued by The Government of the Republic of China – $1,000 – (blue/black) This bond is also referred to as the Pacific Development Loan and was issued by J.P. Morgan in New York. It is one of the most attractive Chinese bonds produced and is highly sought after by collectors. The bond has many of the characteristics collectors seek, high denomination, attractive vignettes, high quality printing (the bond is printed by the American Bank Note Co. and is of bank note quality), well known issuing bank (in this case JP Morgan) and excellent clear condition. Only three interest payments were paid on the bond, the last interest payment being made in January 1939. All principal payments in respect of the bonds remain outstanding. Price: Band E Chinese Government 6% Sterling Shanghai-Hangchow-Ningpo Railway Completion Loan (1936) – £100 – (red/brown/green/ blue) £1,100,000 of this bond were offered in Shanghai by HSBC and the Bank of China on behalf of the China Development Finance Corp and the British & Chinese Corp at 94%. The banks made 6% commission on the issue.The proceeds of the issue were used in part to complete a bridge over the Chien Tang River which took many years to complete. However only four days after its completion it was completely destroyed by the Chinese military in response to the Japanese threat to Hanchow. This turned out to be unfortunate for bondholders as the bonds were secured on 70% of the tolls collected on the bridge. This bond is rare and highly sought after by collectors, probably because it features a picture of Sun Yat-Sen and is in denominations of £100 (which was the highest for this issue). Only three interest payments were paid on the bond, the last interest payment being made in December 1937. Price: Band E