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Auction: CSS36 - Banknotes, Bonds & Shares and Coins of China and Hong Kong
Lot: 15

1908 - 5% Tientsin-Pukow Railway Loan, group of 8 bonds for 100 pounds and also 6 fractional scrip certifcates, The Tientsin-Pukow Railway Loan of 1908 was for the capital sum
of £5,000,000. The loan was “…authorised by Imperial Edict of 13th
January 1908 officially communicated by the Wai Wu Pu1 to the
Ministers of Great Britain and Germany in Peking. Guaranteed as
to principal and interest by the direct obligation of the Imperial
Government of China and secured by a first charge upon certain
provincial revenues of the provinces of Chili, Shantung and Kiangsu.”
The participating financial institutions which handled the
arrangements for the issuance of bearer bonds against the loan and
which counter-signed the bonds were the Hongkong and Shanghai
Banking Corporation in London and the Deutsch-Asiatische Bank in
Berlin. The Hongkong and Shanghai Banking Corporation was
responsible for 37% of the loan, while the Deutsch-Asiatische Bank
was responsible for 63%. Bearer bonds were offered at 98½% in
London and Berlin during 1908 and again in London and Berlin at
100% in 1909. The various denominations issued by these two banks
are as detailed in the tables above.
The purpose of the loan was for the construction of a railway from
a location close to Tientsin which would connect the Imperial
Railways of Northern China to Ihsien near Baoding and the southern
frontier of Shantung province, and from Ihsien to a location near
Pukow on the Yangtsze River.
Coupons were payable on 1st April and 1st October each year.
fine to very fine (14 pieces altogether)


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