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Auction: CSS36 - Banknotes, Bonds & Shares and Coins of China and Hong Kong
Lot: 20

The Chinese Government 5% 'Crisp' Gold Loan, group of 9 bonds for 20 pounds, The Chinese Government Gold Loan of 1912 was originally for
the sum of £10,000,000, but only £5,000,000 was issued. The loan
was: “…authorised on the 14th day of July, 1912, by the Premier
and the Minister of Finance of the Government of the Republic of
China and by special order dated 2nd day of September,1912 of the
President of the Republic of China duly notified on the 4th day of
September, 1912, by the representative of the Chinese Government
in London to His Majesty’s Secretary of State for Foreign Affairs and
on the 14th day of September, 1912, by the President of the Republic
of China to the British Minister in Pekin.”
The loan was also known as the 1912 Crisp Gold Loan as it was
floated by C. Burch, Crisp & Co. in London at 95% on behalf of the
British & International Investment Trust, Limited. Other financial
institutions acting as agents for this loan were the British Bank of
Foreign Trade, Lloyds Bank and the Chartered Bank of India,
Australia and China. Bearer bonds were issued in the denominations
as shown in the table above.
The loan was constituted as a direct liability and obligation of the
Chinese Government and was secured upon a first charge on the
surplus of Salt Gabelle (Salt Tax) revenues. The annual revenues
of the Salt Gabelle were estimated as being 47,510,000 Kuping1
Taels of which 24,000,000 Taels per annum had already been
pledged by law to be spent in a particular way.
Coupons were payable on 30th March and 30th September each
year. This loan has been in default since March 1939.
very fine (9)


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