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Auction: CSS100E - CHINESE BANKNOTES - e-Auction
Lot: 4015

Chinese Government 5% 'Crisp' Gold Loan, £20, 1912, serial number 03638, The Chinese Government Gold Loan of 1912 was originally for
the sum of 10,000,000 pounds, but only 5,000,000 pounds was issued.
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 Kuping 1
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.
Obverse with signature of Zhou Xuexi, the Minister of Finance of the Republic of China,
extremely fine to about uncirculated, with coupon attached.

Estimate
HK$500 to HK$900

Starting price
HK$500