GENUINE SUPER PETCHILI with PASSCO 1913 LUNG TSING Chinese BOND in Switzerland

Description: 10 SUPER PETCHILI BONDS EACH WITH ALL REMAINING COUPONS and EACH AUTHENTICATED BY PASS-CO (Full Pass-Co Report included ). We will ship from Zurich - SwtizerlandPICTURES ARE FROM ALL TOGETHER, BUT YOU GET ONE FOR EACH BOND YOU BUY! The Lung-Tsing-U-Hai Railway is one of the most famous railroads of China. Lung-Tsing-U-Hai means KANSUH to SEA RAILWAY which ran between Lanchow-fu and Haichow. This bond was issued in 1913 to finance its construction and the redemption of the Pien Lo Railway Loans of 1905 and 1907 as well as improvement of the Haichow port. The loan was secured by the railroad's revenues and was a direct obligation of the Government of the Republic of China which was founded only 2 years earlier. Its issuance was approved by the National Assembly of 1912, and the bond is signed by the top officials of the Chinese Government. Each bond has a face value of £20 Sterling or 500 Francs and was payable in GOLD. The railroad's total capital was £10,000,000. Interest on the loan was for a 50 -year period (1913-1953, when the principle was redeemable). However, 2 things happened that delayed its redemption. First, the founding of the Chinese Communist Party in 1921 which led to unstable political and economic conditions. The Shanghai massacre of 1927 was the violent suppression of Communist Party organizations in Shanghai by the military forces of Chiang Kai-shek and conservative factions in the Kuomintang, the Chinese Nationalist Party. That began the long and bloody civil war between the Nationalists and the Communists. The last coupon to be redeemed was in the 1939. The Government was so destabilized by then that it failed to pay interest on the bond from then on. The red rubber stamp represents an extension agreement (dated 1935, last coupon payment to have been 1961) but even that did not lead to resumption of interest payments after 1939. Second, was the victory of the Communists and the birth of the Peoples' Republic of China in 1949. The latter failed to redeem any of the sovereign debt of the previous government! The upshot of this story is that both the interest and principle due for Super Petchili bonds are legally still owed and outstanding! The Republic of China became the tiny nation of Taiwan (formerly Formosa) so it could be argued that Taiwan is responsible for their repayment. However, Mainland China does not recognize Taiwan's independence and has never stopped insisting that it is part and parcel of China. Therefore, the ultimate debtor remains China itself. The "speculative" value of these bonds is rumored to be in the tens of millions of dollars. However, no definite formal redemption program has ever been officially implemented, which is why we make no warranty that the bonds can or will be redeemed or at what price. However, we do guarantee that these are 100% genuine and original 1913 Lung Tsing Railway bonds with all coupons remaining from 1940 through 1961. They remain in choice clean and crisp condition. I ship By DHL 120 Euros

Price: 3000 USD

Location: Schlieren

End Time: 2024-03-24T17:16:54.000Z

Shipping Cost: 120 USD