China, Republic

Chinese Government Bond – Railway Equipment Loan 1922 Special 8% government bond of the Republic of China, issued in Brussels on December 1, 1922. The loan was intended to finance railway equipment for the Chinese state railways and was part of the foreign financing with which the young Republic of China sought to develop its railway network and infrastructure. It is a bond of £20, equal to 1,200 Belgian francs, with a coupon rate of 8%. The security is bilingual in English and French, suited to the international market on which the loan was placed. The impressive design features a steam locomotive at the center, surrounded by richly worked blue ornamentation and Chinese red seals. On the reverse side are the contractual provisions and the attached coupons. A beautiful and historically interesting example of the international capital market of the interwar period, in which European investors were directly involved in financing infrastructure in China. The type is known in specialized auctions as Kuhlmann 640 / D&H CA 148. A decorative and historically engaging piece for collectors of Chinese government bonds, railway history, and historic securities (scripophily).

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