The 2025 December Auction - Sale 346 (December 13 - December 16, 2025)
Sale 346
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with hand signature of the Minister of Finance. Extremely rare.
featuring coupons for annual interest payments, both documents are well-preserved and hold considerable financial and historical value, providing important insights into early East Asian international finance and Russo-Chinese economic and trade relations.
f.w. two 10-cent Republic of China revenue stamps and is well-preserved. The certificate holds significant historical and collectible value, reflecting the military education and service administration of the period, and serves as an important document for studying wartime military and local governance.
with an annual interest rate of 5.5%. Each bond’s interest coupon has one section cut, indicating prior usage. The bonds are well-preserved and hold significant historical and collectible value, providing important documentation for the study of financial instruments and bond markets in the Republican era.
including a 1913 stock certificate of the Compagnie Générale de Chemins de Fer et de Tramways en Chine, a 1920 Republic of China Longhai Railway bond, a 1903 Qing Empire 5% Gold Loan bond, and a 1914 Republic of China 5-mill Industrial bond. All four items are well-preserved and document the development of modern Chinese railways, industrial financing, and financial systems, holding significant historical and collectible value.
indicating 5% interest, with a nominal value of 12 Sterling Pounds each. The certificates are well-preserved and hold significant historical and collectible value, representing important documents for studying Sino-foreign railway finance and economic history during the colonial period.
comprising one share certificate of the Compagnie Générale de Chemins de Fer et Tramways en Chine, seven Chinese Government 8% Treasury Notes for the Lung–Tsing–U–Hai Railway (1920 and 1923 issues), and one 1925 5% Gold Loan bond. All with coupon sheets.
(1) 1896 5% Gold Loan, £50; (2) 1898 4½% Gold Loan, £100; and (3) 1898 4½% Gold Loan, £50. Issued via the Deutsch-Asiatische Bank with bilingual German/English text, ornate red/brown engraved frames and large red Manchu seals, each with full coupon sheet.
1913 Chinese Government Lung–Tsing–U–Hai Railway 5% Gold Loan, £20 bond, one of the major foreign loans underwritten by the Anglo-French consortium in the early Republic period. Printed in blue with ornate borders, bearing a large red seal “Government of the Chinese Republic,” bilingual in French and English with full coupons attached. Issued for railway construction and repayment of late Qing debts.
comprising 5% and 4½% loans in denominations from £25 to £100, all underwritten by the Deutsch-Asiatische Bank. Printed bilingually in English and German, with ornate red, blue, and brown borders, large imperial seals, and full coupon sheets.
covering external financing during the late Qing and early Republican periods, including Treasury Bonds, Lung-Tsing-U-Hai and Hukuang Railway Loans, Tientsin–Pukow Railway documents, and coupon receipts.
(1) Shanghai–Nanking Railway 5% Gold Loan, £100; (2) Shanghai Hangchow Ningpo Railway 6% Gold Loan, £50 (sterling). Both finely printed with full coupons, clear seals and contractual text.