Lot# 7334

The 2025 December Auction - Sale 346 (December 13 - December 16, 2025)   December 13 - December 16 2025, Hong Kong

with face values of $100 and $1,000 respectively. Each is printed with an ornate orange-gold border and a central vignette of
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Lot# 7334
Starting Price: 1,200 HK$
Hammer Price: 1,200 HK$
Shanghai Municipal Council 5% Loans of 1934 & 1937 — Two Debentures

with face values of $100 and $1,000 respectively. Each is printed with an ornate orange-gold border and a central vignette of the Shanghai Municipal Council building, bearing a red embossed seal and manuscript signatures of the Treasurer and Accountant. These loans were secured by annual revenue from the International Settlement and used to finance municipal works, roads, and infrastructure projects, with full terms and conditions printed on the reverse.

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