Monday, December 24, 2012

Chinese Government - Reorganization Gold Loan of 1913

The Reorganization Gold Loan of 1913 was for the capital sum of £25,000,000. The loan was, “…authorised by Presidential Order of 22nd April 1913 officially communicated by the Wai Chiao Pu1 to the Ministers in Peking of Great Britain, Germany, France, Russia and Japan.

The newly appointed President of the Republic of China, Yuan Shih Kai, initially approached Britain, France, Germany and United States of America seeking a substantial loan to assist the fledgling government of the Republic of China. Later this group was expanded to include Japan and Russia, but eventually the United States of America withdrew from participation, leaving five countries which agreed to assist the Chinese Government with financial aid.

The principal financial institutions which participated in the loan arrangements were the Deutsch-Asiatiche Bank, Banque de l’Indo-Chine and Russian Asiatic Bank. The Yokohama Specie Bank participated on behalf of Japan, but did not issue separate bonds, countersigned by the bank. Arrangements were made as to convertibility into Japanese Yen of the bearer bonds issued by the other four issuing banks. The banks all received 6% commission for handling this loan.
Reference: Historic Foreign Bonds of China: A Collector’s Compendium by John M. Thomson. 

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