1912 5% Crisp Gold Loan

The Crisp Gold Loan* of 1912 (which has been in default since March 1939) was originally for the sum of £10,000,000 but only £5,000,000 was issued. The loan was constituted as a direct liability ad obligation of the Chinese Government and was secured upon first charge on the surplus of Salt Gabelle (Salt Tax) revenues.

The annual revenues of the Salt Gabelle were estimated at 47,510,000 Kuping Taels (a Kuping Tael was 98% pure silver and weighed 37.313 grams) of which 24,000,000 Taels per annum had already been pledged by law to be spent in a particular way. Coupons were payable annually on March 30 and September 30.

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George H. LaBarre Galleries - Collectible Stocks and Bonds and Old Stocks and Bonds
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 *Reference: Historic Foreign Bonds of China: A Collector’s Compendium by John M. Thomson.