Thursday, January 10, 2013

1913 5% Lung-Tsing-U-Hai Railway Loan - Part One

The Lung-Tsing-U-Hai Railway Loan of 1913 was originally for the sum of £10,000,000 but only £4,000,000 was issued in 1913, according to author John M. Thomson.*

The arrangements for this loan “Did not go according to the original plan and subsequently only 200,000 bonds of denomination £20 were issued in 1913.” The total capital issued was £4,580,380. There were a total of 22,019 bonds issued at £20 denomination with serial numbers running from 20,001 to 249,019. The loan went into default in 1926 and coupons were unpaid from that date.

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*Reference: Historic Foreign Bonds of China: A Collector’s Compendium by John M. Thomson.  

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