bonds and share certificates of china and hong kong

14 January 2012 • Hong Kong

© Copyright 2012

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14 January2012 • H

ong KongSTAMPS COINS BANKNOTES MEDALS BONDS & SHARES AUTOGRAPHS BOOKS WINES

9/F Malaysian Consulate Building � 50 Gloucester Road � Hong Kongwww.spink.com

HK$200

BONDS AND SHARE CERTIFICATES OF CHINA AND HONG KONG

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Banknotes

14 January Banknotes of China and Hong Kong Hong Kong 1200614 January The Manfred Kranz Collection of Deutsch-Asiatische Bank Notes Hong Kong 12006A14 January Banknotes of the Ta Ching Government Hong Kong 12006B16/17 January The Collector’s Series Sale New York 31225 April World Banknotes London 1202218/19 May The Collector’s Series Sale New York 31322/23 August The Collector’s Series Sale New York 3143 October World Banknotes London 1202313/14 November The Collector’s Series Sale New York 3156 December World Banknotes London 12024

Stamps, Coins, Banknotes, Medals, Bonds & Shares, Autographs, Books, Wines

AUCTION CALENDAR 2012

The above sale dates are subject to change

Spink offers the following servicesValuations for insurance and probate for individual items or whole collections.

Sales on a commission basis either of individual pieces or whole collections.

Stamps

15 January Fine Stamps and Covers of China and Hong Kong Hong Kong 1200525 January The Collector’s Series sale London 1200116 February The Chartwell Collection - GB Line-Engraved Essays, Proofs, Stamps and Covers - Part II London 1201223/24 February The Collector’s Series Sale New YorkEarly March The Collector’s Series Sale Hong Kong15 March The Renowned Fiorenzo Longhi Collection of Airmail Postal History and Memorabilia Lugano16 March The Walter Taveira International Gold Medal Collection of Brazil Lugano16 March The Paulo Comelli “Grand Prix” Collection of Brazilian Mail to Foreign Destinations Lugano16 March The “Tito” Collection of South American Philatelic Rarities including Uruguay - Part I Lugano11 April The Collector’s Series sale London 120133 May The Chartwell Collection - GB King George V including Seahorses London 1201410/11 May The Collector’s Series Sale New YorkEarly June The Collector’s Series Sale Hong Kong5 July The Chartwell Collection - GB Line Engraved Essays, Proofs, Stamps and Covers - Part III London 1201511 July The Collector’s Series Sale London 1201612 September The Chartwell Collection - GB King George VI, King Edward VIII and Queen Elizabeth II Essays, Proofs and Stamps London 1201713 September Great Britain Stamps specialised sale London 1201813/14 September The Collector’s Series Sale New York23 September Fine Stamps and Covers of South East Asia Singapore 12019Early October The Collector’s Series Sale Hong Kong14 November The Collector’s Series Sale London 120206/7 December The Collector’s Series Sale New York12 December The Chartwell Collection - GB Line-Engraved Essays, Proofs, Stamps and Covers - Part IV London 12021

Coins

14 January Fine Coins of China and Hong Kong Hong Kong 1200816/17 January The Collector's Series Sale New York 31229 March Ancient, English & Foreign Coins and Commemorative Medals London 1200918/19 May The Collector's Series Sale New York 31328 June Ancient, English & Foreign Coins and Commemorative Medals London 1202522/23 August The Collector's Series Sale New York 31428/29 August Coins of Hong Kong and China Hong Kong27 September Ancient, English & Foreign Coins and Commemorative Medals London 1202613/14 November The Collector's Series Sale New York 3154 December Ancient, English & Foreign Coins and Commemorative Medals London 12027

Medals

19 April Orders, Decorations, Campaign Medals & Militaria London 1200219 July Orders, Decorations, Campaign Medals & Militaria London 1200322 November Orders, Decorations, Campaign Medals & Militaria London 12004

Bonds and Shares

14 January Bonds and Share Certificates of China and Hong Kong Hong Kong 1200716/17 January The Collector's Series Sale New York 31218/19 May The Collector's Series Sale New York 3131 June Bonds and Share Certificates of the World London 1201022/23 August The Collector's Series Sale New York 31413/14 November The Collector's Series Sale New York 31528 November Bonds and Share Certificates of the World London 12011

Autographs

16/17 January The Collector's Series Sale New York 31218/19 May The Collector's Series Sale New York 31322/23 August The Collector’s Series Sale New York 31413/14 November The Collector’s Series Sale New York 315

Wines

8 March Fine Wines of the World Hong KongMay Fine Wines of the World Hong KongJuly Fine Wines of the World Hong KongSeptember Fine Wines of the World Hong KongNovember Fine Wines of the World Hong Kong

Group Chairman and CEOOlivier D. StockerYour Specialists

StampsUK - Tim Hirsch Guy Croton David Parsons Nick Startup Neill Granger Paul Mathews Dominic Savastano

USA - Chris Anderson George Eveleth Andrew Titley Ed RobinsonEurope - Guido Craveri Fernando Martinez

China - Anna LeeCoins

UK - Paul Dawson Julie-Morgane Lecoindre Richard Bishop William MacKay Arthur Bryant John Pett George ChampUSA - Stephen Goldsmith Matthew Orsini Normand Pepin Greg Cole

Banknotes, Bonds & SharesUK - Barnaby Faull Mike Veissid Andrew Pattison

USA - Stephen Goldsmith Matthew OrsiniOrders, Decorations, Medals & Militaria

UK - Mark Quayle Oliver PepysBooks

UK - Philip Skingley Alex SmithAutographs

USA - Robert LitzenbergerWines

China - Anna Lee

Your Europe Team (London - Lugano)

Chairman’s OfficeDennis Muriu Monica Kruber

DirectorsTim Hirsch Anthony Spink

Auction & Client Management TeamEmily Johnston Miroslava Adusei-Poku Luca Borgo Phillipa Brown Tom Smith

FinanceAlison Bennet Marco Fiori Mina Bhagat Alison Kinnaird Shyam Padhiar Billy Tumelty

IT & AdministrationBerdia Qamarauli Abdi Mohamed Maria Martinez Liz Cones Curlene Spencer John Winchcombe

Your America Team (New York - Dallas)Chairman Emeritus

John HerzogHead of Philatelics

George EvelethHead of NumismaticsStephen Goldsmith

Director of Finance & OperationsSam Qureshi

Auction AdministrationRick Penko Patricia Gardner

Marketing & DesignJames McGuire Emily Cowin Clyde Townsend

Finance & AdministrationIngrid Qureshi Marcy Gottberg Ed Robinson

AuctioneersStephen Goldsmith Tracy Shreve Andrew Titley

Your Asia Team (Hong Kong - Singapore)Anna Lee Gary Tan Amy Yung Raymond Tat

Neill Granger Barnaby Faull Mike Veissid

Our Environmental Commitment: Paper from Sustainable Forests and Non Hazardous InkFor centuries Spink and its employees have been preserving and curating collectable items. We now wish to play a modest role in preserving our planet,as well as the heritage of collectables, so future generations may enjoy both.

We insist that our printers source all paper used in the production of Spink catalogues from FSC registered suppliers (for further information on theFSC standard please visit fsc.org) and use inks containing non hazardous ingredients. Spink recycle all ecological material used on our premises andwe would encourage you to recycle your catalogue once you have finished with it.

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12007 catalogue pages:Layout 1 10/12/11 11:23 Page 1

In sending commission bids or making enquiries,this sale should be referred to as CANTON - 12007

SPINK CHINA:9/F Malaysian Consulate Building,

50 Gloucester Road, Hong Kong

Telephone: +852 25 300 100Fax +852 25 266 128

Web Site:For more information about

Spink services, forthcoming sales and sales resultsyou can access the Spink web site at

www.spink.com

For future Hong Kong catalogues:Please telephone

+852 25 300 100+44 (0)20 7563 4080 or

fax +44 (0)20 7563 4085 or e-mail [email protected] for details.

Viewing at 69 Southampton Row, London:Wednesday 21 December 2011 10.00 a.m.- 5.00 p.m.Thursday 22 December 2011 10.00 a.m.- 5.00 p.m.

Viewing at 50 Gloucester Road, Hong Kong:Wednesday 11 January 2012 9.30 a.m.- 6.30 p.m.Thursday 12 January 2012 9.30 a.m.- 6.30 p.m.Friday 13 January 2012 9.30 a.m.- 8.00 p.m.

Enquiries for this sale:Specialist:Mike Veissid +44 (0)20 7563 4075 [email protected] Wednesday 11 January +852 25 300 100

Commission bids and results:+852 25 300 100+44 (0)20 7563 4108 +44 (0)20 7563 4020

Email:[email protected]@spink.com

Bids office fax number:+852 25 266 128+44 (0)20 7563 4037 Available until Friday 13 January 5.00 p.m.

Accounts:Amy Yung +852 25 300 [email protected] Padhiar +44 (0)20 7563 [email protected]

Bonds and Share Certificates of China and Hong KongSaturday 14 January 2012 at 5.30 p.m.Spink China Limited, 9/F Malaysian Consulate Building, 50 Gloucester Road, Hong KongTelephone: 00852 25 300 100 Fax: 00852 25 266 128

Please note:NO COLLECTION OF LOTS DURING THE AUCTIONS

Purchases may be collected from 50 Gloucester Road from Monday to Friday 9am to 5pm

Front Cover Illustration: 732Back Cover Illustrations: 821 and 906

A trade and bank reference are required for NEW clients to Spink who wish to bid at this auction; either in person or bywritten bid. These should be sent and arrive at least SEVEN working days before the auction date. We regret that if these arenot received, new clients may not be allowed to participate.

References can be emailed to: [email protected] or [email protected] or Fax: +852 25 266 128 or Telephone: +852 25 300 100.

Use this QR code to visit our online catalogue and leaveproxy bids on Spink Live.You can download the QR Code Reader for iPhone,Blackberry and Android from App Store on your smartphone


January 14, 2012 - Hong Kong

SATURDAY 14 JANUARY 2012

commencing at 5.30 p.m.

FOREIGN LOANS 701-745INTERNAL LOANS 746-765MINISTRY LOANS 766-769PROVINCIAL LOANS 770-794MUNICIPAL LOANS 795-798RAILWAYS 799-805SHIPPING & DOCKS 806-810BANKS 811-831COMMODITY EXCHANGE 832INSURANCE COMPANIES 833-841LAND & INVESTMENT COMPANIES 842-860MINING COMPANIES 861-884PUBLIC UTILITIES 885-905SPORT & RECREATION 906-914COMMERCIAL & INDUSTRIAL 915-975FRENCH INDO-CHINA 976-978MACAO 979-982MALAYA 983

ORDER OF SALE

AN INTRODCTION BY SPINK SPECIALIST MIKE VEISSID

We are pleased to be able to offer another fine selection of bonds and share certificates relating to Chinaand Hong Kong. This follows our offering of the Goudey Collection last year which was the first specialistsale of Bonds and Share certificates in Hong Kong since the 1980’s.

The sale also includes some duplicate pieces from the Goudey Collection and we have given informationon the quantity found in the collection where possible. You will also notice that there are many certificatesfrom English companies operating in China which come from an old collection formed in the UK over thelast 35 years. Several of these have not been on the market for many years and should attract much interest.

I have mixed pieces from Hong Kong with mainland China as many Chinese companies used the HongKong company laws to register and therefore had offices in both ‘countries’. Translations have been madeusing the Wade-Giles system of spelling instead of the more modern Pinyin. For example Kwangtungwould have been used during the period before 1949 instead of the now accepted Guangdong. The Wade-Giles spelling is that used in all contemporary works and records and as you will see from the catalogue itis often used on the certificates themselves. Fortunately English was the most widely used businesslanguage in Hong Kong, Canton and Shanghai and many items in the catalogue have at least the companyname also in English. I apologise in advance for any errors with translations as my Mandarin and Cantoneseis almost non-existent!


To request a copy of any of these catalogues please email us [email protected]

All catalogues are also available to view onlinewww.spink.com

12006 - Banknotes of China and Hong KongIncluding the Manfred Kranz Collection of

Deutsch-Asiatische Bank Notes, and Notes of the Ta-Ching Government Bank

FINE STAMPS & COVERSOF CHINA AND HONG KONG


FINE COINS OF CHINA AND HONG KONG




12008 - Fine Coins of China and Hong Kong

12007 - Bonds and Share Certificates of China and Hong Kong

12005 - Fine Stamps and Covers of China and Hong Kong

THE MANFRED KRANZ COLLECTION OF

DEUTSCH-ASIATISC

HE BANK NOTES


HSBOOKS W

INES


NOTES OF THE TA CHING

GOVERNMENT BANK


BANKNOTES OF CHINAAND HONG KONG

SIX PRESTIGIOUS SALES

OVER TWO DAYS IN HONG KONG

14-15 JANUARY 2012



FOREIGN GOVERNMENT LOANS

7021898 41⁄2% Gold Loan, £50 bond, no.1197, issuedby the Hongkong and Shanghai Banking Corporation,large format, orange and black, with coupons, one ofthe best of this issue seen for some time, good very fine forthe issue.

HK$2,500-3,500

SATURDAY 14 JANUARY 2012

commencing at 5.30 p.m.

All Sales are subject to the Conditions of Business printed at the back of this catalogue

EstimatesThe estimated selling price of each lot is printed below the lot description and does not include the Buyer’s Premium.

Bidders should bear in mind that estimates are prepared well in advance of the sale and are not definitive.They are subject to revision.

7011898 41⁄2% Gold Loan, £25 bond, no.677, issued bythe Hongkong and Shanghai Banking Corporation,large format, red and black, with coupons, a few veryminor edge tears at top but very fine for the issue.

HK$3,000-4,000


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7031898 41⁄2% Gold Loan, £500 bond, no.1297, issuedby the Hongkong and Shanghai Banking Corporation,large format, mauve and black, with coupons, a fewvery minor edge tears but very fine for the issue.

HK$4,000-5,000

7041898 41⁄2% Gold Loan, a group of 20 bonds for £50,issued by the Deutsch-Asiatische Bank, large format,orange and black, text in German and English, withcoupons, a generally good condition group, many veryfine and a few better. (20)

HK$4,000-5,000

7051899 Chinese Imperial Railway 5% Gold Loan,£100 bond, no.8893, large format, ornate border,brown with pale blue underprint, red ‘chop’ in centre,with coupons, small edge tear at right, tiny piece fromtop left corner but very fine for issue.

HK$1,500-2,000

7061903 5% Shanghai-Nanking Railway Gold Loan, agroup of 8 bonds for £100, 1904 issue, large format,red and black, with coupons, better than usualcondition, centre bend, very fine to extremely fine. (8)

HK$2,000-2,500

Bonds and Share Certificates of China and Hong Kong

Page 6


7071907 5% Canton-Kowloon Railway Gold Loan, agroup of 6 bonds for £100, large format, red andblack, printed by Waterlow & Sons, with coupons, allwith centre fold otherwise about extremely fine. (6)

HK$4,000-5,000

7081908 41⁄2% Gold Loan, £100 bond, countersigned bythe Hongkong and Shanghai Banking Corporation,no.9029, walled city at top, ornate borders, mauve andblack, printed by Waterlow & Sons Ltd., no couponsas is usual with this issue, extremely fine and rare in thiscondition.

HK$2,500-3,500

7091908 41⁄2% Gold Loan, £100 bond, countersigned bythe Hongkong and Shanghai Banking Corporation,no.9056, walled city at top, ornate borders, mauve andblack, printed by Waterlow & Sons Ltd., no couponsas is usual with this issue, extremely fine and rare in thiscondition.

HK$2,500-3,500

7101908 41⁄2% Gold Loan, £100 bond, countersigned bythe Hongkong and Shanghai Banking Corporation,and £20 bond, countersigned by the Banque deL’Indo-Chine, walled city at top, ornate borders,mauve and green respectively, printed by Waterlow &Sons Ltd., no coupons as is usual with this issue, veryfine to about extremely fine, the £100 with Midlandbank rubber stamp at top. (2)

HK$2,000-2,500

7111910 5% Tientsin-Pukow Railway SupplementaryLoan, a group of 21 bonds for £20, issued by theDeutsch-Asiatische Bank, large format, green andmauve, with coupons, mixed condition but mostly veryfine. (21)

HK$4,000-5,000



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7121911 5% Hukuang Railway Sinking Fund GoldLoan, a group of 22 bonds for £20, issued by theDeutsch-Asiatische Bank, large format, steam train attop, green and black, printed by Waterlow & Sons,with coupons, generally very fine and better. (22)

HK$6,000-8,000

7131911 5% Hukuang Railway Sinking Fund GoldLoan, a group of 5 bonds for £100, issued by theHongkong and Shanghai Banking Corporation, largeformat, steam train at top, red and black, printed byWaterlow & Sons, with coupons, centre fold otherwiseextremely fine. (5)

HK$3,000-4,000

7141911 5% Hukuang Railway Sinking Fund GoldLoan, a group of 10 bonds for £100, issued by theAmerican banks syndicate, large format, steam train attop, red and black, printed by Waterlow & Sons, withcoupons, centre fold otherwise extremely fine or nearlyso. (10)

HK$7,000-9,000

7151911 5% Imperial Railway Loan, bond for 500 yen,no.000243, issued by the Yokohama Specie Bank,ornate border, Chinese dragons at top, mauve andblack, pale blue-green underprint, text in Chinese withEnglish on the reverse, with coupons, about very fine.

HK$3,000-4,000


Page 8


7161912 5% ‘Crisp’ Gold Loan, a group of 19 bonds for£20, large format, blue, yellow and black, red ‘chops’,with coupons, mixed condition but many are very fineand better. (19)

HK$4,000-5,000

7171912 5% ‘Crisp’ Gold Loan, a group of 29 bonds for£100, large format, turquoise and black, red ‘chops’,with coupons, mixed condition, fine to very fine. (29)

HK$15,000-20,000

7181912 5% Gold ‘Crisp’ Loan, bond for £500,no.1602, large format, ornate border, brown andblack, pale blue underprint, red ‘chops’, with coupons,about very fine.

HK$3,000-4,000

7191912 5% Gold ‘Crisp’ Loan, bond for £500,no.0579, large format, ornate border, brown andblack, pale blue underprint, red ‘chops’, with coupons,good very fine and scarce thus.

HK$3,000-4,000



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7201912 5% Gold ‘Crisp’ Loan, bond for £1000,no.569, large format, ornate border, red and black,yellow underprint, red ‘chops’, with coupons, cleangood very fine condition and rare thus.

HK$10,000-15,000

7211913 5% Reorganisation Gold Loan, a duplicatebond for £20, Russian issue, countersigned by theHongkong and Shanghai Banking Corporation in1926 (K307DP), ‘Mercury’ at top, vignettes at eachside, brown and black, with coupons, overprintedDUPLICATE, in top corners in red, extremely fine andrare.

HK$6,000-8,000

7221913 5% Reorganisation Gold Loan, an unissuedreserve stock bond for £100, countersigned by theDeutsch-Asiatische Bank, ‘Mercury’ at top, vignettesat each side, blue and black, with all coupons, no serialnumbers, extremely fine and rare.

HK$6,000-7,000

7231913 Chinese Central Government 6% ‘Austrian’Loan I, bond for £50, no.877, ornate border, mauveand black, minor edge tears, top half somewhat toned,fine to very fine and rare.

HK$15,000-18,000


Page 10


7241913 Chinese Central Government 6% ‘Austrian’Loan I, bond for £50, no.3589, redeemable 1916ornate border, mauve and black, edge damage at rightnot affecting the text, a few edge tears at bottom, goodcolour, fine and rare.

HK$9,000-12,000

7251913 6% ‘Austrian’ Loan I, £100 bond, no.8651,payable by 1915, green and black, red ‘chop’ in centre(K.311), better than average condition, very fine andrare.

HK$15,000-18,000

7261914 5% Gold ‘Industrial’ Loan, unissued bond for500 francs from the reserve stock, large format,vignettes of railways, station and bridge, brown,yellow underprint, with all coupons from 1934, notnumbered, good extremely fine.

HK$2,500-3,000



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7271914 Chinese Republic 5% Treasury Loan, anunissued bond for 500 francs, to be offered by theBanque Industrielle de Chine, Peking 1914, largeformat, brown with yellow underprint, withrepayment coupons for 1915 to 1919, ink smudge atlower right, 2 folds otherwise about extremely fine andvery rare.

HK$6,000-8,000

The loan of 75,000,000 francs was raised as part of the600 million francs needed to construct the Chin-YuRailway. Repayable in 5 equal annual instalments. It isnot confirmed that the loan was actually issued due tothe outbreak of war in 1914.

728Ching-Yu, 7% Gold Loan, 3rd series, unissuedTreasury bond for 1000 francs, Paris 1916, of an issueof only 35 pieces, large format with ornate border,blue with yellow underprint, coupons at right,counterfoil at left, extremely fine and very rare.

HK$8,000-10,000

729Ching-Yu, 7% Gold Loan, 3rd series, unissuedTreasury bond for 50,000 francs, Paris 1916, of anissue of only 23 pieces, large format with ornateborder, red-brown with yellow underprint, coupons atright, counterfoil at left, about extremely fine and veryrare.

HK$8,000-10,000

730Ching-Yu, 7% Gold Loan, 3rd series, unissuedTreasury bond for 567 francs, Paris 1916, of an issueof only 1 example, large format with ornate border,green with yellow underprint, coupons at right,counterfoil at left, extremely fine and extremely rare.

HK$10,000-12,000


Page 12


7311919 8% 10-Year Sterling Treasury Notes ‘VickersLoan’, a bond for £100 with original coupons,no.6075, dockside vignette, green and black, very fine.

HK$800-1,200

7321919 6% 2-Year Secured Gold ‘Chicago Bank’Loan, $1000 bond no.4035, vignette of pagoda attop, orange and black, printed by the American BankNote Company, with coupons, and sheet of scripcertificates, a little tape residue at right edge, good veryfine.

HK$3,000-4,000

7331919 6% 2-Year Secured Gold ‘Chicago Bank’Loan, $1000 bond no.4089, vignette of pagoda attop, orange and black, printed by the American BankNote Company, with coupons, and sheet of scripcertificates, extremely fine.

HK$3,000-4,000

7341925 5% Gold ‘Boxer’ Loan, bond for $50, number000,001, signed around the body by 20 or soofficials from the issuing bank, the BanqueIndustrielle de Chine, and retained by one of thedirectors, ornate border, brown and yellow, with allcoupons intact, about extremely fine and unique.

HK$6,000-8,000



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7351925 8% ‘Skoda’ Loan, bond for £1000, no.26532,ornate border, red and black, ‘chop’ in centre, withcoupons to no.17, nearly extremely fine.

HK$2,000-3,000

7361925 8% ‘Skoda’ Loan, a group of 5 bonds for£1000, similar to the last, with coupons to no.17, allabout extremely fine. (5)

HK$10,000-12,000

7371934 6% Sterling Indemnity (Boxer) Loan, bondfor £50, no.1066, ornate border with vignette of SunYat Sen at top, blue, brown and black with greenunderprint, with coupons, small tear at bottom edge,dusty surface, good very fine.

HK$2,000-2,500

7381934 6% Sterling Indemnity Loan, bond for £100,no.2303, Sun Yat Sen at top, green and blue, buffunderprint, with coupons, small annotation in topmargin, about extremely fine.

HK$2,500-3,500


Page 14


7391934 6% Sterling Indemnity (Boxer) Loan, bondfor £100, no.5213, ornate border with vignette of SunYat Sen at top, green and blue, yellow underprint, withcoupons, about extremely fine.

HK$2,500-3,000

7401934 6% Sterling Indemnity (Boxer) Loan, a groupof 5 bonds for £100, similar to the last, generallyextremely fine. (5)

HK$10,000-12,000

7411934 6% Sterling Indemnity (Boxer) Loan, bondfor £1000, no.6769, ornate border with vignette ofSun Yat Sen at top, pink and blue with pinkunderprint, with coupons, about extremely fine.

HK$6,000-8,000



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742Huai River Commission Loan, 1935, a participationcertificate for £5000, no.21, large format, plain blackprinting, in English, embossed English revenue stamp,very fine and extremely rare.

HK$6,000-8,000

This loan has been catalogued by Kuhlman as K.875 butuntil now no certificates have been seen. The loan was aprivate loan between E.D. Sassoon Banking Co. Ltd.and the Commission and not a direct obligation of theChinese Government, although it does appear on all thecontemporary lists of outstanding Government loans.There are four endorsements on the reverse of thecertificate showing various capital repaid andinterestingly there are two transfers annotated in 1951and again in 1970.

7431936 6% Shanghai Hangchow Ningpo CompletionLoan, a group of 5 bonds for £100, large format withvignette of Sun Yat Sen in top right corner, medallionof value in left corner, brown, green & blue, withcoupons, very fine to extremely fine. (5)

HK$3,500-4,500


Page 16


7441937 Secured Sinking Fund Bond (PacificDevelopment Loan), bond for US$1000, no.M4053,pagoda at top, blue and black, with coupons, ABNCo.printing (K.952), with certificate attached to denoteAmerican domicile, extremely fine.

HK$3,000-4,000

7451937 Secured Sinking Fund Bond (PacificDevelopment Loan), a group of 5 bonds for $1000,similar to the last, 3 with blue certificate attached, 2 without, very fine to extremely fine. (5)

HK$15,000-18,000



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INTERNAL GOVERNMENT LOANS

7461914 3rd Year 6% National Loan, half bond for 5 dollars, no.47177, ornate border, oliver-green andred with yellow underprint, text in Chinese withEnglish on the reverse, 1 coupon remaining, somemount remains on the English side, tiny tear at bottom,fine to very fine.

HK$3,000-4,000


Page 18

7471914 3rd Year 6% National Loan, bond for 10dollars, no.219794, ornate border, brown and red,pale blue underprint, text in Chinese with English onthe reverse, with 2 coupons remaining, light taperepair on bottom edge, very fine.

HK$4,000-5,000


7481915 Chung Hwa Revolutionary Party, FundRaising Bonds, 3rd series, 10 yuan, no.50134, withfacsimile sigature of Sun Wen (Sun Yat Sen),orange and black, only partly issued, text all inChinese, good very fine.

HK$5,000-6,000

Issued by Sun Yat Sen from Tokyo, his place of exile,following the failure of the ‘second’ revolution tooverthrow Yuan Shikai.

7491915 Chung Hwa Revolutionary Party, FundRaising Bonds, 3rd series, 10 yuan, a group of 5 bonds, with facsimile sigature of Sun Wen (SunYat Sen), as previous lot good very fine.

HK$20,000-25,000

7501920 Short Term Treasury Bills, a group of 6 certificates comprising 12 months bills (4), 26-3-1920, 1 yuan and 10 yuan, 26-4-1920, 10 yuanand 26-5-1920, 10 yuan; 6 month bills (2), 26-12-1920, 50 yuan and 100 yuan, ornate borders,various colours, red ‘chops’ in centre, generally veryfine and scarce. (6)

HK$6,000-8,000

Nothing appears to have been written about these shortterm certificates. They seem to have been issued in 1920only, at a discount, and repayable within 12 months,later reduced to only 6 months. The descriptions of thoselisted in the Goudey catalogue are slightly incorrect inthat they state the redemption date and not the issuedate.



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751Nationalist Government Lottery Loan, 5 silver yuanin strip of 5 bonds of 1 yuan, all with the same serialnumber, issued by the Hankow Chamber ofCommerce, undated, circa 1920’s, Sun Yat Sen incentre, blue, pink underprint, about extremely fine.

HK$2,000-3,000

The second of only two examples found in the Goudeycollection.

7521926 Second Nationalist Government LotteryLoan, a group of 100 bonds for 5 dollars, smallformat, mauve with yellow-green underprint, text inChinese with English on the reverse, generally very fineand better. (100)

HK$1,200-1,800

7531936 United Nationalist Loan, a group of 3 bonds,1st series, 1000 yuan, 4th series, 1000 yuan and 5thseries, 100 yuan, all with head of Sun Yat Sen at topright, various colours, text all in Chinese, withcoupons, extremely fine. (3)

HK$1,500-2,000

This loan was issued in 5 series, the first redeemable in 2 years and increasing by 6 months leaving the 5th seriesredeemable in 4 years.

7541938 27th Year Gold Loan, a part set of bonds forUS$5, US$10 and US$50, ornate borders, pale blue,brown, and mauve respectively, with coupons, the lastwith heavy fold otherwise very fine or better, the $50 isscarce. (3)

HK$800-1,000


Page 20


7551938 27th Year Gold Loan, a group of bonds for $5(10) and $10 (12), blue with pink underprint andbrown with yellow underprint, text in English andChinese, with coupons, mostly very fine and better.(22)

HK$1,500-2,000

7561940 29th Year Military Loan, bonds for 50 yuanand 100 yuan, small format, ornate borderscomprising tank and shells, aircraft at either side, textall in Chinese, blue and red respectively, with coupons,extremely fine. (2)

HK$1,200-1,500

7571940 29th Year Reconstruction Gold Loan, agroup of bonds for US$5 (11), and US$10 (12),attractive pieces with steam train, bridge and dam, seawall and mining tools, blue and mauve, text in Chineseand English, with coupons, mostly very fine and better.(23)

HK$2,000-3,000

7581941 Nationalist Government Air Force SalvationLoan, bonds for $50 and $5, central vignette ofmonoplane, ornate borders, green and brownrespectively, text all in Chinese, about extremely fine.(2)

HK$1,500-2,000



www.spink.com

7591942 31st Year Allied Victory Loan, a specimenbond for 10,000 yuan, city view at bottom, militaryaircraft at top, blue and red, red ‘chop’ in centre,numbered 000000, overprinted SPECIMEN in Chinese,extremely fine and scarce.

HK$1,200-1,500

7601942 Allied Victory U.S. Dollar Loan, a group of24 bonds of $20, small format pieces with steamship atleft, steam train at right, blue and black, red ‘chop’ incentre, with coupons, mostly very fine and better. (24)

HK$2,000-3,000

7611942 Allied Victory U.S. Dollar Loan, bond for$1000, no.0008777, small format piece with steamship at left and steam train at right, grey-green andblack, red ‘chop’ in centre, with coupons, aboutextremely fine and a scarce denomination.

HK$1,000-1,500

7621943 32nd Year Allied Victory Loan, bond for 500 yuan, no.78295, winged ‘V’ at top, soldiers andpeople holding burning torch above their heads, red,blue and black, yellow underprint, with coupons, goodvery fine and despite the high serial numbers a scarceissue.

HK$1,200-1,800


Page 22


7631943 32nd Year Provincial Reorganisation Loan,bond for 1000 yuan, no.A000469, small format,vignettes of agricultural scenes, motor car etc., ornateborders, with coupons, tiny piece missing from bottomright coupon, fine to very fine.

HK$1,000-1,200

7641944 33rd Year Allied Victory Loan, a group ofbonds for 500, 1000, 5000 and 10000 yuan, winged‘V’ at top, the people cheering an allegorical wingedfemale holding a burning torch, brown with yellowunderprint, mauve, brown and red respectively, allwith coupons, very fine and better. (4)

HK$1,200-1,500

7651944 33rd Year Allied Victory Loan, a pair ofspecimen bonds for 200 yuan and 50,000 yuan, thepeople raising their hands to a female holding lamp,‘V’ with wings at top, numbered 0000000 in red,green and blue respectively, with coupons, aboutextremely fine. (2)

HK$1,200-1,500

MINISTRY LOANS

766Ministry of Agriculture and Commerce, 1921Variable Interest Loan, bond for 10 yuan, no.35582,ornate border, brown and black with pink underprint,red ‘chop’ in centre, with coupons, extremely fine.

HK$800-1,000



www.spink.com

767Ministry of Finance, Chekiang-Hangchow WaterPublic Dept., partly issued, 5 yuan bond, 1930,no.003980, ornate border, red and black with greenunderprint, text in Chinese, with coupons, slight loss ofpaper at right edge within impression of seal, aboutextremely fine.

HK$2,000-3,000

768Ministry of Transport, Yan Wei Road 8% ShortTerm Loan, 1 yuan, 1922, no.91969, ornate border,blue and black, red ‘chop’ in centre, pink underprint,adhesive label at top left, no coupons remain, good veryfine.

HK$1,500-2,000

769Ministry of Transport, Yan Wei Road 8% ShortTerm Loan, 5 yuan, 1922, no.0004342, ornateborder, brown and black, red ‘chop’ in centre, 2Chinese endorsements, no coupons remaining, smalledge tear but very fine and scarce.

HK$1,500-2,000


Page 24


PROVINCIAL LOANS

770Province of Anhui, bond for 100 Kuping taels, 1910,lovely ornate border of dragons and rough seas, blueand black, yellow underprint, red ‘chop’ at left, text inChinese with English on the reverse, with coupons,good very fine.

HK$7,000-9,000

771Chekiang Province, bond for 50 yuan, undated butcirca 1914, ornate border, green and black with pinkunderprint, red ‘chop’ in centre, small hole in leftmargin otherwise very fine.

HK$800-1,000

772Chekiang Province, 1936 6% ReconstructionLoan, 2nd issue, bond for 100 yuan, vignettes ofagriculture, steam train and bridge over the ChienTang, mauve, blue and red, with coupons, extremelyfine.

HK$1,000-1,200

773Chekiang Province, 1936 6% ReconstructionLoan, third issue, bond for 10 yuan, no.89481,vignettes of agriculture, steam train and bridge overthe Chien Tang, blue and black, red ‘chop’ in centre,with coupons, extremely fine.

HK$1,000-1,200

774Chekiang Province, 1936, 6% ReconstructionLoan, 4th issue, bond for 10 yuan, vignettes ofagriculture, steam train and bridge over the ChienTang, mauve, blue and red, with coupons, very fine.

HK$1,000-1,200



www.spink.com

775Chihli Province, 4th Loan, 1926, bond for 5 yuan,ornate border, greenish black with pale greenunderprint, red ‘chop’ in centre, very fine.

HK$1,200-1,500

776Chihli Province 5th Loan, 1926, a group of 6 bondsfor 10 yuan, ornate borders, black with yellowunderprint, red ‘chop’ in centre, some rust marks, onewith small hole, fine to very fine. (6)

HK$4,000-5,000

777Chihli Province, 6th Loan, 1926, a pair of bonds for$10, no’s 17322 and 17323, ornate borders, blue andblack, green underprint, text all in Chinese withEnglish on the reverse, with coupons, some damage ateither side at the ends of the centre fold, fine to about veryfine. (2)

HK$2,000-3,000


Page 26


778Chihli Province, 1926, 8% Long TermRehabilitation Loan, bond for 10 dollars, no.6791,ornate border, red with pale blue underprint, red‘chop’ in centre, text in Chinese with English on thereverse, with coupons, good very fine.

HK$1,500-2,000

779Fukien Province, 6% Rehabilitation Loan, 1928, astrip of 5 bonds for 1 yuan, no.071677, ornateborders, brown with pale blue underprint, text inChinese, red ‘chop’ in centre of each piece, withcoupons under, has been halved with old tape repairacross both bonds and coupons.

HK$800-1,000

780Fukien Province Local Loan, 6%, 1935, 10 yuan,no.A000301, ornate border, brown and black, paleblue underprint, text all in Chinese, adhesive label attop, with coupons (separated), extremely fine.

HK$1,800-2,200



www.spink.com

781Hankow Province 24th Year (1935) 6%Reconstruction Loan, bond for 100 yuan, no.4077,workers building a small road at right, scrollworkborders, brown with green underprint, with coupons,very fine.

HK$1,200-1,500

782Hunan Province, 1941 Wheat and Rice Loan, apair of bonds for 1 shi and 5 sheng, small format pieceswith ornate borders, red with yellow underprint andmauve with blue-grey underprint, red ‘chops’ incentre, with coupons, about extremely fine. (2)

HK$1,500-2,000

An unusual pair which were apparently given inexchange for weights of wheat or rice. The coupons couldbe used to pay taxes. We can imagine that the loan wasunpopular and may not have been widely issued.

783Hupeh Province, 10th Year (1921) Public Loan,bond for 5 yuan, no.40976, ornate border, red-brownwith green underprint, red ‘chops’ in centre, text all inChinese, with coupons, fine to very fine

HK$1,500-2,000

784Hupeh Province, 20th Year (1931) 8%Rehabilitation Loan, bond for 10 dollars, no.17122,Sun Yat Sen in centre flanked by flags, ornate border,portrait format, mauve, blue and red with yellowunderprint, text in Chinese with English on thereverse, good very fine.

HK$2,000-3,000


Page 28


785Hupeh Province, 23rd Year (1934) 6%Reconstruction Loan, pair of bonds for 5 and 10yuan, Sun Yat Sen at top centre with flags at eitherside, ornate borders, brown, blue and red, and blueand red, text all in Chinese, with coupons, rusty paperclip marks at top edges, the 10 with some nibbling of thebottom left corner, fine to very fine. (2)

HK$2,000-2,500

786Hupeh Province, 23rd Year (1934)Reconstruction Loan, 100 yuan, no.004623, verticalformat piece with Sun Yat Sen at top with flags ateither side, ornate border, mauve, red and black, greenunderprint, text all in Chinese, with coupons, nearextremely fine.

HK$1,500-2,000

787Hupei Province 24th Year (1935) 6% Loan, agroup of 7 bonds for 10 yuan, attractive borders withSun Yat Sen in blue at top right, motor cars travellingalong country roads at bottom, with coupons, mostwith small rust marks at top left, fine and better. (7)

HK$3,000-4,000

788Kwangtung Government 8% Local Loan, 7th Year(1918), bond for 10 dollars, no.15186, ornateborder, blue and black with red ‘chop’ in centre, textin Chinese with English on the reverse, with twocoupons remaining, very fine and scarce.

HK$2,000-2,500



www.spink.com

789Kwang Tung Province 8% Reorganisation Loan,1921, bond for 10 dollars, no.62511, ornate border,red, yellow underprint, text in Chinese with Englishon the reverse, with coupons, folds, about very fine.

HK$1,500-2,000

7901928 Kwangtung Short Term ReconstructionLottery Loan, a group of bonds for 10 yuan (58), 50 yuan (45) and 100 yuan (2), small format pieceswith text all in Chinese, ornate borders of variouscolours, the 100 yuan with only 4 digit numbers soprobably quite scarce, mixed condition but many veryfine and better. (105)

HK$2,500-3,500

7911931 Kwangtung 5% Second Military SupplyLoan, a group of 100 bonds for 5 yuan, vignette ofSun Yat Sen to the right, brown and black, greenunderprint, red ‘chop’ at left, generally very fine toextremely fine. (100)

HK$1,500-1,800

7921932, Kwangtung, National Defence Loan, agroup of 100 bonds for 10 yuan, small format,vignette in centre of field with trees in background,brown, red and black with pale green underprint,generally very fine to extremely fine. (100)

HK$2,500-3,000


Page 30


793Province of Shansi, 1927 6% Rehabilitation Loan,bond for 5 yuan, no.88876, ornate border, grey-greenwith pink underprint, red ‘chop’ in centre, withcoupons, small tear at top edge, very fine.

HK$1,000-1,200

794Shantung Province 1926 Rehabilitation Loan, agroup of bonds for 5 yuan and 10 yuan (2), ornateborders, building in oval on the reverse, with coupons,rust marks, fine and better. (3)

HK$2,000-3,000

MUNICIPAL LOANS

795City Government of Greater Shanghai, 7%Shanghai Rehabilitation Loan, 1932, bond for $1000Shanghai currency, no.D0629, large format piece withornate borders, brown and black, text all in English,with coupons, small piece missing from the right andbottom margins and bottom right corner, body otherwisevery fine, rare.

HK$6,000-8,000



www.spink.com

7961942 Shanghai City 6% Special Public Loan, 500 yuan, no.000973, ornate border, green, red andblack with pink underprint, red ‘chop’ in centre, textall in Chinese, with coupons, extremely fine.

HK$2,000-2,500

797Tientsin, 16th Year (1927) 8% Municipal ShortPeriod Loan of the Special Areas, bond for 10dollars, no.961, ornate border, mauve and red withpink underprint, text in Chinese with English on thereverse, with coupons, very fine.

HK$2,000-2,500

798Tsingtao City 7% Public Loan, 1935, 10 yuanbond, no.0003157, ornate border, brown with greenunderprint, red ‘chop’ in centre, unusual design withvery little text on the obverse apart from the title anddenomination, most of the text on the reverse, withcoupons, tiny piece missing from top right corner, veryfine.

HK$2,000-3,000


Page 32


RAILWAYS

799Canton Hankow Railway Co. (Kwong-TungYueh-Han), certificate for 5 yuan shares, 1913, veryattractive piece with vignette of large station buildingin centre flanked by vignettes of steam engine andtender and passenger carriages, a detailed map of therailway below, blue, red and yellow, text all in Chinesebut if you look closely the company name is in Englishon the locomotives’ tender, with envelope of issue,very fine.

HK$8,000-10,000

800Chemins de Fer de L’Indo-Chine et du Yunnan, apair of specimen certificates for 500 franc bonds, Paris1901, simple black printing, minor print layoutdifferences, with coupons, overprinted ‘SPECIMEN’ inred, together with a proof/specimen advertisingbroadside for the issue, black with pencil annotations,very fine and rare (3)

HK$6,000-8,000

801East Chinese Railway Company, 1897 4% Loan,bond for 100 roubles, no.03762, ornate border,brown and black, text in Russian with French andGerman on the reverse, lacks coupons, tiny ink markat extreme right edge otherwise about extremely fine andrare.

HK$35,000-45,000

802South Manchuria Railway Co. Ltd., 10 shares of 50 gold yen, Showa 8 (1934), no.65472, steam trainat top, ornate border, Chinese/Japanese text with titlein English at bottom, brown and black, very fine.

HK$600-800



www.spink.com

803Sun Ning Railroad Co., a pair of dividend bookletsdated 1908, small format bound booklets each of 12pages, black printing with pink paper covers, text all inChinese but both with embossed seal with name inEnglish, very fine. (2)

HK$600-800

804Tientsin Pukow Railway, 1% Per Mensum WorkersLoan, bond for 5 yuan, 1927, no.005351, ornateborder, oliver-green and black, red ‘chop’ in centre,with coupons, split at fold but good very fine.

HK$2,000-2,500

805Tientsin-Pukow Railway Co., 1% Per MensumWorkers Loan, 1927 , bond for 50 Yuan, no.003497,ornate border, mauve and black, red ‘chop’ in centre,with coupons, light splitting on fold between bond andcoupons otherwise about extremely fine.

HK$2,000-2,500

SHIPPING AND DOCKS

806China Navigation Co. Ltd., certificate for [£9500]stock, 18[90], no.219, small vignette of steamshipwithin scrollwork at left, black, printed by Waterlow,Bros & Layton, text all in English, good very fine.

HK$2,000-2,500

807China Steam Ship and Labuan Coal Co. Ltd., £20shares, [£9] paid, 18[66], no.1145, scrollwork at left,black, embossed seal, very fine.

HK$1,200-1,500


Page 34


808China Steam Ship and Labuan Coal Co. Ltd., avery scarce set of debentures for £20, no.41, £50,no.509 and £100, no.1069, 1865 large format, text allin English, embossed seals, with coupons, generallygood very fine. (3)

HK$5,000-7,000

809Shanghai City Ferry Co. Ltd., 5000 shares of 100 yuan, 1947, no.A000375, vignette of ferry at top,ornate border, orange and black, text all in Chinesewith English name in the embossed seal, adhesive dutystamps, cancelled, pinholes and minor discolourationotherwise about very fine and scarce.

HK$2,000-3,000

810Shanghai Dockyards Ltd., ordinary shares of 7Hongkong dollars, 19[49], no.523, ornate border,blue, text all in English, good very fine.

HK$1,000-1,200

BANKS

811Bank of Canton Ltd., a group of Refunding Notes,1935, series A, $100 (128), series C, $10 (205) andseries D, $5 (17), small format, text all in Chinese,English name in the embossed seal, red, mauve andgreen respectively, generally very fine and better. (350)

HK$5,000-8,000



www.spink.com

812Bank of China, 10 shares of 100 yuan, 1915, ornateborder, red and black, 4 pages, text all in Chinese, veryfine and scarce.

HK$8,000-10,000

813Bank of China, Japan and the Straits, Ltd., £1founders’ shares, 189[1], no.1782, signed byFrederick D. Sassoon as director, scrollwork at left,brown, together with an unused ordinary sharecertificate, 189-, dark blue, stamped CANCELLED,twice, the last with soiled bottom corners, the first aboutvery fine. (2)

HK$1,500-2,000

814Bank of China & Japan Ltd., £1 deferred shares,189[5], no.23, signed by Frederick Sassoon asdirector, together with £8 ordinary shares,189[1902], no.819, brown and black respectively, textall in English, the latter with ‘return of capital’endorsements on face, the first good very fine, the secondwith ink stain and corner crease, very fine. (2)

HK$1,500-2,000

815Banque Industrielle de Chine, founders share of 500 francs, Paris 1913, #1556, very ornate piece withcity view, dragons and architectural borders, blue andblack, with coupons, good very fine.

HK$2,000-2,500


Page 36


816Banque Industrielle de Chine, founders share of 500 francs, Paris 1913, no.2870, very ornate piecewith city view, dragons and architectural borders, blueand black, with coupons, extremely fine.

HK$2,000-2,500

817Banque Industrielle de Chine, a useful group of certificates comprising a nominative share of 500 francs, [1920], brown and yellow; bearer shares of500 francs, 1913 (capital 45 million), 1919 (capital 75 million) and 1920 (capital 150 million), one issuedand one unissued; a ‘bon de répartition’, 500 francs,1923; a fractional ‘bon de répartition and atransactional settlement certificate, enabling theholder to exchange these for the 1925 Boxer Loanbonds, the first and last are scarce, the last with old taperepairs at left, very fine or better unless stated. (8)

HK$1,500-2,000

818Banque Industrielle de Chine, TransactionalSettlement Certificate, entitling the owner toexchange for the new 1925 5% Gold ‘Boxer’ bonds,ornate border, brown, yellow underprint, small edgetear at top, good very fine.

HK$1,000-1,200

819Chartered Bank of India, Australia & China,certificate for 1 share, 185[4], no.5134, ornatescrollwork at left, black, lovely embossed seal, veryfine.

HK$4,000-5,000

820Commercial Bank of China, Shanghai, 1 share of100 yuan, 1937, attractive piece with two rampantlions flanking logo, ornate border, brown and black,text all in Chinese but seal also in English, adhesiverevenue stamp, good very fine.

HK$6,000-8,000



www.spink.com

821Hongkong and Shanghai Banking Corporation,$125 shares, London register 18[90], no.5807, armsin centre, blue and red, ink cancelled over signatures,lightly discoloured at edges, about very fine and a rareearly date.

HK$6,000-8,000

822Hongkong and Shanghai Banking Corporation, aspecimen certificate for $125 shares, London Register19- (circa 1930), arms in centre, blue and red, printedby Barclay & Fry, with counterfoil, extremely fine.

HK$1,200-1,500

823Mei Feng Bank of Szechuan (American OrientalBank of Szechuan), 10 shares of 100 yuan, 1937,no.01045, ornate border, brown, red and black,yellow underprint, text all in Chinese with Chinesename in English at the top, adhesive revenue stamps,with many coupons, very fine and scarce.

HK$3,000-4,000

824National Commercial & Savings Bank Ltd., $10‘B’ preference shares, 19[36], no.2863, ornate borderand floral design at left, red, printed in Hong Kong,text in English with some Chinese characters at thetop, very fine and scarce type.

HK$3,000-4,000

825National Commercial & Savings Bank Ltd., $10ordinary shares, overprinted $1 in red, 19[39],no.1630, ornate border with attractive floralscrollwork at left, blue, red overprint of capitalrestructure, text mostly in English, good very fine.

HK$3,000-4,000


Page 38


826New Oriental Bank Corporation Ltd., 3%debentures, a part set of specimen debentures for £10, £50, £500 and £1000 from the Bradbury,Wilkinson & Co. archive, 30th September 1885, small format pieces with head of Britannia top centre,black, green underprint, with all coupons (2 missingon the £1000), numbered 0000, generally extremelyfine. (4)

HK$3,000-4,000

827New Oriental Bank Corporation Ltd., 4%debentures, a set of specimen debentures for £10, £50,£100, £500 and £1000 from the Bradbury, Wilkinson& Co. archive, 30th September 1885, small formatpieces with head of Britannia top centre, black, blueunderprint, with all coupons, numbered 0000,generally extremely fine. (5)

HK$3,000-4,000

828New Oriental Bank Corporation Ltd., 5%debentures, a set of specimen debentures for £10, £50,£100, £500 and £1000 from the Bradbury, Wilkinson& Co. archive, 30th September 1885, small formatpieces with head of Britannia top centre, black, pinkunderprint, with all coupons, numbered 0000,generally extremely fine. (5)

HK$3,000-4,000

829New Oriental Bank Corporation Ltd., 31⁄2%perpetual debenture stock, a set of specimendebenture stock warrants for £10, £50 and £100, fromthe Bradbury, Wilkinson & Co. archive, 31stDecember 1885, small format pieces with head ofBritannia at top, black, yellow underprint, with allcoupons, numbered 000, small hole cancels, extremelyfine. (3)

HK$2,000-2,500



www.spink.com

830Taiwan Bank Co. Ltd., 10 shares of 100 yen, Showa15 (1940), vignette of shrine in centre, ornate border,mauve and black, extremely fine and scarce.

HK$2,000-3,000

831A group of three ‘foreign’ bank shares, CreditFoncier Chinois, preference share, Paris 1910, Russo-Asiatic Bank, 187.50 roubles share, St.Petersburg1911 and Banque Franco-Chinoise pour le Commerce& L’Industrie, 100 franc share, category ‘B’, Paris1927, all very fine or better. (3)

HK$1,000-1,200

COMMODITY EXCHANGE

832Tsingtao Exchange Co. Ltd., 10 shares of 50 yen,Taisho 14 (1925), very attractive piece with vignetteof domed building in centre, various produce at eitherside, ornate border, mauve and black, red ‘chops’, goodvery fine.

HK$3,000-4,000

INSURANCE COMPANIES

833Chai On Marine Insurance Co. Ltd., certificate for$100 shares, 1895, typical early Chinese format withtest all in Chinese, ornate border, black and red,embossed seal, very fine.

HK$6,000-8,000

An example of this piece sold for $HK14,000 in ourJanuary 2011 sale.

834China Fire Insurance Co. Ltd., a specimencertificate for 500 dollar shares, Hongkong 18-(printers’ annotation for 1881), very ornate border,text in English with title and a few other details also inChinese, black, with counterfoil, printed by Henry S.King of London, glue residue on reverse of counterfoiland slight damage at the bottom left corner otherwiseextremely fine.

HK$2,500-3,500


Page 40


835Hongkong Fire Insurance Co. Ltd., a specimencertificate for 1000 dollar shares, Hongkong 18-(printers’ annotation for 1881), very ornate border,text in English with title only in Chinese, black, withcounterfoil, printed by Rex & Co. of London, glueresidue on reverse of counterfoil otherwise extremely fine.

HK$3,000-4,000

836Leun On Fire & Marine Insurance Co. Ltd., 12.5 dollar shares, Showa 19 (1944) ornate border,name in English and Chinese but the rest of the textall in Chinese, green and black, pink underprint, smallpiece missing from right edge, fine to very fine.

HK$2,000-2,500

837Leun On Fire & Marine Insurance Co. Ltd., 12.5 dollar shares, 1955, ornate border, name inEnglish and Chinese but the rest of the text all inChinese, green and black, pink underprint, fine to veryfine.

HK$2,000-2,500

838Lun Tai Mutual Fire and Marine Insurance Co.Ltd., $25 shares, 1916, ornate border, green andblack, Chinese text on one side with English on theother, very fine.

HK$2,000-2,500

839Shanghai Fire & Marine Insurance Co. Ltd., $25shares, 19[23], no.1210, text in English on one sidewith Chinese on the other, green, brown and black,paper a little tone, fine but rare.

HK$2,000-2,500



www.spink.com

840Shanghai Fire & Marine Insurance Co. Ltd., a firepolicy dated 1943, insuring a building in Peking, largeformat, black, adhesive revenue stamps, withattachments; together with miscellaneous depositreceipts and share receipts (4), generaly very fine. (5)

HK$1,000-1,200

841Wing On Fire & Marine Insurance Co. Ltd., fireinsurance policy for $500, 1940, large format piecewith vignette at top, very fine.

HK$600-800

LAND AND INVESTMENT COMPANIES

842Anglo-Chinese Trust & Mercantile CorporationLtd., £100 guaranteed mortgage bond, 192[2],no.95, lare format piece with ornate border, brownand black with red paper seal, with coupons, smallpiece missing from bottom left corner otherwise very fine.

HK$1,200-1,500


Page 42


843Asia Realty Co., of Shanghai, first mortgage 6%debenture, 1930, for 1000 taels, no.0472, Americaneagle at top, ornate border, brown and black, withcoupons, good very fine.

HK$800-1,000

844Cathay Land Co. Ltd., Hong Kong, 6% debenturefor 1000 taels, 193[2], no.322, large format pieceprinted in black on light blue-grey paper, additionalred printing at top, very fine.

HK$1,400-1,800

845China Realty Co. (Fed. Inc. U.S.A.), $10 shares,Chinese currency, 19[41], no.6256, ornate border,blue and black, yellow underprint, gold seal, good veryfine.

HK$2,000-2,500

846Chung Hwa Development Corporation Ltd., $10shares, 1944, no.2670, ornate border with scrollwork,grey with pink underprint, red seal, text in Chinesewith name in English in medallion at top, very fine.

HK$800-1,000



www.spink.com

847Comptoir Charles Ley S.A., pair of bearer certificatesfor 1000 Chinese dollars, Brussels 1923, and withincreased capital 1925, ornate borders, blue andyellow, with coupons, about extremely fine (2).

HK$2,000-2,500The company was headquartered in Peking butadministered from Brussels. The original share capitalwas 200 shares of 1000 dollars each which was doubled in1925 by a new issue of certificates. As far as we canascertain this Belgian finance house represented manyBelgian businesses trading in China.

848Hongkong & Kowloon Land & Loan Co. Ltd.,$100 shares, 1911 (red overprint of date of issue),ornate border, typical early Chinese format withscrollwork border, text all in Chinese, English name inthe red seal, ink cancelled, filing holes at left, very fine.

HK$1,500-2,000

849Hongkong & Kowloon Land & Loan Co. Ltd., a group of 5 certificates for $100 shares, various dates, 1895 (2), 1900, 1911 and 1916, similar to theprevious lot, black and red, all cancelled, together withtwo printed receipts, a dividend booklet and anenvelope of issue, one with wormholes, all with filingholes, fine and better.

HK$6,000-8,000


Page 44


850Luen Tsui Investment Co. Ltd., Hong Kong, $500 shares, 1932, ornate border, blue and black, textall in Chinese except the company name, red ‘chops’,ink cancelled, very fine.

HK$1,200-1,500

851Shanghai Land Investment Company Ltd., 5 taelshares, fully paid, 19[41], no.12747, full heightvignette of Chinese workman on a ladder working onthe roof of a building, brown, very fine.

HK$1,200-1,500

Registered in Hong Kong. We sold a similar piece inJanuary 2011 which showed the capital in both dollarsand taels but this shows only taels although a lateroverprint shows an increase in capital in dollars only.

852Shanghai Savings and Investment Co. Ltd., $4shares, 1933, ornate border, orange and black, yellowunderprint, text all in Chinese, embossed seal whichalso has the company name in English, very fine.

HK$1,000-1,200



www.spink.com

853Sing Chung Realty Investment Co. Ltd., 5000shares of 10 yuan, overprinted in red, 1000 shares of10 yuan, 1944, no.04056, ornate border comprisingnumerous houses, factories, office buildings andskyscrapers, red and black, text all in Chinese, adhesiverevenue stamps on reverse, extremely fine.

HK$800-1,000

854Sing Ya Properties Co. Ltd., 10 yuan shares, 1944,no.105471, globe with ring of stars at top, ornateborder, brown and black, good very fine.

HK$1,200-1,500

855Taipei Trust Co. Ltd., pair of certificates for 1 and10 shares of 50 gold yen, Taisho 8 (1920), ornateborders, brown and blue-green respectievly, good veryfine. (2)

HK$1,000-1,200

856Tientsin Land Investment Co. Ltd., generalmortgage loan of 1929, 100 tael debenture,no.A0185, vignette of shrine, ornate border, greenand black, yellow underprint, printed by Waterlow &Sons, with coupons, about extremely fine.

HK$1,500-1,800

857Tientsin Land Investment Co. Ltd., generalmortgage loan of 1929, 100 tael debenture,no.A0166, vignette of shrine, ornate border, greenand black, yellow underprint, printed by Waterlow &Sons, with coupons, about extremely fine.

HK$1,500-1,800


Page 46


858Trust and Loan Company of China, Japan and theStraits Ltd., £1 founders’ shares, 189[0], no.95,signed by Frederick D. Sassoon as director, ornateborder with scrollwork at left, brown, fine to very fine.

HK$1,500-2,000

859Tunway Realty Corporation, 500 shares of 10 yuan,1944, no.01343, building at top centre, brown andblack, adhesive revenue stamps on reverse, small nickat top edge, almost extremely fine.

HK$800-1,000

860Yeh An Properties Co. Ltd., 500 shares of 10 yuan,1944, no.A06953, very decorative border, red andblack, red seal, adhesive revenue stamps, text all inChinese, good very fine.

HK$1,000-1,200

MINING COMPANIES

861Anglo-French Quicksilver & Mining Concession(Kwei-Chau Province) of China Ltd., £1cumulative preference shares, 1[899], no.200, largeformat piece with text in English and French,scrollwork at left, black, very fine.

HK$1,800-2,200



www.spink.com

862Belmont Consolidated Mining Co., 100 tael shares,Shanghai 189[8], no.412, black on cream paper, textall in English, directors also sign as liquidators, veryfine and scarce.

HK$1,500-2,000

863British Hunan Mining Syndicate Ltd., £1 ordinaryshares, 190[5], no.9, scrollwork at left, black, text allin English, about extremely fine.

HK$800-1,000

864Canton Syndicate Ltd., £1 ordinary shares, 18[98],no.28, ornate border, black, text all in English, withsmall transfer document, good very fine.

HK$800-1,000

865Chinese Engineering and Mining Co. Ltd.,nominative certificate, £1 shares, 19[21], no.1969,Britannia and miner at work with pagoda and Chinese junk in background, blue, printed byWaterlow & Sons, capital increased to £2,000,000 byendorsement, centre fold, very fine.

HK$1,500-1,800


Page 48


866Chinese Engineering and Mining Co. Ltd., bearerwarrant for 100 shares of £1, 19[12], no.F1815,Britannia and miner at work with pagoda and Chinesejunk in background, blue and black, printed byWaterlow & Sons, capital £1,000,000, with coupons,tears at top edge with small pieces missing at top rightand left, uneven bottom margin, fine but scarce issue.

HK$1,000-1,200

867Chinese Engineering and Mining Co. Ltd., a groupof 3 bearer warrants for 2 shares, 19[21], 4 shares,19[21] and 5 shares, 19[30], Britannia and miner atwork with pagoda and Chinese junk in background incentre, mauve, green and brown respectively, printedby Waterlow & Sons, capital £2,000,000, withcoupons, the first with ink stains, bottom edge cut closeor with tears, fine to about very fine. (3)

HK$1,800-2,200

868Chinese Engineering and Mining Co. Ltd., bearerwarrant for 5 shares of £1, 19[21], no.B19322,Britannia and miner at work with pagoda and Chinesejunk in background, brown and black, printed byWaterlow & Sons, capital £2,000,000, with coupons,good bottom edge, very fine

HK$1,000-1,200

869Chinese Engineering and Mining Co. Ltd., bearerwarrant for 10 shares of £1, 19[30], no.C25741,Britannia and miner at work with pagoda and Chinesejunk in background, orange and black, printed byWaterlow & Sons, capital £2,000,000, with coupons,good bottom edge, good very fine.

HK$1,000-1,200

870Eastern Pioneer Co. Ltd., £1 shares, fully paid,19[14], no.2196, dragon just below title, scrollworkleft, red, centre fold, about very fine

HK$1,200-1,500

Registered in England in 1899 to acquire miningconcessions in China and Korea.



www.spink.com

871Fu He Coal & Tin Mining Co., Kwangsi, 100 yuanshare, 1915, ornate border of flowers and scrollwork,mauve, green underprint, red ‘chops’ in centre, text allin Chinese but with English name (not fully readable)in seal at extreme left, some water staining with smallhole in body at the lower left, fine to about very fine.

HK$4,000-5,000

872Great Eastern and Caledonian Gold Mining Co.Ltd., $4 ordinary shares, Hongkong 1[900], no.334,ornate border, blue on off white paper, seal depictsmountain range, good very fine.

HK$1,200-1,800

873Han-Yeh-Ping Iron & Coal Co. Ltd., $50 shares,1913 ornate border, green and black with yellowunderprint, text in Chinese but title in English, detailsof the company in English on the reverse, togetherwith certificate of payments records, good very fine.

HK$3,000-4,000

874Han-Yeh-Ping Iron & Coal Co. Ltd., 20 shares of50 yuan, 1914, ornate border, green and black, text inChinese with company name in English, rust mark attop right, very fine.

HK$3,000-4,000

875London & China Syndicate Ltd., pair of certificatesfor £1 ordinary shares, 19[05], no.251, and 1/-deferred shares, 19[01], no.556, ornate borders,scrollwork left, green and yellow respectively, printedby Waterlow & Sons, very fine. (2)

HK$2,500-3,000

An English Company registered in 1900 to acquire theAnhui Mining concession, amongst others.


Page 50


876Pekin Syndicate Limited, a pair of bearer sharecertificates for 5 Shansi shares and 25 Shansi shares of£1, 19[10] and [1909], ordinary share capital shownas 39,900 shares, vignettes of harbour scene flanked bysteam train and mine, ornate border, green, yellow andblack, with coupons, several endorsements on face,generally very fine. (2)

HK$1,500-2,000

877Pekin Syndicate Limited, a pair of bearer sharecertificates for 1 Shansi share and 5 Shansi shares of£1, 19[11] and [1911], ordinary share capital shownas 399,000 shares, vignettes of harbour scene flankedby steam train and mine, ornate border, green, yellowand black, with coupons, several endorsements onface, generally very fine. (2)

HK$1,500-2,000

878Pekin Syndicate Limited, a registered certificate fordeferred shares of one shilling, [1934], no.4631,attractive title, scrollwork at left incorporating Chinesecharacter, text in English and French, black, small rustmark at top, very fine and scarce type.

HK$1,200-1,500

879Po Tung Coal Mine Company Ltd., Hwa County,Kwangtung Province, $5 shares, 1920, a veryattractive traditional Chinese design of village andstream with mountain and rising sun in thebackground, title in scrollwork, black, red ‘chops’, textall in Chinese, very fine.

HK$4,000-5,000



www.spink.com

880South Manhcurian Syndicate Ltd., ‘B’ shares of 1/-, [1912], no.16, light floral design at left, black onpink paper, top edge a little trimmed but about veryfine.

HK$1,000-1,200

An English Company formed to acquire mineralconcessions in Manchuria.

881Sun Syndicate Ltd., a pair of certificates for £1ordinary shares and 1/- deferred shares, both [1900],issued to the same shareholder, small dragon withinscrollwork at left, black on yellow paper and black onwhite paper respectively, about very fine. (2)

HK$1,800-2,200

An English Company formed to acquire mineralconcessions within China.

882Syndicat du Yunnan Ltd., pair of certificates for £1ordinary shares, 1/- deferred shares, both 190[1],both issued to the same shareholder, scrollwork at left,blue and black on blue-green paper, creased with dirtytop right corners, remains of crayon ‘valueless’ acrossface, good fine and about very fine. (2)

HK$1,500-1,800

Formed in England as the Anglo-French Syndicate Ltd.,to acquire concessions, control public works and promotecompanies in western China.

883Yang-Tse Corporation Ltd., £1 ordinary shares,189[9], no.171, together with 5/- preferred ordinaryshares, [1921], no.411, dragon under title, ornateborders, black, pink underprint and brown with yellowunderprint, the first with capital adjusted by overprint,fine to very fine. (2)

HK$1,500-2,000


Page 52


884Yangtse Valley Co. Ltd., pair of certificates fordeferred shares of 1 shilling, 19[05] and 19[14],scrollwork at left with Chinese characters within, red-brown, different capital, the first with decreaseoverprinted, the first with some staining lower centre,very fine or nearly so. (2)

HK$1,500-2,000

PUBLIC UTILITIES

885Fu Li (Welfare) Electric Lamps Co., $100 shares,1932, very large format piece with ornate floralborders, building flying red flag at top, brown and redwith green underprint, text all in Chinese, red ‘chops’,small rust marks at top right, very fine.

HK$3,000-4,000

886Han Chen Water & Electricity Co. Ltd., 5 shares of$10, 1930, no.B000634, very attractive piece withvignettes of generating stations, water tower, watertap, electricity pylons, orange with pale blueunderprint, text all in Chinese, adhesive revenuestamps, heavy vertical centre fold, very fine.

HK$3,000-4,000

887Han Chen Water & Electricity Co. Ltd., 100 sharesof $10, 1937, no.E001813, very attractive piece withvignettes of generating stations, water tower, watertap, electricity pylons, brown with pink underprint,text all in Chinese, adhesive revenue stamp, heavyvertical centre fold, very fine.

HK$2,000-2,500



www.spink.com

888Hankow Light and Power Co. Ltd., a group of 3 certificates comprising £10 ordinary shares, 19[15],no.380, 1/- deferred shares, 190[14], no.313, thesewith a capital of £20,100, and £5 preference shares,19[20], no.144, this with capital of £40,100,overprinted £60,100 in black, scrollwork at left, black,red and turquoise, the first with small repaired tear attop, about very fine, the second better. (3)

HK$2,000-2,500

889Hankow Light & Power Co. Ltd., bearer warrantfor one ordinary share of £10, 19[16], no.1602,ornate border, black, pink underprint, capital£20,100, with coupons, couple of small edge nicks, veryfine.

HK$1,000-1,200


Page 54


890Hankow Light & Power Co. Ltd., a group of bearerwarrants for 1 preference share of £5, 19[20],no.1525, 1 ordinary share of £10, 19[20]. no.1420,both with capital £40,100 overprinted £60,100 inblack, and, 1 second preference share of £5, 19[29],no.1664, capital £80,100, all with ornate border, withcoupons, the second with a few rust marks, very fine andbetter. (3)

HK$2,000-2,500

891Kwang Tung Electric Supply Co. Ltd., $10 shares,1924, no.0963, ornate border comprising severalelectric lamps, grey and black, text in Chinese andsome English, very fine.

HK$1,200-1,500

892L’Energie Electrique de Tientsin, 7% bond for $100(local currency), 1939, no.1309, large format piecewith ornate border, text all in French, red-brown withpale green underprint, with coupons, very fine.

HK$1,500-2,000



www.spink.com

893Peking Water Supply Co. Ltd., an unissuedcertificate for $10 shares, circa 1908, black, text all inChinese, red ‘chops’ in centre, still attached tocounterfoil, ink cancelled, very fine to extremely fine.

HK$2,500-3,000

894Shanghai Chapei Water & Electric Co. Ltd., 10 yuan shares, 1948, no.022742, ornate border,green and black, adhesive revenue stamp, text all inChinese, embossed seal, extremely fine.

HK$800-1,000

895Shanghai Chinese Electric Co. Ltd., 10,000 sharesof 10 yuan, 1947, no.214419, ornate border, greenand black, text all in Chinese, extremely fine.

HK$800-1,000

896Shanghai Electric Construction Co. Ltd., aspecimen certificate for 10 shares of £10, 19-, from theBradbury, Wilkinson & Co. archive, very ornateborders with vignette of tramcar at top left, blue andblack, capital £320,000, with coupons, numberedC000 (C151-C400 in bottom margin), printer’sannotation at top for 1908, extremely fine.

HK$1,500-2,000

897Shanghai Electric Construction Co. Ltd., aspecimen certificate for 50 shares of £1, 19-, from theBradbury, Wilkinson & Co. archive, very ornateborders with vignette of tramcar at top left, green andred-brown, capital £700,000, with coupons,numbered B0000 (B1001-B1200 in top margin),printer’s annotation for 1930 in top margin, extremelyfine.

HK$1,500-2,000


Page 56


898Shanghai Electric Construction Co. Ltd., aspecimen certificate for 100 shares of £1, 19-, from theBradbury, Wilkinson & Co. archive, very ornateborders with vignette of tramcar at top left, blue andred-brown, capital £700,000, with coupons,numbered C0000 (B3301-B3500 in top margin),printer’s annotation for 1931 in top margin, extremelyfine.

HK$1,500-2,000

899Shanghai Electric Construction Co. Ltd., a pair ofunissued certificates for 10 shares and 50 shares of £1each, no.A1797 and B1175, circa 1930, very ornateborders with vignette of tramcar at top left, brown andred-brown and green and red-brown, capital£700,000, printed by Bardbury, Wilkinson & Co.,with coupons, extremely fine. (2)

HK$1,500-2,000

900Shanghai Power Company, first mortgage 51⁄2%debenture, C$10,000, 1934, no.R9105, vignette ofShanghai harbour but with red overprint across theentire view, red and black, printed by the AmericanBank Note Co., good very fine.

HK$1,000-1,200

901Shanghai Power Company, 1934, 51⁄2% FirstMortgage Debenture, due 1973, a specimen certificatefor $1000 Chinese currency, from the American BankNote Co. archives lovely view of Shanghai from thewater, ornate border, olive-green and black, numbered00000 and overprinted SPECIMEN in red at bottom,with coupons, tear at right otherwise good very fine.

HK$3,000-4,000



www.spink.com

902Shanghai Power Company, 1934, 51⁄2% FirstMortgage Debenture, due 1973, a specimen certificatefor $10,000 Chinese currency, from the AmericanBank Note Co. archives, lovely view of Shanghai fromthe water, ornate border, brown and black, numbered00000 and overprinted SPECIMEN in red at bottom,with coupons, good very fine.

HK$3,500-4,500

903Shanghai Telephone Co., Federal Inc. U.S.A., 31⁄2% Cumulative Participating Preferred stockcertificate, 19[48], no.AP01213, ornate border,yellow and black, text all in English, large edge tears attop and right with a small loss in the centre top margin,fair but scarce.

HK$800-1,000

904Shao Chow Electric and Lighting Company,certificate for 1 ordinary share of 50 yuan, 1928, and1 preference share of 25 yuan, also 1928, issued tothe chairman of the company, attractive borders,blue with yellow and yellow-green underprints, red‘chops’, adhesive revenue stamps, together with alicence to operate granted by the Government in1915, with envelopes of issue, very fine and aboutextremely fine and scarce. (2)

HK$6,000-8,000

905Shao Chow Electric and Lighting Company,certificate for 1 preference share of 25 yuan, 1928,issued to the chairman of the company, attractiveborders, blue with yellow-green underprint, red‘chops’, adhesive revenue stamps, about extremely fineand scarce.

HK$3,000-4,000

SPORT AND RECREATION

906Canton Fooklee Race Club Ltd., 10 shares of $20,Canton 1922, racehorses and riders in bottom corners,ornate border with stylised horses heads andscrollwork, mauve and black, text in Chinese andEnglish, with coupons, nearly extremely fine and rare.

HK$5,000-6,000


Page 58


907China Sports Stadium Co. Ltd., share receipt for5000 yuan, 1944, no.A007319, black on blue paper,red ‘chops’, embossed seal, good very fine.

HK$800-1,000

908Hankow Club, 250 tael 6% debenture, 19[15],no.168, together with 250 tael 7% second debenture,19[24], no.232, ornate border, green, the first withseveral folds, good fine, the second good very fine. (2)

HK$1,500-2,000

909Hankow International Recreation Club, $25ordinary shares, Hankow 193[1], no.0148, black withornate yellow underprint, text in Chinese and English,folds with a few splits at bottom edge, small piece missingfrom bottom edge.

HK$1,200-1,500

910Hankow Race Club and Recreation Ground, 7% $100 first mortgage debenture, 192[3], no.2200,ornate border, black and red, embossed seal, extremelyfine.

HK$2,000-2,500

911Le Champ de Courses Francais, 20 dollarnominative shares, Shanghai [1935], no.960, ornateborder, underprint of racing greyhounds, brown andblack, green underprint, Chinese characters in eachcorner, tear at left (60mm), otherwise very fine.

HK$2,000-2,500

912Le Champ de Courses Francais, 20 dollarnominative shares, Shanghai [1940], no.1171, similarto previous lot but increased capital overprinted in red,good very fine.

HK$2,000-2,500



www.spink.com

913Peking International Recreation & Race Club (Nan Yuan Country Club), a collection of certificatescomprising bearer certificate for founders share, 19[24],no.57; bearer certificate for common stock, 19[24], no.4,and registered certificate for common stock, 19[24],no.336, large format pieces, text in English on one side,Chinese on the other, ornate borders, red, green and bluerespectively, heavy folds with some minor splitting at edges, acouple with old tape repairs on the reverse, fine but very rare.(3)

HK$8,000-10,000


Page 60


914United Theatres (Inc. U.S.A.), 5 tael shares, [1932],no.0180, ornate border, green and black, text inEnglish with title in Chinese, stamped cancelled, goodvery fine.

HK$1,000-1,500

COMMERCIAL AND INDUSTRIAL

915Aka Dine Wood Products Co. Ltd., pair ofcertificates for 1 and 5 shares (blue) of 1000 yen,Showa 18, issued to Chinese shareholders, ornateborders, green and black and blue, green and black,text all in Japanese, very fine to extremely fine. (2)

HK$800-1,000

916Anglo-Chinese Eastern Trading Co. Ltd., 7%cumulative preference shares of £1, 19[14], no.62,large factory complex at top left, ornate border, redand black with yellow underprint, text all in English,good very fine.

HK$1,000-1,200

917Anglo-Chinese Engineers’ Association Ltd., pair ofcertificates for deferred shares of 1/-, 191[9], no.101,and preference shares of £10, 19[19], no.66, ornateborder, mauve and black on buff paper and bluerespectively, text all in English, the last with a couple ofsmall edge tears, fine to very fine. (2)

HK$1,500-2,000



www.spink.com

918Anglo-Chinese Fibre Co. Ltd., £1 ordinary shares,1900, no.16, black printing, all in English, good veryfine.

HK$800-1,000

919Asia Manufacturing and Construction Co. Ltd., a specimen preferred stock certificate for $100 USgold shares, circa 1930, allegorical figure at top, blueand black, printed by American Bank Note Co.,overprinted ‘SPECIMEN’ in red, with counterfoil,extremely fine.

HK$2,000-3,000

920Birt’s Wharf Hide-Curing and Wool-CleaningCompany, 50 tael shares, Shanghai 1888, no.287,black on blue-green paper, crayon cancellation oversignature, good very fine and scarce.

HK$3,000-4,000

921Campbell, Moore & Co. Ltd., 10 dollar shares,Hongkong 188[6], no.45, ornate border, black, textall in English, small tear at top edge, very fine.

HK$800-1,000


Page 62


922Canton Butchering Company, $100 shares, 1929,large format piece with ornate border with floraldesigns in top corners, brown with yellow underprint,text all in Chinese, adhesive revenue stamp, a littletoned, about very fine.

HK$2,000-2,500

923Canton Da Sheng Faeces Clearing Company,certificate for shares, total $200, 1935, large formatpiece with ornate borders, floral designs at top corners,brown and black, text all in Chinese, adhesive revenuestamps, red ‘chops’, very fine.

HK$4,000-6,000

924Central-China Post Ltd., $100 shares [1923], no.4,ornate border, red and black, on grey paper, text all inEnglish, spelling mistake in the text ‘Centrral’corrected by hand, very fine.

HK$1,500-2,000

925Central China Tobacco Company, 100 shares of 50 gold yen, 16 Showa ornate border incorporatingvignettes of ship at dockside, tobacco picking, factoryand company logo, blue and black, text all inChinese/Japanese, extremely fine.

HK$2,000-2,500



www.spink.com

926Century Bakelite Works Ltd., Hong Kong, $100shares, 19[41], no.6, ornate border, green and black,Chinese text on one side with English on the other,has been framed, with remains of mount on theEnglish side, about very fine.

HK$1,200-1,500

927Cheng Rubber Estates Ltd., 10 candareen shares,19[41], no.6442, ornate border, brown and black,capital reduced from 5 taels per share to 10 candareensin red, printed by the Columbian Bank NoteCompany of Chicago, stamped cancelled, very fine.

HK$800-1,000

928China Fibre Container Company (Fed. Inc.U.S.A.), $1 shares [1947], no.5450, issued to theShanghai Stock Exchange, ornate border, blue,adhesive Chinese revenue stamps at left, very fine.

HK$800-1,000

929China Import & Export Lumber Co. Ltd., 10 taelshares, 19[41], no.8429, ornate border, brown, textmostly in English but with some Chinese characters,liquidation stamp at top left, very fine.

HK$1,200-1,500

930China Motor Corporation, a pair of unissued class Astock certificates of $100 per share, 19- (circa 1948),ornate border, green and black, text in English withChinese title, with counterfoils, extremely fine. (2)

HK$800-1,000


Page 64


931China Paper Cutter Co. Ltd., 10 yuan shares, 1948,no.03152, ornate border, brown, red seal, yellowunderprint, text all in Chinese, some damage at leftedge otherwise very fine.

HK$800-1,000

932Chinese Foreign Knitting Company of China Ltd.,$10 shares, Victoria, Hongkong 1915, no.238, ornateborder, green with pink underprint, text in Chinesewith title and a few other details also in English, red‘chops’ on face, about very fine.

HK$1,200-1,500

933Chinese Merchants Association, New York City, a 4% loan note for [$50], 1925, no.1413, ornateborder, orange and black, not signed by the Presidentand Treasurer and not fully dated, English on theobverse, Chinese on the reverse, fine to very fine.

HK$600-800

934Chinwangtao Glass Company (Compagnie desVerreries de Chinwangtao), 500 franc ordinaryshare, 1923, 2 examples, numbers 9558 and 11136,ornate border, brown with yellow underprint, stampedwith 3 repayments of capital totaling 506 francs, nocoupons, very fine. (2)

HK$800-1,000



www.spink.com

935Chung Yuan Yarn-Dye Co., 500 shares of 10 yuan,1942, no.00334, ornate border with company logo attop, cherubs at bottom left and right, brown andblack, red seal, good very fine.

HK$800-1,000

936Culty Dairy Co. Ltd., 10 tael shares, Shanghai19[33], no.A554, ornate border, brown and black,text in English with title in Chinese, small red ink stainat right, very fine.

HK$1,200-1,500

937Da Feng Industrial Supplies Co. Ltd., 100 yuanshares, capital 6,000,000 yuan, 1950, no.00547,ornate border, red and black, text all in Chinese,adhesive revenue stamp, very fine.

HK$800-1,000

938Fou Foong Flour Mill Co. Ltd., Shanghai, 100yuan shares, 1920, no’s 3753-3802, photographicvignette of the flour mill, ornate border, brown andblack, text in Chinese but seal in English as usual withShanghai companies, adhesive revenue stamp, stampedcancelled in Chinese, very fine and scarce.

HK$1,500-2,000


Page 66


939Foo Foong Flour Co. Ltd., Shanghai, 100 yuanshares, 1943, ornate border, blue, red ‘chop’ atextreme left, text all in Chinese but seal in English,stamped cancelled, good very fine.

HK$1,200-1,500

940Guo Hwa Metals Factory Co. Ltd., 10,000 yuanshares, capital 6 billion yuan, 1952, no.00006, ornateborder, green and black, text all in Chinese, adhesiverevenue stamp, stamped cancelled, very fine.

HK$1,000-1,200

941Hankow Dispensary Ltd., two certificates for 10Hankow dollars, 192[5], no.133 and 192[9], no.188,both issued to W.D.B. Miller, one at an address inHankow, the other in London, ornate border, brown,text all in English, both very fine. (2)

HK$1,500-2,000

942Heng-Chow Co. Ltd., one shilling ‘B’ shares,192[0], no.24, ornate border, red, about very fine.

HK$1,000-1,200



www.spink.com

943Heng Da Hsin Chi Textiles Co. Ltd., 5000 sharesof 10 yuan, 1945, no.561, ornate border with biplane,roll of cloth, mounted soldier and roll of wool incorners, red and black, green underprint, adhesiverevenue stamps, text all in Chinese, good very fine.

HK$800-1,000

944Honor Company Ltd., Hong Kong, $100 shares,Canton currency, 1932, no.111, lovely vignette of thecompany’s shops and offices ornate border, brown andblack with blue underprint, text all in Chinese withEnglish on the reverse, good very fine.

HK$4,000-5,000

945Hou Hsing Company, $100 shares, 1934, ornateborder, brown and black with pink underprint, fine tovery fine.

HK$1,200-1,500


Page 68


946Jiu An Enterprises Co. Ltd., 500 shares of 10 yuan,1947, no.103568, ornate border comprising vignettesof turbine, cog wheels and lathes, red and black, redseal, yellow underprint, cancelled, about very fine.

HK$800-1,000

947John Richards & Co. Ltd., 10 tael ordinary shares,fully paid, Shanghai 19[19], no.43, blue printing, textin English, Chinese characters in the emobossed seal,a few edge tears with expert repairs, about very fine.

HK$1,000-1,200

948Kam Tong Restaurant Ltd., Hong Kong, 100 yuanshares, 1940, vignette of 3 storey building at top,ornate border, green, red seal, red ‘chops’, text all inChinese apart from the company name, very fine.

HK$2,000-3,000

Registered in Hong Kong in 1940 and dissolved in1980.



www.spink.com

949Kapala Islands Estates Ltd., 1 tael shares, Shanghai19[17], no.1631, ornate border, black, fine to veryfine.

HK$1,000-1,500

A Shanghai Company owning rubber plantation in theStraits Settlements. Shanghai was a major market forMalayan rubber companies from the boom period in1910 to the 1920’s.

950Kuang He Yuan, $50 shares, 1929, ornate border,green and black, yellow underprint, text all in Chinese,cancelled, counterfoil reglued at right, fine to very fine.

HK$800-1,000

951Kwong Shing Cheong Sandalwood AssociationLtd., Hong Kong, $100 shares, 19[28], no.63,ornate border, mauve and black, capital increaseoverprinted in red, English on one side with Chineseon the other, very minor toning, very fine.

HK$1,500-2,000

952Luen Yick Hong, $100 shares, 1927, attractive piecewith ornate border with Chinese name above, red withgreen underprint, text all in Chinese, tears at edgesalong centre fold, fine to very fine.

HK$1,000-1,200


Page 70


953Manchun Wing Wah Kee, Hong Kong, $100shares, 1921, large format piece with ornate border,scrollwork at top, green with pink underprint, red‘chops’, split at centre fold, fine to very fine.

HK$1,200-1,500954Mei Tai Chemical Co. Ltd., a group of 3 certificatesfor 1 share, no.1586, 10 shares, no.7549 and 50shares, 11915 of 25 yuan, 1943, ornate borders,brown, green and red respectively, text all in Chinesewith company name in English in the embossed seal,adhesive revenue stamps, very fine and better. (3)

HK$3,000-4,000

955Mei Tai Chemical Co. Ltd., 2 certificates for 5000yuan shares, 1947, no’s 469 and 929, ornate border,brown and black, text all in Chinese, together with areceipt for shares in the Kiang Nan Cement Co. Ltd.,1948, fine but scarce. (3)

HK$1,200-1,500



www.spink.com

956Mei Ya Weaving Mill Co. Ltd., 500,000 shares of 10 yuan, 1948, no.01469, very ornate border withseveral robed females either seated or standing, green,red and black, text all in Chinese, good very fine.

HK$1,000-1,200

957Nanyang Brothers Tobacco Co. Ltd., 200 shares of 10 yuan, 1945, no.00585, office building at top, blue-grey, red seal, text all in Chinese, good very fine.

HK$1,000-1,200

958Quong Jee Sue Kouk Ltd., certificate for 1 share of20 yuan, Shanghai 19[02], no.1314, attractive piece inboth Chinese and English with ornate border, mauveand black, pale green underprint, embossed seal, veryfine.

HK$12,000-18,000

The second of only two examples found in the GoudeyCollection. The first was sold for HK$19,000 in January2011.

959Sino French Drugstore Co. Ltd., 50000 shares of 10 yuan, 1947, no.4194, ornate border, orange andblack, red seal, adhesive revenue stamps on the reverse,about extremely fine.

HK$800-1,000


Page 72


960South Manchuria Sugar Manufacturing Co. Ltd.,10 shares of 50 yen, 1916, no.01484, ornate border, logo at top, brown and black, text inChinese/Japanese and English, extremely fine.

HK$1,200-1,500

961Sun Sun Co. Ltd., Shanghai, 20 yuan shares, 1936,no.08557, lovely vignette of the department store attop, ornate border, brown and black with pale blueunderprint, red seal, text all in Chinese but withEnglish name in the bottom border, adhesive revenuestamp, good very fine and scarce.

HK$4,000-5,000

962Sun Sun Co. Ltd., Shanghai, $10 shares, 1945,no.02674, ornate border, vignette of department storein underprint, red and black, yellow underprint, withcoupons at right, adhesive revenue stamp, rust mark attop left edge, very fine.

HK$1,000-1,500

963Tai Sang Hong Co. Ltd., $1000 share, 1938, largeformat piece with ornate floral border, green with palegreen underprint, text all in Chinese with Englishname in the embossed seal, adhesive revenue stamps,small worm holes in the body at the left side, very fine.

HK$1,200-1,500



www.spink.com

964Taishan County Public Road, 5 yuan share, 1929,ornate border, red and black, red ‘chops’ in centre,text all in Chinese, good very fine.

HK$800-1,000

965Tung Fung Printing Co. Ltd., provisional certificatefor 10,000 shares of 10 yuan, 1947, no.01832, ornateborder, blue, red and black, adhesive revenue stamp,cancelled, very fine.

HK$800-1,000

966Tung Wei Enterprise Co., 10 shares of $100, 1917,ornate, almost Moorish, border design, mauve andblack, yellow underprint, text all in Chinese, filingholes in right margin, very fine.

HK$1,200-1,500

967United Enamelling Co. Ltd., 100,000 shares of 10 yuan, 1947, no.504239, ornate border, ruyisceptre in underprint; 100,000 shares, 1948,no.1006387, ornate border, green, yellow underprint,sceptre at top; together with a receipt for theredemption of 360,000 shares, 1948, blue and black,generally very fine. (3)

HK$800-1,000


Page 74


968World Hotel & Company, Kongmoon, $100 share,1925, attractive piece with vignette of Hotel at top,ornate border, mauve and black with greenunderprint, red ‘chops’ in centre, remains of small labelat top right margin, very fine.

HK$3,000-4,000

Only two examples found in the Goudey Collection.

969Wosang and Co. Ltd., Shanghai, 500 yuan share,1937, large format piece with ornate border, blue withpink underprint, several red ‘chops’, text all in Chinesewith English in the embossed seal, very fine.

HK$1,400-1,800

970Yi Chang Rubber Co. Ltd., 50,000 shares of 100renminbi, 1953, no.000332, ornate border, red andblack with yellow underprint, red seal, filing holes atleft, good very fine.

HK$1,000-1,200

971Yong He Industry Co. Ltd., part issued certificatefor 25 yuan shares, 1943, ornate border with smallvignette of Chinese lady at top, mauve and black, textall in Chinese, centre fold but good very fine.

HK$1,200-1,800



www.spink.com

972York Trading Co. Ltd., Hong Kong, $10 shares,19[49]. no.1169, ornate border, green, text all inEnglish, very fine.

HK$800-1,000

973You Lee Company, $100 preference shares, 1932,ornate border, red-brown with pale green underprint,text all in Chinese, minor spotting, very fine.

HK$1,200-1,500

974Yuan Shan Thermal Spring Co. Ltd., 50 gold yenshares, 7 Showa (1932), ornate border, logo at top,green and black with yellow underprint, very fine.

HK$800-1,000

975Yunnan Rubber Estates Ltd., 2 shilling shares, fullypaid, 19[36], no.1097, ornate border, red, very fine.

HK$800-1,000


Page 76


FRENCH INDO-CHINA

976Gouvernement Général de L’Indo-Chine, 3% Loan,1898, bond for 500 francs, 2nd issue dated Paris1902, no.58,303, attractive border comprising railwayand river scenes, natives at work and dragons, brownand dark green, pale green underprint, with coupons,together with other certificates from French Indochina(8), generally very fine and better. (9)

HK$800-1,000

977Gouvernement Général de L’Indo-Chine, 31⁄2%bond, 500 francs, third issue, 1905, no.54754,attractive French style piece with vignettes of dragons,peasants, steam train, ancient city and river boats,brown and black with grey underprint, with coupons,good very fine.

HK$1,000-1,500

978Banque de Cochinchine S.A., 250 franc nominativeshare (1908), no.17713, very striking design of goldensun in the centre with vignettes of buildings, workersin rice field, boats on river and stylised dragon, blackon red paper, text in Chinese and French, good veryfine.

HK$2,500-3,000



END OF THE SALE

www.spink.com

MACAO

979Banco Nacional Ultramarino, certificate for 3 shares,19[58], small circular medallion depicting steamship,ornate border, blue and black, dividend stamps on thereverse, very fine.

HK$1,200-1,500

980Banco Nacional Ultramarino, certificate for 1 share,19[64], small circular medallion depicting steamship,ornate border, red and black, dividend stamps on thereverse, very fine.

HK$1,200-1,500

981Banco Nacional Ultramarino, certificate for 5 shares,19[70], small circular medallion depicting steamship,ornate border, mauve and black, pale greenunderprint, dividend stamps on the reverse, very fine.

HK$1,200-1,500

982Banco Nacional Ultramarino, certificate for 10shares, 19[70], small circular medallion depictingsteamship, ornate border, brown and black, blueunderprint, dividend stamps on the reverse, very fine.

HK$1,200-1,500

MALAYA

983Société des Etains de Selangor, 100 franc share,Paris 19[04], no.2761, very attractive piece withelephant, tiger, natives at work, Europeans andplantation camp, blue, with coupons, extremely fine.

HK$1,500-2,000


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Written Bids FormThis form should be sent or faxed to be received bySpink Commission Bids Office in advance of the sale.References should be supplied in good time to be takenup before the sale. Bids received later than one hourbefore the start of the sale may not be processed.

Spink China Limited, 9/F Malaysian Consulate Building, 50 Gloucester Road, Hong KongTel: 00852 25 300 100 Fax: 00852 25 266 128 Email: [email protected]

69 Southampton Row, Bloomsbury, London WC1B 4ETTel: +44(0)20 7563 4000 Fax: +44(0)20 7563 4037 Email: [email protected] until Friday 13 January 5.00 p.m.

Sale Title Date Code Name Sale No.Bonds and Share Certificates of Saturday 14 January 2012 at 5.30 p.m. CANTON 12007China and Hong Kong

I request Spink, without legal obligations of any kind on its part, to bid on the following Lots up to the price given below.I understand that if my bid is successful the Purchase Price payable will be the sum of the final bid and a premium as a percentage ofthe final bid (together with any VAT chargeable if Lots are sent to Spink London Office). The Rate of Premium is 20% of thefinal hammer price of each lot.

All bids shall be treated as offers made on the Terms and Conditions printed in the catalogue. I also understand that Spink providesthe service of executing bids on behalf of clients for the convenience of clients and that Spink will not be held responsible for failingto execute bids. If identical commission bids are received for the same Lot, the commission bid received first by Spink will takeprecedence. Please note that you will not be notified if there are higher written bids received. If you require such notification then this is available on bidsmade via Spink’s online service.

PLEASE PRINT CLEARLY IN BLOCK LETTERS AND ENSURE THAT BIDS ARE IN HONG KONG DOLLARS

Payment made by Mastercard or Visa are subject to a 3% surcharge and American Express 4%.

Card No: Start Date: Issue No: Security Code:

Signature Expiry Date Name (on credit card)

Continued...

Lot Number(in numerical order)

Price Bid HK$(excluding Buyer’s Premium)





Client Number (if known): ................................................Name: .....................................................................................(Invoice name, please print)

Address: .......................................................................................................................................................................................................

..................................................................................................................................................Postcode: ...................................................

Tel. (Home): .................................................................................(Office): ...............................................................................................

Fax: ................................................................................................E-mail: .................................................................................................

Signature: ......................................................................................VAT No.: .............................................................................................

Please indicate the type of card: Visa � Visa Debit � Mastercard � Switch � American Express �

Please charge all purchases to my card (See Terms and Conditions 5.3.3. (iii))

Do not charge my card. I will arrange to send payment. (Spink will only charge your card should you default on the paymentterms agreed)

Please hold purchased Lots for collection


www.spink.com

Sale No. 12007 Date: Saturday 14 January 2012

A trade and bank reference are required for NEW clients to Spink who wish to bid at this auction; either in person orby written bid. These should be sent and arrive at least SEVEN working days before the auction date. We regret that ifthese are not received, new clients may not be allowed to participate.

References can be e-mailed to: [email protected] or Fax: +852 266 128 or Telephone: +852 25 300 100.

PLEASE PRINT CLEARLY IN BLOCK LETTERS AND ENSURE THAT BIDS ARE IN HONG KONG DOLLARS








TERMS AND CONDITIONS FOR BUYERS

2 SPINK CHINA’S ROLE AS AGENT

2.1 All sales undertaken by us either at auction or privately are undertakeneither as agent on behalf of the Seller or from time to time, as principalif we are the owner of the Lot. Please note that even if we are actingas agent on behalf of the Seller rather than as principal, we may havea financial interest in the Lot.

2.2 The contract for the sale of the Lot will be between you and the Seller.

3 BEFORE THE SALE

3.1 Examination of goodsYou are strongly advised to examine personally any goods in whichyou are interested, before the auction takes place. Condition reportsare usually available on request. We provide no guarantee to you otherthan in relation to Forgeries, as set out in clause 5.10 of these Termsand Conditions.

3.2 Catalogue descriptions3.2.1 Statements by us in the catalogue or condition report, or

made orally or in writing elsewhere, regarding the authorship,origin, date, age, size, medium, attribution, genuineness,provenance, condition or estimated selling price of any Lotare merely statements of opinion, and are not to be relied onas statements of definitive fact. Catalogue illustrations are forguidance only, and should not be relied on either todetermine the tone or colour of any item or to revealimperfections. Estimates of the selling price should not berelied on as a statement that this price is either the price atwhich the Lot will sell or its value for any other purpose.

3.2.2 Many items are of an age or nature which precludes theirbeing in perfect condition and some descriptions in thecatalogue or given by way of condition report make referenceto damage and/or restoration. We provide this informationfor guidance only and the absence of such a reference doesnot imply that an item is free from defects or restoration nordoes a reference to particular defects imply the absence of anyothers.

3.3.3 Other than as set out in clause 5.10, and in the absence offraud, neither the Seller nor we, nor any of our employees oragents, are responsible for the correctness of any statement asto the authorship, origin, date, age, attribution, genuinenessor provenance of any Lot nor for any other errors ofdescription or for any faults or defects in any Lot. Anywarranty of any kind whatsoever is excluded by this clause.

These conditions set out the terms on which we Spink China Limited contract with you (Buyer) either as agent on behalf of the Seller or as principal if we are theSeller. You should read these conditions carefully.

1 DEFINITIONS

The following definitions in this condition apply in these conditions.

Buyer’s Premium means the charge payable by you as a percentage of the Hammer Price, at the rates set out in clause 5.1 below;

Certificate of Authenticity means a certificate issued by an Expert Committee confirming the authenticity of a Lot;

Expert Committee means a committee of experts to whom a Lot may be sent for an extension in accordance with clause 3.4.3;

Forgery means a Lot constituting an imitation originally conceived and executed as a whole with a fraudulent intention to deceive asto authorship, origin, age, period, culture or source where the correct description as to such matters is not reflected by thedescription in the catalogue and which at the date of the auction had a value materially less than it would have had if it hadbeen in accordance with the description in the catalogue. Accordingly, no Lot shall be capable of being a Forgery by reasonof any damage and/or restoration work of any kind (including re-enamelling);

Hammer Price means the amount of the highest bid accepted by the auctioneer in relation to a Lot;

Lot means any item deposited with us for sale at auction and, in particular, the item or items described against any lot number inany catalogue;

Reserve the amount below which we agree with the Seller that the Lot cannot be sold;

Seller means the owner of the Lot being sold by us;

Spink Group Spink China Limited, Spink and Son Ltd, and our associated companies.

VAT Value added tax chargeable under the Value Added Tax Act in the United Kingdom and any similar replacement or additionaltax.

3.3 Your ResponsibilityYou are responsible for satisfying yourself as to the condition of thegoods and the matters referred to in the catalogue description.

3.4 Extensions – Stamps only3.4.1 If you wish to obtain an expert opinion or Certificate of

Authenticity on any Lot (other than a mixed lot or lotcontaining undescribed stamps) you must notify us in writingnot less than forty-eight hours before the time fixed for thecommencement of the first session of the auction. If acceptedby us, such request shall have the same effect as notice of anintention to question the genuineness or description of theLot for the purposes of clause 5.10 of these Terms andConditions and the provisions of clause 5.10 shall applyaccordingly.

3.4.2 Notice of a request for an expert opinion or Certificate ofAuthenticity must give the reason why such opinion isrequired and specify the identity of your proposed expertwhich will be subject to agreement by us.

3.4.3 If we accept a request for an expert opinion or Certificate ofAuthenticity we will submit the Lot to the ExpertCommittee.

3.4.4 We will not normally accept a request for an extension onaccount of condition. Any Lot described in the catalogue ashaving faults or defects may not be returned even if an expertopinion or Certificate of Authenticity cites other faults ordefects not included in the catalogue description, other thanin the case of a Forgery.

3.4.5 Should Spink China Limited accept a request for an extensionunder the foregoing provisions of this paragraph, the fact maybe stated by the Auctioneer from the rostrum prior to the saleof the Lot.

3.4.6 It should be noted that any stamp accompanied by aCertificate of Authenticity is sold on the basis of thatCertificate only and not on the basis of any other descriptionor warranty as to authenticity. No request for an extensionwill be accepted on such a stamp and the return of such astamp will not be accepted.


4 AT THE SALE

4.1 Refusal of admissionWe have the right, exercisable at our complete discretion, to refuseadmission to the premises or attendance at an auction.

4.2 Registration before biddingYou must complete and sign a registration form and provideidentification before making a bid at auction. Please be aware that weusually require buyers to undergo a credit check.

Some lots may be designated, prior to the auction, as “Premium lots”,which means a deposit may be required before placing a bid on theitem for sale. Information will be posted on our website in such anevent.

4.3 Bidding as PrincipalWhen making a bid, you will be deemed to be acting as principal andwill be accepting personal liability, unless it has been agreed in writing,at the time of registration, that you are acting as agent on behalf of athird party buyer acceptable to us.

4.4 Commission BidsIf you give us instructions to bid on your behalf, by using the formprovided in our catalogues or via our website, we shall use reasonableendeavours to do so, provided these instructions are received not laterthan 24 hours before the auction. If we receive commission bids on aparticular Lot for identical amounts, and at auction these bids are thehighest bids for the Lot, it will be sold to the person whose bid wasreceived first. Commission bids are undertaken subject to othercommitments at the time of the sale, and the conduct of the auctionmay be such that we are unable to bid as requested. Since this isundertaken as a free service to prospective buyers on the terms stated,we cannot accept liability for failure to make a commission bid. Youshould therefore always attend personally if you wish to be certain ofbidding.

All commission bids should be sent to 69 Southampton Row,Bloomsbury, London, WC1B 4ET, UK or 9/F Malaysian ConsulateBuilding, 50 Gloucester Road, Hong Kong up till 24 hours prior tothe sale.

4.5 On-line Bidding4.6 We offer internet services as a convenience to our clients. We will not

be responsible for errors or failures to execute bids placed on theinternet, including, without limitation, errors or failures caused by (i)a loss of internet connection by either party for whatever reason; (ii) abreakdown or problems with the online bidding software and/or (iii)a breakdown or problems with your internet connection, computer orsystem. Execution of on-line internet bids is a free service undertakensubject to other commitments at the time of the auction and we donot accept liability for failing to execute an online internet bid or forerrors or omissions in connection with this activity.

Telephone BidsIf you make arrangements with us not less than 24 hours before thesale, we shall use reasonable endeavours to contact you to enable youto participate in bidding by telephone, but in no circumstances will webe liable to either the Seller or you as a result of failure to do so.

4.7 Currency ConverterAt some auctions, a currency converter will be operated, based on theone month forward rates of exchange quoted to us by Barclays Bankor any other appropriate rate determined by us, at opening on the dateof the auction. Bidding will take place in a currency determined by us,which is usually Hong Kong dollars for auctions held in Hong Kong.The currency converter is not always reliable, and errors may occurbeyond our control either in the accuracy of the Lot number displayedon the converter, or the foreign currency equivalent of Hong Kongdollar bids. We shall not be liable to you for any loss suffered as a resultof you following the currency converter.

4.8 Video imagesAt some auctions there will be a video screen. Mistakes may occur inits operation, and we cannot be liable to you regarding either thecorrespondence of the image to the Lot being sold or the quality ofthe image as a reproduction of the original.

4.9 Bidding IncrementsBidding generally opens below the low estimate and advances in thefollowing order although the auctioneer may vary the biddingincrements during the course of the auction. The normal biddingincrements are:

Up to HK$1,000 by HK$50HK$1,000 to HK$3,000 by HK$100HK$3,000 to HK$6,000 by HK$200/300 or HK$3,200-

HK$3,500- HK$3,800- HK$4000HK$6,000 to HK$10,000 by HK$500HK$10,000 to HK$30,000 by HK$1,000HK$30,000 to HK$60,000 by HK$2,000 or HK$32,000-

HK$35,000- HK$38,000-HK$40,000

HK$60,000 to HK$200,000 by HK$5,000HK$200,000 and up Auctioneer’s discretion

4.10 Bidding by the Spink Group4.10.1 We reserve the right to bid on Lots on the Seller’s behalf up

to the amount of the Reserve (if any), which will never beabove the low estimate printed in the auction catalogue.

4.10.2 The Spink Group reserves the right to bid on and purchaseLots as principal.

4.11 The Auctioneer’s DiscretionThe auctioneer has the right at his absolute discretion to refuse any bidto advance the bidding in such manner as he may decide to withdrawor divide any Lot, to combine any two or more Lots and, in the caseof error or dispute, to put an item up for bidding again.

4.12 Successful BidSubject to the auctioneer’s discretion, the striking of his hammermarks the acceptance of the highest bid, provided always that such bidis higher than the Reserve (where applicable), and the conclusion of acontract for sale between you and the Seller.

4.13 After Sale Arrangements If you enter into any private sale agreements for any Lot with theSeller within 60 days of the auction, we, as exclusive agents of theSeller reserve the right to charge you the applicable Buyer’s Premiumin accordance with these Terms and Conditions, and the seller acommission in accordance with the terms of the seller’s agreement.

5 AFTER THE AUCTION

5.1 Buyer’s PremiumIn addition to the Hammer Price, you must pay us the Buyer’sPremium at a rate of 20% of the final Hammer Price of each Lot.

5.2 Import VAT and Refunds (Only for Lots shipped back to theUnited Kingdom)5.2.1 Import VAT of 5% will be levied on the Hammer Price of all

Lots that are shipped back to the United Kingdom after thesale.

5.2.2 Import VAT refunds5.2.1 As we remain liable to account for import VAT on allLots unless proof of export is held, you will be asked todeposit all amounts of import VAT invoiced. However, if aSpink nominated shipper is instructed, then any refundableimport VAT will not be collected. In all other cases, creditswill be made when proof of export is provided.5.2.2 If you export the Lot from the United Kingdom youmust return the valid proof of export certificate to us within30 days of export. If you fail to return the proof of exportcertificate to us within such period and you have not alreadyaccounted to us for the import VAT, you will be liable to usfor the full amount of the import VAT due on such Lot andwe shall be entitled to invoice you for this sum. 5.2.3 To apply for a refund of any import VAT paid, theproof of export certificate must be sent to our accountsdepartment clearly marked ‘import VAT refund’ within 30days of export. No payment will be made where the totalamount of import VAT refundable is less than HK$ 650.00.5.2.4 Where an EU buyer purchases a Lot on which importVAT has been charged, no refund of import VAT is availablefrom us.


5.3 Payment

5.3.1 You must provide us with your full name and permanentaddress and, if so requested, details of the bank from whichany payments to us will be made. You must pay the fullamount due on your invoice within seven days after the dateof the sale. This applies even if you wish to export the Lot andan export licence is (or may be) required.

5.3.2 You will not acquire title to the Lot until all amounts due tous have been paid in full to us, even in circumstances wherewe have released the Lot to you.

5.3.3 Payment should be made in Hong Kong Dollars by one ofthe following methods:

(i) Direct bank transfer to our account details of which areset out on the invoice. All bank charges shall be met byyou. Please ensure that your client number is noted onthe transfer.

(ii) By cheque or bank draft made payable to Spink ChinaLimited. Please note that the processing charges forpayments made by cheques or bank drafts drawn on anon-Hong Kong bank shall be met by you. Pleaseensure that the remittance slip printed at the bottom ofthe invoice is enclosed with your payment.

(iii) By Visa or Mastercard. A charge of 3% will be applied.By American Express, a charge of 4% will be applied.We are not responsible for any foreign exchange lossesor charges that you may incur in connection with suchcard payments.

5.3.4 Payments should be made by the registered buyer and not bythird parties, unless it has been agreed at the time ofregistration that you are acting as an agent on behalf of a thirdparty.

5.4 Collection of Purchases

5.4.1 Unless we specifically agree to the contrary, we shall retainitems sold until all amounts due to us, or to the Spink Group,have been paid in full.

5.4.2 Lots may be collected from 9/F Malaysian ConsulateBuilding, 50 Gloucester Road, Hong Kong. In the eventwhere a cheque or bank draft payable to Spink China Limitedhas been presented to us, unless we specifically agree to thecontrary, no Lots shall be released before the cheque or bankdraft has cleared where such funds have been credited intoour bank account.

5.4.3 A purchased Lot shall be at your risk in all respects from thetime of collection or the expiry of seven days from the date ofsale, whichever is sooner, and neither Spink China Limitednor its employees nor agents shall thereafter be liable for anyloss or damage of any kind, whether caused by negligence orotherwise, while any Lot is in or under their respectivecustody or control.

5.5 Notification

We are not able to notify successful bidders by telephone. WhileInvoices are sent out by mail after the auction we do not acceptresponsibility for notifying you of the result of your bid.

5.6 Recommended packers and shippers

If required our shipping department may arrange shipment as youragent. Although we may suggest carriers if specifically requested, oursuggestions are made on the basis of our general experience of suchparties in the past and we are not responsible to any person to whomwe have made a recommendation for the acts or omissions of the thirdparties concerned.

It is the responsibility of the Buyer to be aware of any Import Dutiesthat may be incurred upon importation to the final destination. Spinkwill not accept return of any package in order to avoid these duties.The onus is also on the Buyer to be aware of any Customs importrestrictions that prohibit the importation of certain collectibles. Spinkwill not accept return of the Lot(s) under these circumstances. Spinkwill not accept responsibility for Lot(s) seized or destroyed byCustoms

5.7 Remedies for non-payment or failure to collect purchases5.7.1 If you fail to make payment within seven days of your

stipulated payment date set out in your invoice, we shall beentitled to exercise one or more of the following rights orremedies:5.7.1.1 to charge interest at the rate of 2% per month

compound interest, calculated on a daily basis, fromthe date the full amount is due;

5.7.1.2 to set off against any amounts which the SpinkGroup may owe you in any other transaction theoutstanding amount remaining unpaid by you;

5.7.1.3 we may keep hold of all or some of your Lots orother property in the possession of the Spink Groupuntil you have paid all the amounts you owe us or theSpink Group, even if the unpaid amounts do notrelate to those Lots or other property. Followingfourteen days’ notice to you of the amountoutstanding and remaining unpaid, the Spink Groupshall have the right to arrange the sale of such Lotsor other property. We shall apply the proceeds indischarge of the amount outstanding to us, and payany balance to you;

5.7.1.4 where several amounts are owed by you to the SpinkGroup in respect of different transactions, to applyany amount paid to discharge any amount owed inrespect of any particular transaction, whether or notyou so direct;

5.7.1.5 to reject at any future auction any bids made by youor on your behalf or obtain a deposit from youbefore accepting any bids.

5.7.2 If you fail to make payment within thirty-five days, we shall inaddition be entitled:5.7.2.1 to cancel the sale of the Lot or any other item sold to

you at the same or any other auction;5.7.2.2 to arrange a resale of the Lot, publicly or privately,

and, if this results in a lower price being obtained,claim the balance from you together with allreasonable costs including a 20% seller’s commission,expenses, damages, legal fees, commissions andpremiums of whatever kind associated with bothsales or otherwise, incurred in connection with yourfailure to make payment; or

5.7.2.3 take any other appropriate action as we deem fit.

5.8 Failure to collectWhere purchases are not collected within fourteen days after the sale,whether or not payment has been made, you will be required to pay astorage charge of HKD 30 per item per day plus any additionalhandling cost that may apply. You will not be entitled to collect theLot until all outstanding charges are met, together with payment of allother amounts due to us.

5.9 Export Licence5.9.1 You should always check whether an export licence is

required before exporting. 5.9.2 Unless otherwise agreed by us in writing, the fact that you

wish to apply for an export licence does not affect yourobligation to make payment within seven days nor our rightto charge interest on late payment.

5.9.3 We will not be obliged to rescind a sale nor to refund anyinterest or other expenses incurred by you where payment ismade by you despite the fact that an export licence isrequired.


7 NOTICES

All notices given under these Terms and Conditions may be servedpersonally, sent by 1st class post, or faxed to the address given to the senderby the other party. Any notice sent by post will be deemed to have beenreceived on the second working day after posting or, if the addressee isoverseas, on the fifth working day after posting. Any notice sent by fax orserved personally will be deemed to be delivered on the first working dayfollowing despatch.

8 ADDITIONAL PROVISIONS

8.1 Severability

If any part of these Terms and Condition is found by any court to beinvalid, illegal or unenforceable, that part may be discounted and therest of the conditions shall continue to be valid and enforceable to thefullest extent permitted by law.

8.2 Force majeure

We shall have no liability to you if we are prevented from, or delayedin performing, our obligations under these Terms and Conditions orfrom carrying on our business by acts, events, omissions or accidentsbeyond our reasonable control, including (without limitation) strikes,lock-outs or other industrial disputes (whether involving ourworkforce or the workforce of any other party), failure of a utilityservice or transport network, act of God, war, riot, civil commotion,malicious damage, compliance with any law or governmental order,rule, regulation or direction, accident, breakdown of plant ormachinery, fire, flood, storm or default of suppliers or subcontractors.

8.3 Waiver

8.3.1 A waiver of any right under these Terms and Conditions isonly effective if it is in writing and it applies only to thecircumstances for which it is given. No failure or delay by aparty in exercising any right or remedy under these Terms andConditions or by law shall constitute a waiver of that (or anyother) right or remedy, nor preclude or restrict its furtherexercise. No single or partial exercise of such right or remedyshall preclude or restrict the further exercise of that (or anyother) right or remedy.

8.3.2 Unless specifically provided otherwise, rights arising underthese Terms and Conditions are cumulative and do notexclude rights provided by law.

8.4 Law and Jurisdiction

8.4.1 These Terms and Conditions and any dispute or claim arisingout of or in connection with them or their subject matter,shall be governed by, and construed in accordance with HongKong laws.

8.4.2 The parties agree that the courts of Hong Kong shall havenon-exclusive jurisdiction to settle any dispute or claim thatarises out of, or in connection with, Terms and Conditions ortheir subject matter.

5.10 Refund in the case of Forgery

5.10.1 A sale will be cancelled, and the amount paid refunded to youif a Lot (other than a miscellaneous item not described in thecatalogue) sold by us proves to have been a Forgery. We shallnot however be obliged to refund any amounts if either (a)the catalogue description or saleroom notice at the auctiondate corresponded to the generally accepted opinion ofscholars or experts at that time, or fairly indicated that therewas a conflict of opinions, or (b) it can be demonstrated thatthe Lot is a Forgery only by means of either a scientificprocess not generally accepted for use until after publicationof the catalogue or a process which at the date of the auctionwas unreasonably expensive or impracticable or likely to havecaused damage to the Lot. Furthermore, you should notethat this refund can be obtained only if the followingconditions are met:

5.10.1.1 you must notify us in writing, within seven days ofthe auction date, that in your view the Lotconcerned is a forgery;

5.10.1.2 you must then return the item to us within fourteendays, in the same condition as at the auction date;and

5.10.1.3 as soon as possible following return of the Lot, youmust produce evidence satisfactory to us that theLot is a Forgery and that you are able to transfergood title to us, free from any third party claims.

5.10.2 In no circumstances shall we be required to pay you any morethan the amount paid by you for the Lot concerned and youshall have no claim for interest.

5.10.3 The benefit of this guarantee is not capable of beingtransferred, and is solely for the benefit of the person towhom the original invoice was made out by us in respect ofthe Lot when sold and who, since the sale, has remained theowner of the Lot without disposing of any interest in it to anythird party.

5.10.4 We shall be entitled to rely on any scientific or other processto establish that the Lot is not a Forgery, whether or not suchprocess was used or in use at the date of the auction.

6 COPYRIGHT

6.1 We shall have the right (on a non-exclusive basis) to photograph,video or otherwise produce an image of the Lot. All rights in such animage will belong to us, and we shall have the right to use it inwhatever way we see fit.

6.2 The copyright in all images, illustrations and written material relatingto a Lot is and shall remain at all times our property and we shall havethe right to use it in whatever way we see fit. You shall not use or allowanyone else to use such images, illustrations or written materialwithout our prior written consent.


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Auction Notes


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Banknotes

14 January Banknotes of China and Hong Kong Hong Kong 1200614 January The Manfred Kranz Collection of Deutsch-Asiatische Bank Notes Hong Kong 12006A14 January Banknotes of the Ta Ching Government Hong Kong 12006B16/17 January The Collector’s Series Sale New York 31225 April World Banknotes London 1202218/19 May The Collector’s Series Sale New York 31322/23 August The Collector’s Series Sale New York 3143 October World Banknotes London 1202313/14 November The Collector’s Series Sale New York 3156 December World Banknotes London 12024

Stamps, Coins, Banknotes, Medals, Bonds & Shares, Autographs, Books, Wines

AUCTION CALENDAR 2012

The above sale dates are subject to change

Spink offers the following servicesValuations for insurance and probate for individual items or whole collections.

Sales on a commission basis either of individual pieces or whole collections.

Stamps

15 January Fine Stamps and Covers of China and Hong Kong Hong Kong 1200525 January The Collector’s Series sale London 1200116 February The Chartwell Collection - GB Line-Engraved Essays, Proofs, Stamps and Covers - Part II London 1201223/24 February The Collector’s Series Sale New YorkEarly March The Collector’s Series Sale Hong Kong15 March The Renowned Fiorenzo Longhi Collection of Airmail Postal History and Memorabilia Lugano16 March The Walter Taveira International Gold Medal Collection of Brazil Lugano16 March The Paulo Comelli “Grand Prix” Collection of Brazilian Mail to Foreign Destinations Lugano16 March The “Tito” Collection of South American Philatelic Rarities including Uruguay - Part I Lugano11 April The Collector’s Series sale London 120133 May The Chartwell Collection - GB King George V including Seahorses London 1201410/11 May The Collector’s Series Sale New YorkEarly June The Collector’s Series Sale Hong Kong5 July The Chartwell Collection - GB Line Engraved Essays, Proofs, Stamps and Covers - Part III London 1201511 July The Collector’s Series Sale London 1201612 September The Chartwell Collection - GB King George VI, King Edward VIII and Queen Elizabeth II Essays, Proofs and Stamps London 1201713 September Great Britain Stamps specialised sale London 1201813/14 September The Collector’s Series Sale New York23 September Fine Stamps and Covers of South East Asia Singapore 12019Early October The Collector’s Series Sale Hong Kong14 November The Collector’s Series Sale London 120206/7 December The Collector’s Series Sale New York12 December The Chartwell Collection - GB Line-Engraved Essays, Proofs, Stamps and Covers - Part IV London 12021

Coins

14 January Fine Coins of China and Hong Kong Hong Kong 1200816/17 January The Collector's Series Sale New York 31229 March Ancient, English & Foreign Coins and Commemorative Medals London 1200918/19 May The Collector's Series Sale New York 31328 June Ancient, English & Foreign Coins and Commemorative Medals London 1202522/23 August The Collector's Series Sale New York 31428/29 August Coins of Hong Kong and China Hong Kong27 September Ancient, English & Foreign Coins and Commemorative Medals London 1202613/14 November The Collector's Series Sale New York 3154 December Ancient, English & Foreign Coins and Commemorative Medals London 12027

Medals

19 April Orders, Decorations, Campaign Medals & Militaria London 1200219 July Orders, Decorations, Campaign Medals & Militaria London 1200322 November Orders, Decorations, Campaign Medals & Militaria London 12004

Bonds and Shares

14 January Bonds and Share Certificates of China and Hong Kong Hong Kong 1200716/17 January The Collector's Series Sale New York 31218/19 May The Collector's Series Sale New York 3131 June Bonds and Share Certificates of the World London 1201022/23 August The Collector's Series Sale New York 31413/14 November The Collector's Series Sale New York 31528 November Bonds and Share Certificates of the World London 12011

Autographs

16/17 January The Collector's Series Sale New York 31218/19 May The Collector's Series Sale New York 31322/23 August The Collector’s Series Sale New York 31413/14 November The Collector’s Series Sale New York 315

Wines

8 March Fine Wines of the World Hong KongMay Fine Wines of the World Hong KongJuly Fine Wines of the World Hong KongSeptember Fine Wines of the World Hong KongNovember Fine Wines of the World Hong Kong

Group Chairman and CEOOlivier D. StockerYour Specialists

StampsUK - Tim Hirsch Guy Croton David Parsons Nick Startup Neill Granger Paul Mathews Dominic Savastano

USA - Chris Anderson George Eveleth Andrew Titley Ed RobinsonEurope - Guido Craveri Fernando Martinez

China - Anna LeeCoins

UK - Paul Dawson Julie-Morgane Lecoindre Richard Bishop William MacKay Arthur Bryant John Pett George ChampUSA - Stephen Goldsmith Matthew Orsini Normand Pepin Greg Cole

Banknotes, Bonds & SharesUK - Barnaby Faull Mike Veissid Andrew Pattison

USA - Stephen Goldsmith Matthew OrsiniOrders, Decorations, Medals & Militaria

UK - Mark Quayle Oliver PepysBooks

UK - Philip Skingley Alex SmithAutographs

USA - Robert LitzenbergerWines

China - Anna Lee

Your Europe Team (London - Lugano)

Chairman’s OfficeDennis Muriu Monica Kruber

DirectorsTim Hirsch Anthony Spink

Auction & Client Management TeamEmily Johnston Miroslava Adusei-Poku Luca Borgo Phillipa Brown Tom Smith

FinanceAlison Bennet Marco Fiori Mina Bhagat Alison Kinnaird Shyam Padhiar Billy Tumelty

IT & AdministrationBerdia Qamarauli Abdi Mohamed Maria Martinez Liz Cones Curlene Spencer John Winchcombe

Your America Team (New York - Dallas)Chairman Emeritus

John HerzogHead of Philatelics

George EvelethHead of NumismaticsStephen Goldsmith

Director of Finance & OperationsSam Qureshi

Auction AdministrationRick Penko Patricia Gardner

Marketing & DesignJames McGuire Emily Cowin Clyde Townsend

Finance & AdministrationIngrid Qureshi Marcy Gottberg Ed Robinson

AuctioneersStephen Goldsmith Tracy Shreve Andrew Titley

Your Asia Team (Hong Kong - Singapore)Anna Lee Gary Tan Amy Yung Raymond Tat

Neill Granger Barnaby Faull Mike Veissid

Our Environmental Commitment: Paper from Sustainable Forests and Non Hazardous InkFor centuries Spink and its employees have been preserving and curating collectable items. We now wish to play a modest role in preserving our planet,as well as the heritage of collectables, so future generations may enjoy both.

We insist that our printers source all paper used in the production of Spink catalogues from FSC registered suppliers (for further information on theFSC standard please visit fsc.org) and use inks containing non hazardous ingredients. Spink recycle all ecological material used on our premises andwe would encourage you to recycle your catalogue once you have finished with it.

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14 January2012 • H

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9/F Malaysian Consulate Building � 50 Gloucester Road � Hong Kongwww.spink.com

HK$200


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bonds and share certificates of china and hong kong

Documents

collectors series sale

hong kong hong kong

stamps london

sale dates

hong kong copyright

world banknotes london

seahorses london

london 12021coins14