|101||£1000||green, with all coupons||375||EF||£1600-1800|
|102||£500 as above but reduced to £500 by endorsement||green, with some coupons||>10||GVF||£5000-6000|
China: 1914 6% Shanghai-Fengching Railway Mortgage Redemption Loan
£375,000 issued and all repaid. Despite all of the bonds being of £1000 denominatin, the sinking fund was agreed at 10% per annum (£37,500) commencing 1925. Therefore at least one bond had to be reduced in nominal value to £500 every year and this was done by endorsement. One example has been seen but the writer only has a photocopy which is reproduced here. A pack of 20 unissued reserve bonds were found in a bank in 2005.