| REF. NO. | DENOMINATION | DESCRIPTION | NO.ISSUED | CONDITION | VALUE |
|---|---|---|---|---|---|
 |
|||||
| 101 | £1000 | unissued reserve, green, with all coupons | 20 known | EF | £1600-1800 |
| 102 | £500 as above but reduced to £500 by endorsement | green, with some coupons | #372 | VF | £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.
1914
