List of Contents Chapter 1 - Introduction 1 Bearer Bonds 1 Registered Bonds 1 China s External Loan Bonds 2 Language 2 Historical Appeal 2 Aesthetic Appeal 2 Collection Range 2 Redemption Hope 2 Trading Value 3 Kuhlmann Classification System 3 Difficulties with the Kuhlmann System 3 Chronology 3 Sequential Numbering 3 Number of Digits 3 Lack of Identity 4 Duplication 4 Categories and Sub-Categories 5 Alternative Classification System 5 Variations Within Each Bond Issue 6 CAN (Cancelled) 6 DUP (Duplicate) 6 MIS (Misprint) 6 NEC (New Coupons) 6 OCP (Original Coupons) 6 RES (Reserve Stock) 6 SPE (Specimen) 6 TXT (Changes to layout of the text) 7 TYP (Typewritten instead of being stamped or overprinted) 7 Classifying Variations 7 Reference Coding 7 Currency Symbols 7 Chapter 2 - Historical Considerations 9 Sea Passage to China 9 Trading Confined to Canton 9 Opium as a Trading Commodity 10 The Opium Wars 10 The Treaty of Nanking 11 Treaty Ports 11 The Boxer Rebellion 12 - I -
The Chinese Revolution of 1911 13 Control of China s Railways 13 The Rights Recovery Movement 13 Founding of the Republic of China 14 Reorganization Gold Loan of 1913 14 Re-establishment of the Kuomintang Party 15 Formation of the Chinese Communist Party 15 Japanese Invasion 15 Chapter 3 - China s External Loans 17 External Loans from 1861-1938 17 Chapter 4 - Collector s Compendium 27 1895-4% Franco-Russian Gold Loan 28 1895/4FRG/Fr500/FRC/CAN : KUL 55CN 29 1896-5% Anglo-German 16,000,000 Gold Loan 30 1896/5AGG/ 25/DAB/CAN : KUL 61CN 31 1896/5AGG/ 50/DAB/CAN : KUL 63CN 32 1896/5AGG/ 100/DAB/CAN : KUL 65CN 33 1898-4½% Anglo-German 16,000,000 Gold Loan 34 1898/4½AGG/ 25/HSBC : KUL 80 35 1898/4½AGG/ 50/HSBC : KUL 82 36 1898/4½AGG/ 100/HSBC : KUL 84 37 1898/4½AGG/ 500/HSBC : KUL 86 38 1898/4½AGG/ 25/DAB : KUL 81 39 1898/4½AGG/ 50/DAB/CAN : KUL 83CN 40 1898/4½AGG/ 50/DAB/RES : KUL 83 RS 41 1898/4½AGG/ 100/DAB/CAN : KUL 85CN 42 1899-5% Chinese Imperial Railway Gold Loan 43 1899/5IRGL/ 100/HSBC : KUL 90 44 1902-4% Russian State Loan 45 1902/4RSL/M500/RSB : KUL P.130 46 1902/4RSL/M1000/RSB : KUL P.130 47 1902/4RSL/M2000/RSB : KUL P.130 48 1902/4RSL/M5000/RSB : KUL P.130 49 1902-5% Cheng-Tai Railway Loan 50 1902/5CTR/SCRIP TYPE A 50 1902/5CTR/SCRIP TYPE B 50 1902/5CTR/Fr500/BRC : KUL 110 51 1902/5CTR/Fr500/BRC : KUL 110 (Coupons) 52 1903-5% Shanghai-Nanking Railway Loan 53 $10,000 Bond of the Shanghai Municipal Council Loan of 1934 54 $1,000 Bond of the Shanghai Municipal Council Loan of 1937 54 1904/5SNR/ 100/HSBC : KUL 115 55 - II -
1907/5SNR/ 100/HSBC : KUL 116 56 SNR Net Proft Sub-Certificates B, C & E : KUL 119 B, C & E 57 1903-5% Pien Lo Railway Loan 58 Title of the 1905 Issue 58 Title of the 1907 Issue 58 1905/5PLR/Fr500/BB : KUL 140 59 1907/5PLR/Fr500/BB : KUL 141 60 1905-5% French Gold Loan 61 1905-5% French Gold Loan - Sample Coupons 61 1905/5FGL/Fr500/SECdf/RES : KUL - No reference 62 1905-5% Honan Railway Loan 63 1905/5HON/ 100/Lloy : KUL 145 64 1906/5HON/ 100/Lloy : KUL 146 65 1906/5HON/ 100/Lloy/MIS : KUL 146 MP 66 Peking Syndicate - Share Certificate for One Share 67 Peking Syndicate - Share Certificate for Five Shares 67 Peking Syndicate - Share Certificate for Twenty-five Shares 68 1907-5% Canton-Kowloon Railway Gold Loan 69 Locomotive Vignette on Reverse of Canton-Kowloon Railway Bonds 69 1907/5CKR/ 100/HSBC : KUL 160 70 1938/5CKR/ 3:13:4/HSBC/SCRIP : KUL 160 SCRIP A 71 1908-5% Tientsin-Pukow Railway Loan 72 The comma which appears on Bonds 170A and 171A 72 1908/5TPK/ 100/HSBC : KUL 170 73 1908/5TPK/ 100/HSBC : KUL 170 Coupon Sheet 74 1909/5TPK/ 100/HSBC : KUL 170A 75 1908/5TPK/ 50/HSBC : KUL 171 76 1908/5TPK/ 50/HSBC : KUL 171 Blue Coupons 77 1908/5TPK/ 20/DAB : KUL 172 78 1908/5TPK/ 100/DAB : KUL 173 79 1908-4½% Anglo-French Gold Loan 80 Vignette from 1908/4½AFG/ 20/HSBC 80 1908/4½AFG/ 20/HSBC : KUL 180 81 1908/4½AFG/ 100/HSBC : KUL 181 82 1908/4½AFG/ 20/BIC : KUL 182 83 1910-5% Tientsin-Pukow Railway Supplementary Loan 84 1910/5TPKSL/ 100/HSBC : KUL 200 85 1910/5TPKSL/ 20/DAB : KUL 201 86 1910/5TPKSL/ 100/DAB/RES : KUL 202RS 87 1910/5TPKSL/ 100/DAB/RES : KUL 202RS Coupon Sheet 88 1911 5% Peking-Hankow Railway Gold Loan 89 Reverse side of Coupons from 1911/5PHR/ 500/YSB 89 1911/5PHR/ 500/YSB : KUL 211 90 1911/5PHR/ 1000/YSB : KUL 212 91 - III -
1911-5% Hukuang Railways Loan 92 1911/5HUK/ 20/HSBC : KUL 230 93 Locomotive Vignette on Hukuang Railway Loan Bonds 94 1911/5HUK/ 100/HSBC : KUL 231 95 1911/5HUK/ 20/DAB : KUL 234 96 1911/5HUK/ 100/DAB : KUL 235 97 1911/5HUK/ 20/BIC : KUL 232 98 1911/5HUK/ 100/BIC : KUL 233 99 1911/5HUK/ 100/NYB : KUL 237 100 1912-5% Crisp Gold Loan 101 1912/5CRISP/ 100/BCCo : KUL 271 Sample Coupons 101 1912/5CRISP/ 20/BCCo : KUL 270 102 1912/5CRISP/ 100/BCCo : KUL 271 103 1912/5CRISP/ 500/BCCo : KUL 272 104 1912/5CRISP/ 1000/BCCo : KUL 273 105 1913-5% Lung-Tsing-U-Hai Railway Loan 106 1913/5LTUH/ 20/BB : KUL 280 107 1913/5LTUH/ 20/BB/TXT : KUL 281 109 1937/5LTUH/ 20/BB : KUL 282 110 1937/5LTUH/ 20/BB/RES : KUL 282RS 111 1937/5LTUH/ 20/BB/RES : KUL 282RS Coupons 112 Co. Gen. de CdF et de Tramways en Chine Share Certificate 113 Co. Gen. de CdF et de Tramways en Chine Dividend Coupons 113 1913-5½% Petchili Gold Loan 114 Vignette from Petchili Loan Bonds 114 1913/5½PET/ 20/BdeR : KUL 290 115 1913-5% Reorganisation Gold Loan 116 Vignettes on left and right side of Reorganisation Loan Bonds 117 1913/5REORG/ 20/HSBC : KUL 300 118 1913/5REORG/ 20/HSBC : KUL 300 Coupons 119 1913/5REORG/ 100/HSBC : KUL 301 120 1913/5REORG/ 20/DAB : KUL 303 121 1913/5REORG/ 100/DAB : KUL 304 122 1913/5REORG/ 100/DAB/RES : KUL 304 RS 123 1913/5REORG/ 20/RAB SCRIP : KUL 305 SCRIP 125 1913/5REORG/ 20/BIC : KUL 302 124 1913/5REORG/ 20/RAB : KUL 306 126 1913/5REORG/ 20/RAB : KUL 306A 127 1913/5REORG/ 20/RAB : KUL 306 Coupons 128 1913/5REORG/ 20/RAB/Bel : KUL 307 129 1913/5REORG/ 20/RAB/Bel/DUP : KUL 307 DP 130 1913 6% Austrian Loan I 131 1913/6ALI/ 50/OLB : KUL 310A 132 - IV -
1913 6% Austrian Loans II & III 133 1914-5% French Industrial Gold Loan 134 1914 French Industrial Gold Loan SCRIP Certificate for Fr500. 134 1914/5IGL/Fr500/Bindus/RES : KUL 330RS 135 1914/5IGL/Fr500/Bindus (Flyer) 136 1918-8% Marconi Wireless Telegraph Loan 137 1918/8MAR/ 100/BBFT : KUL 430 138 1918/8MAR/ 100/BBFT (Reverse Side) : KUL 430 138 1918/8MAR/ 500/BBFT : KUL 431 139 1918/8MAR/ 1000/BBFT : KUL 432 139 1919-8% Vickers Loan Treasury Notes 140 1919/8VIC/ 100/BoC&L : KUL 500 141 1919/8VIC/ 500/BoC&L : KUL 501 141 1919/8VIC/ 500/BoC&L : KUL 501 Coupon Sheet 142 1919/8VIC/ 1000/BoC&L : KUL 502 143 Vignette which appears on 1919 Vickers Loan Bonds 143 1919-6% Two-Year Secured Gold Loan Treasury Notes 144 1919-6% Two-Year Secured Gold Loan SCRIP Certificates 144 1919/6GLTN/$1000/CCTS : KUL 530 145 1920-8% Lung-Tsing-U-Hai Railway Loan 146 1920/8LTUH/BF500/CoGen cdf : KUL 550 147 1920/8LTUH/BF500/CoGen cdf/res : KUL 550 RS 148 1920/8LTUH/Fl.1000/NMvH : KUL 560 149 1921/8LTUH/BF500/CoGen cdf : KUL 600 150 1921/8LTUH/BF500/CoGen cdf/res : KUL 600 RS 151 1923/8LTUH/BF500/CoGen cdf : KUL 650 152 1923/8LTUH/Fl.1000/NMvH : KUL 660 153 1922-8% Railway Equipment Loan 154 1922/8REL/ 20/Bbpl/RES : KUL 640RS (Reverse) 154 1922/8REL/ 20/BBpL /RES : KUL 640RS 155 1925-5% US$ Gold Bonds (French Boxer Indemnity) 156 1925/5FBOX/$50/BIC : KUL 670 A 157 Banque Industrielle de Chine Founding Share for Fr500 158 Banque Industrielle de Chine Ordinary Share for Fr500 158 1925-8% Lung-Tsing-U-Hai Railway Loan 159 Extract from Coupons of 1925/8LTUH/Fr500/ANPF : KUL 680 159 1925/8LTUH/Fr500/ANPF : KUL 680 160 1925/8LTUH/Fr500/ANPF/SCRIP : KUL 680 SCRIP 161 1925/8LTUH/Fr500/ANPF/Provisional CERT : KUL No reference 162 1925-8% Skoda Loan II 163 1925/8SKO/ 5/SIB : KUL 700 164 1925/8SKO/ 5/SIB /MIS : KUL 700MP 165 1925/8SKO/ 5/SIB : KUL 700 Sample Coupons 168 1925/8SKO/ 10/SIB : KUL 701 169 - V -
1925/8SKO/ 10/SIB : KUL 701(E) Coupon Sheet 170 1925/8SKO/ 50/SIB : KUL 702 171 1925/8SKO/ 100/SIB : KUL 703 172 1925/8SKO/ 500/SIB : KUL 704 173 1925/8SKO/ 1000/SIB : KUL 705 174 1928-6 % Belgian Boxer Indemnity 175 1928/6BBI/$100/BBlg : KUL 750 176 1928-8 % Dutch Lung-Tsing-U-Hai Railway Bondholder Certificates 177 1928/8LTUH/Fl.1000/DC/1Tr : KUL 760A 178 1928/8LTUH/Fl.1000/DC/2Tr : KUL 760B 179 1928/8LTUH/Fl.1000/DC/2Tr : KUL 760B Coupons 180 1934-6% Sterling Indemnity Loan 181 1934/6SIL/ 50/CBC (Reverse-side) : KUL 850 181 1934/6SIL/ 50/CBC : KUL 850 182 1934/6SIL/ 100/CBC : KUL 851 183 1934/6SIL/ 1000/CBC : KUL 852 184 1934/6SIL/ 1000/CBC : KUL 852 Coupons 185 1936-6 % Shanghai-Hangchow-Ningpo Railway Completion Loan 186 1936/6SHNR/ 50/HSBC (Reverse) : KUL 900 186 1936/6SHNR/ 50/HSBC : KUL 900 187 1936/6SHNR/ 100/HSBC : KUL 901 188 1937-2% - 4% Secured Sinking Fund Bonds 189 1937/2-4SSF/$100/JPM : KUL 950 190 1937/2-4SSF/$100/JPM : KUL 950 Coupons 191 1938 - Tientsin-Pukow Railway Sterling Funding Bonds 192 1938/5TPK/ 12/DAB/SFB : KUL TPS 5 194 1938/5TPK/ 2/HSBC/SCRIP : KUL TPS 7 197 1938/5TPK/ 3:16:8/HSBC/SCRIP : KUL TPS 8 199 1938/5TPK/ 4/HSBC/SCRIP : KUL TPS 9 199 1937/5TPK/ 12/DAB/TER-A : KUL TPS 14 201 1937/5TPK/ 12/DAB/TER-B : KUL TPS 16 202 1937/5TPK/ 10/DAB/TER : KUL TPS 18 204 In Conclusion 205 - VI -