The face value is ￡20. Interest rate is 5%. Issued in 1912 by Crisp Company in 1912 in London.
The Chinese Government Gold Loan of 1912 was originally for the sum of £10,000,000, but only £5,000,000 was issued. The loan was: “…authorised on the 14th day of July, 1912, by the Premier and the Minister of Finance of the Government of the Republic of China and by special order dated 2nd day of September,1912 of the President of the Republic of China duly notified on the 4th day of September, 1912, by the representative of the Chinese Government in London to His Majesty’s Secretary of State for Foreign Affairs and on the 14th day of September, 1912, by the President of the Republic of China to the British Minister in Pekin.”
The loan was also known as the 1912 Crisp Gold Loan as it was floated by C. Burch, Crisp & Co. in London at 95% on behalf of the British & International Investment Trust, Limited. Other financial institutions acting as agents for this loan were the British Bank of Foreign Trade, Lloyds Bank and the Chartered Bank of India, Australia and China. Bearer bonds were issued in the denominations as shown in the table above.
The loan was constituted as a direct liability and obligation of the Chinese Government and was secured upon a first charge on the surplus of Salt Gabelle (Salt Tax) revenues. The annual revenues of the Salt Gabelle were estimated as being 47,510,000 Kuping1 Taels of which 24,000,000 Taels per annum had already been pledged by law to be spent in a particular way.
Coupons were payable on 30th March and 30th September each year. This loan has been in default since March 1939.
The Republic of China or the Chinese Republic was the political entity that was formed in China at the fall of China's last emperor, Pu Yi in 1912 following the success of the Xinhai Revolution.
The flag of the Republic of China until 1928, used by the Beiyang government of warlords
Following a series of events in the period between 1912 and
The People's Republic of China was founded by Mao Zedong on 1 October 1949 and the first activity of the new political system, established with the revolutionary victory, was to bring peripheral territories such as Tibet and Xinjiang (1951) under the sovereignty of China.
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other bodies. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.