Watch List notes:

China, 5% "Boxer" Loan (4) bonds for $50 US, brown & yellow, text in English & French, each with coupons, generally GVF. Belgium, "Societe Belge d'Entreprises en Chine" share for 500 francs, no.106., 1924, with coupons. Punch cancellation holes otherwise GVF. (5).

Estimate: 20-30 GBP