Watch List notes:

REPUBLIC OF CHINA, Gouvernement de la Republique Chinoise Bon Du Tresor 8% de 1921, Chemin de fer Lung Tsing-U-Hai, no.074810 for 500 francs, issued in Bruxelles 1 July 1921, with French text, with two official ink-stamped impressions at top edge, the issuing red stamped impressions at authorised signatories faded, probably from being displayed in a frame, with interest coupons nos 23-64 intact, nos 20-22 removed. Taped at side to join interest coupons to the bond, with outline of photo frame at edges, otherwise very fine.

Ex Brian Bennett Collection.

Chemin de fer (French text for railway) Lung Tsing-U-Hai was the railway that ran between Lanchow-fu in the province of Kan-suh and Haichow, the port city on the coast of the northern province of Kiangsu (Jiangsu) north of Shanghai.