Watch List notes:

1910 5% Tientsin-Pukow Railway Loan, £20 issued by Deutsch-Asiatische Bank , 5 issued bonds with folio numbers, large format with ornate green border, pale purple underprint and purple, text in German and Chinese, red chops below, with couponsgood extremely fine, with 5 coupons. Small cancellation hole towards the lower portion of the note. (5).

Estimate: HK$1,200 - HK$1,800