Watch List notes:

Hankow Race Club and Recreation Ground, First Mortgage debenture for $100, 1923, no.2203, black and red on buff paper, embossed seal depicts horse and jockey. Company registered in Hong Kong and became one of the best clubs in the world for horse racing, football, tennis and grand social events, GVF some ink marks show through from the reverse

Estimate: 40-140 GBP