Kwangtung Province All Provincial Merchants Corps Defence Headquarters, a specimen loan certificate for HKD$500, 1.9.1924, red border with '500' at each corner, issuer title and 'loan certificate' in green, yellow under print with Chinese characters 'Wu Bai Yuan' (500 Dollars) below, counterfoil attached, a total of HKD$2,000,000 loan was proposed under four different denomination bonds ($25, $50, $100 and $500),about very fine, repaired tear to body, counterfoil damage as per image. In Janaury 1924 the Nationalist Government adopted policies including 'Unite with Russia' and 'Accept Communism'. Canton Merchants were concerned Sun Yat Sen would adopt communism in Guangzhou and they began to oppose the Nationalist Government. In May that year, the Nationaist Government annunced a low of 'unified road ownership to impose new tax which caused more dissatisfaction. The Canton Merchants Corps established its Defence Headquarters in August 1924 with Chen Jiongming as its commander. It purchased weapons which was later confiscated by the Nationalist Government and this led to a march by the Merchants Corps to demand possession of their weapons. Matters got out of hand quickly and in the end Chiang Kai Shek and his Whampoa Military Cadets quickly defeated the Corps and retook Guangzhou on 15th October 1924. Chen was forced to self exile in Hong Kong. This bond is extremely rare, likley never to have been issued as the Corps Headquarters were very quickly defeated. A important historical document relating to the turbulent history of Guangzhou in the early Nationalist period. Phenomenally rare if not unique..
Estimate: 15000 - 30000