1946 CPF 10 Yuan & 100 Yuan (P-1937 & 1939), serial nos.: DB541164 & KM702129. Both Gem UNC and graded PMG 66EPQ.

printed in French and relating to the Pien-Lo Railway loan, bearing Chinese official seals, signatures and European revenue stamps, with an attractive Chinese arch-style decorative design, showing original folds and handling marks, a useful group for the study of late Ching railway development and foreign loan finance.

comprising two 1911 Imperial Chinese Government 5% Hukuang Railways Sinking Fund Gold Loan bonds for £100, each with partial coupons attached, together with a 1904 Shanghai-Nanking Railway net profit sub-certificate issued by the British & Chinese Corporation Limited, bearing English text, Chinese official seals and signatures, an interesting group for the study of late Ching railway development, foreign loans and Sino-foreign enterprise history.

including several Chinese Government Lung-Tsing-U-Hai Railway bonds with denominations such as 500 francs and £20, some retaining full or substantial coupon sheets, with Chinese, French and English text, official seals, signatures, and cancellation or modification handstamps, finely printed and showing original folds and handling marks, a useful group for the study of Republican railway development, foreign loans and modern Chinese financial history.

including five 1920 Republic of China 8% Treasury bonds for the Lung-Tsing-U-Hai Railway, each for 500 francs and some with coupons attached, together with 1925 Republic of China 5% Gold Bonds for US$50, printed with Chinese, French and English text, official seals, signatures and cancellation marks, showing original folds and handling wear, a useful reference group for the study of Republican railway development, treasury finance and modern Chinese foreign loans.