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1938 5TPK £12 TPS5

1938 5TPK £12 TPS5 Image

CHB Ref: 1938/5TPK/£12/SFB
Kuhlmann: TPS 5

Tientsin-Pukow Railway Non Interest Bearing Sterling Funding Bonds of 1938

Loan Capital: £5,000,000
Denomination of Bond : £12 : 0 : 0

Arrangers: Deutsch-Asiatiche Bank

Important Note:
Kulhmann details this item as a SCRIP Certificate, but that is not correct. It is a Sterling Funding Bond issued by Deutsch-Asiatiche Bank further to an agreement negotiated in 1936 whereby Non-Interest Bearing Sterling Funding Bonds would be issued at 20% face-value of unpaid coupons from the 1908 and 1910 Tientsin-Pukow Railway Loans. The remaining 80% arrears of interest on unpaid coupons from 1926 to 1936 was to be cancelled.

The original loan was arranged by the Hongkong & Shanghai Banking Corporation on behalf of the Chinese
Central Railways who handled 37% of the loan and by the Deutsch-Asiatische Bank which handled the remaining 63%. A total of £5,000,000 was offered as follows:

- £1,110,000 at 98 ½% by Hongkong & Shanghai Corporation in London March 1908
- £1,890,000 at 98½% by Deutsch-Asiatische Bank in Berlin March 1908
- £740,000 at 100% by Hongkong & Shanghai Corporation in London June-September 1909
- £ 1,260,000 at 100% Deutsch-Asiatische Bank in Berlin June-September 1908

The purpose of the loan was for the construction of a railway connecting the existing railway system in North China to the Shanghai-Nanking railway system. The loan was secured by a first charge on Likin revenues and on native customs revenues of the provinces of Chihli, Shantung and Kiangsu. The net revenues of the railway line were to be applied to service the loan and any surplus was to have been deposited with the Banks, which countersigned the loans in Tientsin or Shanghai.

Your Price:$49.00
Weight:0.030 kg
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