$500.00
Issuer: Government of the Republic of China
Authorized by: Resolution of the National Assembly of Peking (27 September 1912)
Reference: Kuhlmann Nos. 280 – 282
The Lung-Tsing-U-Hai Railway Loan of 1913 was established under the authority of a resolution by the National Assembly of Peking on 27 September 1912. The agreement was signed between the Government of the Chinese Republic and the Compagnie Générale de Chemins de Fer et de Tramways en Chine on 24 September 1912, with a confirming memorandum executed in Shanghai on 12 December 1912.
The loan was authorized for a total of £10,000,000, though only £4,580,380 was ultimately issued in 1913.
The issue was managed by the Banque Belge of Brussels, acting for the Compagnie Générale de Chemins de Fer et de Tramways en Chine, founded by Belgian industrialist Baron Édouard Empain. Bonds were offered at 92.28% of par value in Brussels and Paris.
All bonds were printed in bearer form by J. Verschueren of Antwerp, featuring variations in text spacing and stamp placement across different print runs, catalogued by Wilhelm Kuhlmann as Nos. 280 and 281.
| Denomination | Series | Issued | Serial Range | Reference | Notes |
|---|---|---|---|---|---|
| £20 | B | 200,000 | 20,000 – 220,000 | 1913/5LTUH/£20/BB | Kuhlmann 280 / 281 – minor text variation between print runs |
| £100 | A | 20,000 | 1 – 20,000 | 1913/5LTUH/£100/BB | Planned issue (not fully executed) |
| £20 | B | 400,000 (planned) | 20,001 – 420,000 | 1913/5LTUH/£20/BB | Partially issued |
| £20 | B (Reissue) | 29,019 | 220,001 – 249,019 | 1937/5LTUH/£20/BB | Kuhlmann 282 – later re-issue |
Interest Rate: 5% per annum
Issue Price: 92.28% of par
Coupon Dates: Semiannual (April and October)
Printer: J. Verschueren, Antwerp
Bond Size: 50 × 28 cm
The loan was designed to finance the construction of the Lung-Tsing-U-Hai (Kansuh-to-Sea) Railway, a major infrastructure project linking Lanchow-fu (Kansu Province) with Haichow on China’s eastern coast.
Proceeds were allocated to multiple objectives:
Construction of the railway route from Kansuh to Haichow
Redemption of earlier rail debts, including the 1905 and 1907 Pien Lo Railway Loans
Development and expansion of Haichow port facilities
Coverage of interest payments and working expenses during the five-year construction period
The loan was secured by a first mortgage on the railway’s infrastructure, rolling stock, and revenues, and was guaranteed by the Government of the Republic of China.
Although intended as a long-term development bond, the issue encountered financial difficulties following the political instability of the 1920s. Coupon payments ceased in 1926, and the loan remained in default until a brief resumption in 1936. A final reissue in 1937 (Kuhlmann 282) was short-lived, as the debt fell back into default shortly thereafter.
Each bond is decorated with bilingual text in French and Chinese, and bears the signature of E. C. Wou, Chinese Minister to Brussels. Distinctive red stamps, floral border motifs, and minor variations in print alignment create collectible differences between the 280 and 281 series.
The issue represents a hallmark of Belgian engineering and finance in China’s industrial era — a fusion of European capital and Chinese modernization ambitions at the dawn of the Republic.
Issuer: Government of the Republic of China
Authorized by: Resolution of the National Assembly of Peking (27 September 1912)
Reference: Super Petchili
The Lung-Tsing-U-Hai Railway Loan of 1913 was established under the authority of a resolution by the National Assembly of Peking on 27 September 1912. The agreement was signed between the Government of the Chinese Republic and the Compagnie Générale de Chemins de Fer et de Tramways en Chine on 24 September 1912, with a confirming memorandum executed in Shanghai on 12 December 1912.
The loan was authorized for a total of £10,000,000, though only £4,580,380 was ultimately issued in 1913.
The issue was managed by the Banque Belge of Brussels, acting for the Compagnie Générale de Chemins de Fer et de Tramways en Chine, founded by Belgian industrialist Baron Édouard Empain. Bonds were offered at 92.28% of par value in Brussels and Paris.
All bonds were printed in bearer form by J. Verschueren of Antwerp, featuring variations in text spacing and stamp placement across different print runs, catalogued by Wilhelm Kuhlmann as Nos. 280 and 281.
| Denomination | Series | Issued | Serial Range | Reference | Notes |
|---|---|---|---|---|---|
| £20 | B | 200,000 | 20,000 – 220,000 | 1913/5LTUH/£20/BB | Kuhlmann 280 / 281 – minor text variation between print runs |
| £100 | A | 20,000 | 1 – 20,000 | 1913/5LTUH/£100/BB | Planned issue (not fully executed) |
| £20 | B | 400,000 (planned) | 20,001 – 420,000 | 1913/5LTUH/£20/BB | Partially issued |
| £20 | B (Reissue) | 29,019 | 220,001 – 249,019 | 1937/5LTUH/£20/BB | Kuhlmann 282 – later re-issue |
Interest Rate: 5% per annum
Issue Price: 92.28% of par
Coupon Dates: Semiannual (April and October)
Printer: J. Verschueren, Antwerp
Bond Size: 50 × 28 cm
The loan was designed to finance the construction of the Lung-Tsing-U-Hai (Kansuh-to-Sea) Railway, a major infrastructure project linking Lanchow-fu (Kansu Province) with Haichow on China’s eastern coast.
Proceeds were allocated to multiple objectives:
Construction of the railway route from Kansuh to Haichow
Redemption of earlier rail debts, including the 1905 and 1907 Pien Lo Railway Loans
Development and expansion of Haichow port facilities
Coverage of interest payments and working expenses during the five-year construction period
The loan was secured by a first mortgage on the railway’s infrastructure, rolling stock, and revenues, and was guaranteed by the Government of the Republic of China.
Although intended as a long-term development bond, the issue encountered financial difficulties following the political instability of the 1920s. Coupon payments ceased in 1926, and the loan remained in default until a brief resumption in 1936. A final reissue in 1937 (Kuhlmann 282) was short-lived, as the debt fell back into default shortly thereafter.
Each bond is decorated with bilingual text in French and Chinese, and bears the signature of E. C. Wou, Chinese Minister to Brussels. Distinctive red stamps, floral border motifs, and minor variations in print alignment create collectible differences between the 280 and 281 series.
The issue represents a hallmark of Belgian engineering and finance in China’s industrial era — a fusion of European capital and Chinese modernization ambitions at the dawn of the Republic.
