Issued under a resolution of the general assembly of the Province and by agreement with the Chinese Republic dated January 27, 1913 for public works and improvements. These bonds were backed by the tax revenues collected in Petchili of wine and tobacco. Dated at Antwerp, April 4, 1913.

The Petchili Gold Loan of 1913 was for the capital sum of £500,000. The loan was:

“Created by virtue of a resolution of the Assembly of the Province of Petchili. By agreement entered into on the 27th January 1913, the Government of the Chinese Republic has sanctioned the above mentioned resolution by guaranteeing absolutely and unconditionally the punctual payment of principal and interest of the present loan.”

The participating financial institution was the Banque de Reports, de Fonds Publics et de Dépôts. Bearer bonds were floated in both Brussels and Antwerp in a single denomination as shown in the table above.

The purpose of the loan was for public works and improvements to be executed in the Province of Petchili. The loan was secured upon a first mortgage on taxes collected and raised by the Province of Petchili on wine and tobacco yields with an additional guarantee from the central Government of the Republic of China. The full Agreement is shown over-leaf.

Coupons were payable on 1st February and 1st August each year.

It is interesting to note that the bond below was printed in landscape format which is somewhat unusual as most large-sized Chinese bonds were printed in portrait format. In effect the design of this bond has two complete halves which are detailed in English and French, whereby each half shares part of the vignette and red coloured stamp.

Founding of the Republic of China:

On the 10th October 1911, Dr. Sun Yat-Sen issued a proclamation founding the Republic of China. On 29 December 1911, Dr. Sun Yat-Sen was elected President by the Nanking Assembly; a body which represented seventeen Chinese provinces. On 1 January 1912, he was officially inaugurated and pledged;

“To over-throw the despotic Manchu government, consolidate the Republic of China and plan for the welfare of the people”.

Dr. Sun Yat-sen’s fledging government had a rocky start. Despite his lofty aims to create a Western-style democracy, Dr. Sun Yat

Sen still did not have control of the Chinese military and therefore lacked the necessary military resources to overthrow the Imperial Government. He subsequently relinquished the presidency to Yuan Shi-kai, an imperial general, who then forced Pu-yi, the last Chinese Emperor, to abdicate.

Yuan Shi-kai was officially elected president in 1913 and ruled by military power. He ignored the republican institutions established by Dr. Sun Yat-sen and threatened to execute anyone who opposed his decisions within the Senate. What then evolved was a military dictatorship, where Yuan Shi-Kai dissolved the ruling Kuomintang party and ignored the democratic provisions of the new Chinese constitution. Yuan Shi-kai eventually declared himself Emperor of China in 1915.

The newly formed Republic of China inherited massive debts from the old Imperial Chinese Government and did not have the resources to meet those debts or to meet the expenses of the new administration. The army was also due substantial back-pay for its troops and in danger of mutiny if they were not paid.

The following short story is taken from “Historic Foreign Bonds of China”, pubblicato nel 2012 da John M. Thomson.

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Il grado di entusiasmo legato alla speculazione di questi legami è davvero senza precedenti.

I petchili ora sono molto rari poiché pochi pezzi entrano nel mercato. I prezzi sono aumentati costantemente negli ultimi anni e la domanda è forte.

La seguente breve storia è tratta da “Historic Foreign Bonds of China”, pubblicato nel 2012 da John M. Thomson.

Il prestito è stato creato in virtù di una risoluzione dell’Assemblea della Provincia di Petchili. Con l’accordo del 27 gennaio 1913, il governo della Repubblica cinese ha sanzionato la summenzionata risoluzione garantendo assolutamente e incondizionatamente il pagamento puntuale del capitale e degli interessi del presente prestito.

L’istituto finanziario partecipante era la Banque de Reports, de Fonds Publics et de Depots. Le obbligazioni al portatore sono state quotate a Bruxelles e ad Anversa.

Scopo del prestito

Lo scopo del prestito era quello di eseguire lavori pubblici e miglioramenti nella provincia di Petchili. Il prestito è stato garantito alla prima ipoteca sulle tasse riscosse e sollevate dalla Provincia di Petchili sui rendimenti di vino e tabacco con un’ulteriore garanzia da parte del governo centrale della Repubblica di Cina. I coupon erano pagabili il 1 ° febbraio e il 1 ° agosto di ogni anno.

Un’obbligazione è un documento di titolo per un prestito. Le obbligazioni sono emesse, non solo da aziende, ma anche da governi nazionali, statali o cittadini, o altri enti pubblici, o talvolta da individui. Le obbligazioni sono un prestito alla società o ad altri enti. Sono normalmente rimborsabili entro un determinato periodo di tempo. Le obbligazioni guadagnano interessi a un tasso fisso, che di solito deve essere pagato dall’impresa indipendentemente dai suoi risultati finanziari. Un obbligazionista è un creditore dell’impresa.

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A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.