SP - 1920 Lung-Tsing-U-Hai 8% View full size

SP - 1920 Lung-Tsing-U-Hai 8%

1920 Government Chinese Republic - Treasury bond 8%, Lung-Tsing-U-Hai

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This is what it's written in the circle:
The borrowings shall be placed in all respects on the same rank as the loan issued in 1913 and the Treasury Bonds issued in and in: they shall enjoy all the rights, privileges and guarantees which the 1912 contract recognizes.
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