CHINA--REPUBLIC. Lot of (17). 1913 5% The Chinese Government Reorganisation

CHINA--REPUBLIC. Lot of (17). 1913 5% The Chinese Government Reorganisation Gold Loan, Bonds for 20 Pounds, 505 Francs, 409 Marks and 189.4 Roubles. K-300, K302, K303, K305 and K307. Extremely Fine. Issued by the four banks in their currencies: HSBC (1), BIC (7), DAB (4) and Russo Asiatic Bank (RAB) (5). According to Kuhlmann, the number of bonds outstanding from each issuer stands at 75,486, 292,095, 108,605 and 54,699, respectively. The aim of the loan, totalling twenty five million pounds, was to pay debts from the Qing Dynasty, cover governmental administrative costs and reorganise institutions. However, Yuan Shih Kai negotiated the loan without parliamentary approval and used much of the money to strengthen his own Beiyang Army, leading to considerable political uproar and condemnation. Estimate: $500 - $800. Provenance: From the Yang Ai Hao Collection. 1913年5%中國政府善後大借款20英鎊、505法郎、409馬克和189.4盧布。17張。 由四家銀行以各自貨幣發行：滙豐銀行（1張）、東方匯理銀行（7張）、德華銀行（4張）及華俄道勝銀行（5張）。據庫爾曼記載，各發行機構存世之債券數量分別為75,486張、292,095張、108,605張及54,699張。此筆借款總額為二千五百萬英鎊，目的在於清償清朝債務、支應政府行政開支及整頓機構。然而，袁世凱未經國會批准即簽訂借款，並將大部分資金用於擴充其北洋軍隊，引發劇烈之政治風波與譴責。

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