Catalogue67

Lot 467: Co. des Indes Orientales, the oldest share ever auctioned, 1665 - €44.000
1st Minister of State, Jean-Baptiste Colbert King Louis XIV
1

Lot 6: the oldest scripophily from Australia - €3000
Lot 19: Chinese railroads: previously unseen type - €3000
Lot 473: financing the modernisation of France,
signed Emile Pereire - €3800
Lot 104: the oldest scripophily
from the Arab world - €2000
Lot 1323: Issued to Cornelius Vanderbilt,
the “Commodore” - €2000
2

Lot 557: the start of colour-photography, 1897 - €2000
Lot 496: design by François Boucher - €3000
Lot 534: the start of the Industrial Revolution in France - €3000
Lot 540: the first automobile, 1859 - €4000
3

Lot 616: Austrian-Luxembourg bond, 1792 - €6000
Lot 620: unique early German textile share, 1854 - €3000
Lot 622: owned by Nobel laureate
Dr. Max Planck - €5000
Lot 687: bond from the Knights Hospitaller, 1823 - €2000
4

Lot 1047: artistic highlight of
Spanish scripophily - €2000
Lot 758: arguably the most artistic
Dutch share - €2000
Lot 815: early public transport
from Portugal - €2000
Lot 992: unique St. Petersburg
railway share - €2600
5

Lot 1078: the prettiest Spanish 18th century share - €3000
Lot 1080: the Royal textile company from Zaragoza, 1749 - €2200
Lot 1079: first issue of the Spanish trading company to Venezuela, 1730 - €3000
6

C A T A L O G U E I N D E X
October 16 : 10h30 – 13h30
INTERNATIONAL 1-4
AUSTRALASIA
Australia 5-7
French Polynesia 8
Netherlands Indies 9-11
New Caledonia 12
Papua New Guinea 13-14
ASIA incl. MIDDLE EAST
Burma 15
Ceylon (Sri Lanka) 16
China 17-53
India 54-64
Indochina 65-73
Iran (Persia) 74
Iraq 75
Israel 76-77
Japan 78-85
Malaysia 86-91
Mongolia 92
Pakistan 93
Palestine 94-95
Philippines 96
Thailand 97-98
Turkey/Ottoman Empire 99-116
AFRICA
Algeria 117-124
Belgian Congo 125-154
British East Africa 155
Chile 156
Egypt 157-182
Ethiopia 183
Ghana 184
Ivory Coast 185-186
Morocco 187-188
Mozambique 189-190
Nigeria 191
Rhodesia 192-194
Senegal 195-196
South Africa 197-209
Tunisia 210-211
EUROPE
Andorra 212
Austria 213-215
Austro-Hungarian Empire 216-233
Belgium 234-391
Bulgaria 392-402
(former) Czechoslovakia 403-411
Denmark 412-414
Estonia 415-416
Finland 417-418
France 419-609
October 16 : 14h00 – 16h
G.D. Luxembourg 610-619
Germany 620-663
Great Britain 664-694
Greece 695-719
Hungary 720
Ireland (Eire) 721-722
Italy 723-751
Latvia 752-753
Liechstenstein 754
Monaco 755-757
Netherlands 758-778
Norway 779-783
Poland 784-810
Portugal 811-833
Romania 834-853
Russia 854-1046
October 16 : 16h30 – 18h
Spain 1047-1090
Sweden 1091-1117
Switzerland 1118-1126
Vatican City 1127
(former) Yugoslavia 1128-1142
THE AMERICAS
Argentina 1143-1153
Bolivia 1154
Brazil 1155-1161
British Virgin Islands 1162
Canada 1163-1176
Chile 156
Colombia 1177-1179
Costa Rica 1180
Cuba 1181-1186
Dominican Rep. 1187
Ecuador 1188-1190
French Guiana 1191-1192
Guatemala 1193
Honduras 1194
Jamaica 1195
Martinique 1196-1197
Mexico 1198-1210
Netherlands Antilles 1211
Nicaragua 1212-1214
Panama 1215-1219
Peru 1220-1224
St.Pierre-Miquelon 1225
Uruguay 1226-1228
United States 1229-1366
Venezuela 1134, 1140
7

Practical Information
How to bid in the auction ?
1. live attendance : no special formalities, our staff will welcome and guide you. Doors open 1h before the auction.
2. Live internet bidding : we work with www.invaluable.com. You find all necessary information on our website
www.booneshares.com. Don’t forget to register at least 48h before the auction. Contact us if you need any help.
3. bidding in advance : (e)mail or fax the enclosed bid form as soon as possible, or submit your absentee bids through
www.booneshares.com – “absentee bidding” (you must first register). Note that we must receive your bids at the latest
on Friday 15 October 8pm. Bids should be made in EUR. Bidders can be asked for references or a deposit before the
auction. We suggest not to place any absentee bids through Invaluable as this will cost you 3% extra (see below).
4. Phone bidding during the auction: contact us at least 48h. in advance to make practical arrangements (an extra fee may
be charged).
5. The prices in the catalogue are minimum start prices below which no bids will be accepted.
6. Bid steps: if your bid = €300 and the next highest bid is €200, the hammer price will be €220.(see below for all bid steps).
7. Sales commission is 17% up to 100.000 EUR and 10% above 100.000 EUR (private EU residents pay 21% VAT on the
sales commission, resulting in a total sales commission of 17% + 3.57% TVA = 20.57%). If you bid through the Invaluable
platform an extra 3% on the hammer price will be charged, which is a part of the commission we must pay to Invaluable.
Event Location : Antwerp Crowne Plaza Hotel : Gerard Le Grellelaan 10, 2020 Antwerp, Belgium, tel. ++32 (0)3.237.29.00
Hotel Reservation
We have a quantity of rooms available at €99/night (excl. city tax, incl. breakfasst). To profit from this special rate, you have
to make a reservation through us. Sometimes, cheaper rates are available on the internet as well (last minute deals).
Alternatively, there are a large variety of other hotels (in all price categories) in the proximity of our event location.
Lot previewing (during the 3 weeks prior to the auction day)
By appointment, at the address of Centrum voor Scriptophilie BVBA – see contact details below.
In the auction room, staring 1h before the auction, but also during the auction, the lots can be viewed.
About the Live Auction
The auctioneer speaks Dutch, English, French and German. The bidding prices can be followed in real-time on a big screen.
Bidding Steps (euro)
€10 to €50 : +€5
€50 to €200 : +€10
€200 to €500 : +€20
€500 to €1000 : +€50
€1000 to €2000 : +€100
€2000 to €5000 : +€200
€5000 to €10.000 : +€500
€10.000 to €20.000 : +€1000
€20.000to €100.000 : +€2000
€100.000 and above: +€5000
Condition Ratings (for scripophily lots only)
UNC = Uncirculated (as new)
EF = Extremely Fine (nearly perfect, little folding, pin-
holes, tiny edge-splits)
VF = Very Fine (definite signs of use, for instance some
edge damage, modest staining, edge-tears)
F = Fine (considerable signs of use such as pieces of paper
missing, tired condition)
VG = Very Good (serious damage such as badly torn
and/or large pieces of paper missing)
G = Good (lowest grade)
How to pay
The title of ownership only changes hands after full payment (even if delivery took place before). We must receive full
payment within 30 days after the auction date. After that period, a monthly surcharge of 2% will be applied. We accept
payments in EUR, GBP and USD. You can pay with bank transfer, cash (only up to €3000), PayPal, Visa or Mastercard. For
payments with PayPal or credit card, we charge a supplementary fee of 3%. Shipment costs will be charged to the buyer.
How to receive the result list of this auction and our next auction catalogue?
The result list will be on www.booneshares.com the Monday following our auction.
If you wish to subscribe to our next auction catalogue, we ask for a contribution of €10/$15 in the printing & mailing costs.
For EU-residents, the easiest way is to do a cost free bank transfer to our account at BNP Paribas Fortis: BIC: GEBABEBB,
IBAN:BE55 0011 4587 5144. As a non-EU resident you can send us your credit card information, pay through PayPal
(mario.boone@skynet.be). If you subscribe to our next catalogue, you will automatically receive the result list of that auction.
Copyright : Any person wishing to use descriptions, or any other information, from this catalogue must obtain prior permission
in writing from the Centrum voor Scriptophilie BVBA.
Don’t hesitate to contact us if you have any questions ! Mario Boone, Kouter 126, B-9800 Deinze, Belgium, tel 0032-
(0)9.386.90.91, fax 0032-(0)9.386.97.66, mario.boone@skynet.be.
!!! www.booneshares.com for large pictures of every lot !!!
8

INTERNATIONAL
1 EADS, EUROPEAN AERONAUTIC DEFENCE
AND SPACE CO.
INTERNATIONAL : Share of 1 EUR. blue, grey,
black. EADS is a pan-European aerospace and
defence corporation created in 1999 through the
merger of Aérospatiale-Matra, DaimlerChrysler
Aerospace AG (DASA), and Construcciones
Aeronauticas SA (CASA). It incorporates amongst
others Airbus, Eurocopter (the world's largest
helicopter supplier), Cassidian (Eurofighter,
missile systems,...) and Astrium. The latter is the
European leader in space programmes from
Ariane to Galileo. In 2000, 30% of its shares were
floated on the Stock Exchanges of Paris,
Frankfurt and Madrid. Renamed Airbus Group in
2014. The company employes +130,000 people.
Very attractive modern share showing five
different flying machines (rocket, 2 types of
airplanes, helicopter and a satelitte). We
recognize on the left half of the certificate a large
underprint of Leonardo da Vinci's notes and
design of his famous flying machine. Extremely
rare.
2000 UNC EUR 300
2 INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPMENT
INTERNATIONAL : 5% Stock of £223. orange,
black. No 4960. Part of an issue of 10 million GBP.
Printed by Bradbury, Wilkinson. This large
international financial institution offers loans to
developing countries and is part of the World
Bank Group. It was originally established in 1944
to finance the reconstruction of the European
nations devastated by WWII.
31 July 1975 EF EUR 80
3 INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPMENT
INTERNATIONAL : WASHINGTON D.C. 3%
Obligatie $1000, specimen. blue, black. Text in
Dutch and printed in The Netherlands. The loan
amounted to 150 million USD.
1972 UNC EUR 50
4 WIEDEREINGLIEDERUNGSFONDS DES
EUROPARATES FÜR DIE NATIONALEN
FLÜCHTLINGE UND DIE ÜBERBEVÖLKERUNG IN
EUROPA
INTERNATIONAL : PARIS. 6 1/4% Inhaber-
Teilschuldverschr. 10.000 DM. Serie 1. red,
green. Council of Europe Resettlement Fund for
National Refugees and Over-Population in
Europe. The object of the bank was to provide
funds for governments to resettle or repatriate
refugees, or create work for them if they stay in
the host countries. It became the Council of
Europe Development Bank, but the objectives
remained the same. In 2020, its assets stood at
28 billion euros, which it uses to co-finance
projects by means of loans of up to 40% of the
project cost. Underprint of the logo of the
Council.
November 1978 EF EUR 50
AUSTRALIA
5 AUSTRALIAN TRANS-CONTINENTAL RAILWAY
SYNDICATE, LTD
AUSTRALIA : Ordinary Shares of £100. purple. No
66. Folds. Vignette of a locomotive. Founded
1881 to build a line in Queensland linking the
north coast at Point Parker to the southern part
of the State to join other networks. Liquidated by
1905. Only this one certificate is known to us.
2 February 1882 VF EUR 300
6 BANK OF NEW SOUTH WALES
AUSTRALIA : 1 Share of £100. black on vellum. No
120. Folds. The bank, the oldest still-surviving
bank (and public company) in Australia, dates
from 1817, on the initiative of Governor
Macquarie, who granted it a charter of limited
liability. The initial capital was £20.000 in shares
of £100. But even such a modest offer was
difficult to sell, and after one year only half the
shares had sold. This share, No. 120, was sold 7
years later! A first capital increase took place in
1832 and was needed for a steady increase in the
bank's scope and operations. In 1982 the bank
merged with the Commercial Bank of Australia
to form the Westpac Corporation. It still is one of
Australia's "big four" banks. To the best of our
knowledge, this is the oldest issue of scripophily
from not only Australia but the whole of the
Australasian region. First time in our auctions.
1 January 1824 VF EUR 3.000
7 INVERELL DIAMOND FIELDS, LTD
AUSTRALIA : Shares of £1. brown, black. No
2383. Folds. Founded 1896. The company owned
400 acres claims in the Inverell District, New
South Wales. The mine produced 37,400 carats
and 39 tons of stream tin. The mine closed in
1900. Printed by Waterlow in London.
20 December 1899 VF-EF EUR 50
9

FRENCH POLYNESIA
8 COMPTOIRS FRANCAIS D'OCEANIE S.A.
FRENCH POLYNESIA : TAHITI. PAPEETE. Action de
F250. purple, yellow. #15000. No 15134. Fine
large underprint of a Tahitian woman, and
border vignettes of an island schooner and a
view of Tahiti. This company was absorbed by
the Cie.Française de Tahiti in 1928. Very few
Tahitian shares are seen.
17 March 1921 EF EUR 50
NETHERLANDS INDIES
9 EXPLOITATIE VAN EEN GEBOUW INGERICHT
VOOR GYMNASTIEK EN SCHERMSCHOOL, N.V.
NETHERLANDS INDIES : SOERABAIA. Aandeel van
Fl.25. brown, black. #400. No 115. A school for
gymnastics and fencing. Unusual theme,
especially for the Netherlands Indies!
1897 EF EUR 100
10 OOST-INDISCHE MAATSCHAPPIJ VAN
ADMINISTRATIE EN LIJFRENTE
NETHERLANDS INDIES : AMSTERDAM. Aandeel
Fl.5000. black. No 488. Folds. Formed in Batavia
(today Jakarta) in 1842, to offer life insurance,
annuities, investments and property. The legal
head office was in Amsterdam, but most
directors and administrators worked in Batavia.
Capital repayments to 1877 on the face, perhaps
on liquidation. Issued to the Graaf van den
Bosch, of den Haag. This is the oldest scripophily
we have ever seen from the Dutch Indies (not
counting the V.O.C. of course). Only this one
certificate is known to us and originates from an
old collection.
1 March 1844 VF-EF EUR 600
11 TAMIANG RUBBER ESTATES, LTD.
NETHERLANDS INDIES : Share Warrant for 10
Ordinary Shares of £1. blue, black. No 4011.
Generally rather worn certificate with heavy
folds, pin-holes, etc. Text in English and French.
Printed by Waterlow, London. Founded 1909 to
exploit a 4600 hectares rubber plantation on
Sumatra.
10 July 1928 F EUR 30
See also lot 91.
NEW CALEDONIA
12 CHARB. DE LA NOUVELLE-CALEDONIE, SOC.
NEW CALEDONIA : PARIS. Cert. d'Inscription
nom. d'Actions de F100. yellow, brown. #22000.
No 39. Folds, repaired tear at the bottom, a few
brown stains in left border. Pretty border of
leaves, with vignettes of mining-tools. The only
coal company we know from this South Pacific
island.
20 October 1904 VF EUR 50
PAPUA NEW GUINEA
13 ENTERPRISE OF NEW GUINEA GOLD AND
PETROLEUM DEVELOPMENT
PAPUA NEW-GUINEA : VICTORIA. MELBOURNE.
Scrip Certificate - 1 Share. black on pink paper.
No 2763. Fold. The company prespected for oil
in the Sepik River district of northern New
Guinea. It also mined for gold in the Surprise
Creek area (Morobe Province, Papua New
Guinea).
11 September 1936VF-EF EUR 40
14 SUCRERIE-DISTILLERIE & EXPLOITATION
AGRICOLE DE LA NOUVELLE-FRANCE, S.A. DE
PAPUA NEW-GUINEA : PARIS. Action de F100
Nominative. green, black. #2000. No 214. Folds
and two faint brown stains. A superb certificate,
with a wide border full of views of busy harbours,
plantations, distilleries and much else. This sugar
company was to be set up on New France, an
island off New Guinea, now known as New
Ireland in the Bismarck Archipelago of Papua
New Guinea. Probably part of fraudulent scheme
by the Marquis de Rays (known amongst
scripophily collectors from the titres 'La Nouvelle
France'). Extremely rare.
1880 VF EUR 200
BURMA
15 INDO BURMA OILFIELDS (1920) LTD.
BURMA : LONDON. Shares of £1. black.
#2000000. No 8997. Folds. Est. 1920. The
company drilled about 36 wells in the oilfield of
10

Padaukpin, 8 miles from the city of Thayet
(central Myanmar) but production was not
satisfactory. In liquidation by 1926. Signed by
General Sir Bindon Blood as Director. Blood
(1842-1940) was a successful British military
commander who served in Egypt, Afghanistan,
India and South Africa, climbing to the rank of
major-general.
23 May 1922 VF EUR 50
CEYLON
16 CEYLON CO. OF PEARL FISHERS, LTD
CEYLON (SRI LANKA) : Deferred Shares of 1
Shilling. red. #300000. No 578. Heavy folds.
Formed London 1906, liquidated 1912. They
were successful in the fisheries 1906 and 1907 so
that very good dividends were paid. In fact,
about £50,000 was paid out to shareholders
during the first two years on an issued capital of
£90,000 ! After that, there were no more
fisheries and the company paid rent to the
Government until lack of any prospects of a
fishery resulted in a re-arrangement of terms
and the termination of the lease in April 1912.
The company chairman was Joseph West
Ridgeway, Governor of Ceylon from 1896 to
1903. One of the very few scripophily pieces
we've ever seen from Ceylon (today Sri Lanka), a
British colony between 1796 and 1948.
14 March 1907 VF EUR 50
See also lot 86.
CHINA
17 ANGLO-FRENCH (PEKING-HANKOW RY)
LOAN OF 1908
CHINA : LONDON. 5% Bond for £100. Serie A. Cat.
KUL 181. purple, black, red. #24000. No 15825.
Pin-holes. No coupons. Sold by HSBC. Trimmed
right and bottom border. This loan, for £5
million, was raised by the Hongkong & Shanghai
Bank, London, and the Banque de l'Indochine,
Paris, partly to redeem bonds of 1899, issued to
build the railway, and partly to establish
industries. The line, 755 miles long, opened in
1905. Very fine vignette of the old gate of Peking,
and one of the most attractive of all Chinese
bonds. Text in English & French.
18 ASIA REALTY COMPANY OF SHANGHAI
CHINA : SHANGHAI. 6% First Mortgage
Debenture of Tls.1000. brown, black. #2000. No
318. Vignette of an eagle. Uncancelled. One of
the leading real estate companies in Shanghai,
and very profitable as Shanghai was expanding
quickly in those years. One of the company
partners was Frank J. Raven, a leading American
businessman in the city.
19 CHINA RAILWAY & MINING CORPORATION
CHINA : Bearer cert. for 10 Shares of £1. red,
black. No 6. Folds. Text in English and French, but
company name also in Chinese. Decorative
border with flowers, and dragons in design. We
have seen a map of China, apparently showing
the railway lines to be build by the company.
They run from Hankow, which was perhaps to be
the centre of the company's rail operations in
China. They included Hankow to Nanking, to
Foochow and Wenchow, to Chungking and to Si-
Ngan - a very extensive network indeed.
However, since the company was deleted from
the London Register in 1902 (only 2 years after
formation), we can assume that the company
never operated in any way. We have no info on
what the company's mining intentions were. This
denomination has to the best of our knowledge
never been seen before.
31 July 1900 VF EUR 3.000
20 CHINESE ENGINEERING AND MINING CO.
CHINA : LONDON. Share Warrant for 20 Shares
of £1. red, black. No 3226. Central fold and
rather damaged right border, far outside the
printed part of the cert. Showing a miner with a
Chinese background of junk and pagoda. Text in
English and French. The company was formed to
acquire the business of a Chinese company
formed in 1878. The main assets were 3 mines in
the Kaiping coalfield, near Peking, a shipping line
with 6 ships, docks in various Chinese ports, and
the harbour of Chinwangtao, also near Peking.
Rare high denomination.
21 CHINESE GOVERNMENT GOLD LOAN OF 1912
CHINA : LONDON. 5% Gold Bond for £1000. Serie
D. Cat. KUL 273. red, buff, black. #750. No 506.
Rather wrinkled certificate with central fold and
repaired edge-tear. The top value of this loan is
very difficult to find. Coupons 53-80 attached.
Only 750 issued.
1912 VF EUR 1.000
11

22 CHINESE IMPERIAL GOVERNMENT GOLD
LOAN OF 1898
CHINA : BERLIN. 4,5% Gold Bond for £50. Cat.
KUL-DAB 83. orange, purple, black. #58500. No
55470. Hole-cancelled.
LOAN
CHINA : LONDON/BERLIN. 4,5% Gold Bond for
£100. Serie C. Cat. KUL 84. brown, purple, black.
No 98427. Secured on maritime customs
revenues and salt tax. Folds, central fold with
edge-tear. Hole-cancelled. Sold by Deutsch-
Asiatische Bank.
LOAN
CHINA : LONDON/BERLIN. 4,5% Gold Bond for
£500. Serie D. Cat. KUL 86. lilac, red, black.
#2400. No 120. Heavy central fold (with partially
repaired tears), pin-holes and some edge
damage, but hardly into the printed part of this
large format bond. High denomination. With 8
coupons. Secured on Chinese maritime customs
revenues and salt tax. Printed by the
Reichsdruckerei, Berlin. This particular bond was
issued by the HongKong & Shanghai Bank.
According to Kuhlmann, only 449 of these bonds
were left outstanding.
1 March 1898 F EUR 460
25 CHING-YU, GOUVERNEMENT DE LA
REPUBLIQUE CHINOISE
CHINA : PEKIN. 7% bon du Trésor Negociable de
F100000, unissued. Serie 3. brown, yellow. Folds.
Text in French. A reserve stock piece of an issue
of Treasury Bonds made in Peking in May 1916.
The bills were to be repaid by May 1917. No
issued piece has been seen. Only 50 bonds of this
top denomination of 100.000 Fr. were to be
issued (indicated as such on the cert).
1 May 1916 VF-EF EUR 1.400
26 CONSTRUCTION & D'EXPLOITATION DE
C.D.F. EN CHINE, SOC. FRANCAISE
CHINA : PARIS. Cert. d'Action Nominatives de
F1000. green, black. #1000. No 226. Certificate
taped on a carboard frame (no glass). The piece
is in generally worn condition with heavy folds,
pin-holes, small tears, etc. The company was
formed in Paris, 1904, to acquire from the
Banque Russo-Chinoise for 1.000.000 francs its
concession to build a narrow-gauge line, called
the Shansi Railway, and running across Shansi
province from Tatung in the north to Puchow in
the south. Shansi had enormous reserves of coal,
as well as silver and copper. Work began
immediately and was completed in 1907. The
construction costs for the 243km line were
45.000.000 francs. The line became a successful
and profitable French enterprise. An extension in
1913, between Tatung and the Szechwan capital
of Chengdu, involved the Cie. Belge de Chemins
de Fer en Chine. Extremely rare.
29 March 1928 F EUR 300
27 DONG KEE SHOPPING CENTRE
CHINA : MANCHUKUO. 100 Shares for 2000
Yuan. purple, buff, red, black. Text in Japanese as
this was the part of China that was under
Japanese occupation at the time (Manchuria).
Decorative border. 'Dong Kee' is, we believe, the
name of the founder of the shopping center.
1935 EF EUR 50
28 EK CHOR CHINA MOTORCYCLE CO. LTD
CHINA : BERMUDA. Ordinary Shares of $0.10.
olive, black, gold. No 1505. Inc. 1987 in Bermuda
for obvious reasons. Yet, in reality this is a
Shanghai based motorcycle producer, brand
names include Dong Hai. Vignette of a Chinese
Pagoda, the Statue of Liberty and the earth
globe.
5 October 1999 EF EUR 50
12

29 ENTREPRISES INDUSTRIELLES EN CHINE, SOC.
FRANCO-BELGE D' (3 types)
CHINA : BRUXELLES. 1. Action de Capital de F100.
2. Same, 5 Actions. 3. Cert. Provisoire, Actions
ordinaires. The company had two coal
concessions, one in Hupeh province, the other
downriver from Nanking, also to build a railway
at Hangchow.
1901 VF-EF EUR 100
30 FOU FOONG FLOUR MILL CO. LTD
CHINA : SHANGHAI. 50 Shares of 5000 Yuan.
brown, black, red. No 3853-3902. Folds and
rather browned paper. Large format for a
Chinese share, with photo-vignette of the flour-
mill, also flowers. Founded 1897/9 by Mr. Sun
Duoxin and his brother Mr. Sun Duosen. They
were convinced that flour made by machinery
could be sold at better prices than native ground
flour. Hearing that American machinery was
cheaper than British, they went to the USA and
bought a fully equipped American plant for
$22,000. At this time, it was the most innovative
and biggest flour mill of Asia. The company
further expanded between 1913 and 1930. Its
success encouraged others and by 1928, there
were 16 flour mills in the Shanghai area with an
aggregate daily production of 10,500 bags. The
company resided in island6, at 120 Moganshan
Rd, near Suzhou Creek, Shanghai. Today, the
company buildings are a center for arts.
1920 VF EUR 100
31 GOUVERNEMENT CHINOIS EMPRUNT OR 5%
DE REORGANISATION 1913
CHINA : ST. PETERSBOURG. Cert. Prov. de 1
Obligation de 189,40 Rbls. yellow, black. No
15490. Folds. Text in Russian and French. This
provisional certificate, for the well-known
Reorganisation Loan, is not in Kuhlmann. It is
part of the Russian tranche of the loan. Stamp of
the Russo-Asiatic Bank in upper right corner.
Missing from most important China collections.
1913 VF-EF EUR 600
32 GOUVERNEMENT IMPERIAL DE CHINE
EMPRUNT CHINOIS 4% OR 1895
CHINA : ST.-PETERSBURG. 4% Obligation Or de
F500=Rmk.404=Rbls.125. Cat. KUL-55. brown,
red, black. #500000. No 423546. Folds. Franco-
Russian Gold Loan. Very attractive early bond,
one of the first types available to collectors. Fine
underprint of a dragon in clouds of fire. Text in
French, Russian, English. To be repaid from
customs duties. This piece doesn't have any
cancellation holes. Sold in St. Petersburg and
with an additional Russian guarantee by Oukase
of Czar Alexander III. Coupons 51-70 taped back
onto the certificate.
1895 VF EUR 750
33 HUNAN MILITARY GOVERNMENT
CHINA : Bond of 5 yuan. green, black, red. No
814. Folds. Decorative border, and vignette of a
fine Chinese house The Hunan Military
Government of the Republic of China was
proclaimed after the Battle of Changsha (=
capital of the Hunan Province) in which
revolutionary forces defeated the Imperial Qing
troops.
1912 VF EUR 300
34 HU-NING GRAND THEATER
CHINA : 1/2 Share of 1.250.000 RMB. red, black.
Heavy folds with (repaired) tears, also some
edge-splits and small hole in the center. Very
attractive Chinese share, with a fine border
showing many scenes of industry, agriculture,
transport, etc. Text all in Chinese.
1950 F EUR 500
35 KWANGTUNG MILITARY SUPPLY LOAN
CHINA : 4% Bond for 10 Yuan. brown, green, red,
black. No 2008. Attractive horizontal bond with
views of sea- and air-war. With 32 coupons
attached.
1938 VF-EF EUR 30
36 LONG SAI LI SOCIETY (CUBA BAY CITY
WESTERN COMMERCE SELF GOVERNING
OFFICE)
CHINA : HABANA. Lottery Bond for $5. brown,
blue. No 2086. Folds. A scarce example of a
Chinese issue overseas to satisfy the investment
demands of Chinese groups living in Cuba. Only
piece known to us. The society was founded in
1909 for instruction and recreation of Chinese
immigrants in Havana and still today as one of 13
Chinese associations in Cuba. It is located in an
apartment building in Havana, and has its own
(Chinese) restaurant and a room where Chinese
sip tea and play mahjong under a mural of the
Great Wall.
1925 VF-EF EUR 1.200
13

37 LOT OF 7 CHINESE BONDS
CHINA : 1. CHINESE IMPERIAL GOVERNMENT
GOLD LOAN OF 1898, 4,5% Bond for £50, Berlin
1898, orange & black. 2. Same, £100, brown &
black. 3. 5% KAISERLICH CHINESISCHE TIENTSIN-
PUKOW-STAATSEISENBAHN-ANLEIHE, 5%
Obligation über £20, Berlin 1908, brown, green,
red & black. 4. REPUBLIQUE CHINOISE, 5% Gold
Bond 1925 de 50 Dollars Or, London 1925,
brown, buff & black. 5. THE CHINESE
GOVERNMENT LOAN, Bond for £10, 1925. 6.
GOUVERNEMENT IMPERIAL DE CHINE EMPRUNT
CHINOIS 5% OR 1903, Obligation de F500,
Bruxelles 1905, red, buff & black. 7. CHINESE
GOVERNMENT 5% Gold Loan of 1912, Bond for
£20, blue, yellow & black.
Various dates VF EUR 100
38 MANSHU TEIKOKU SEIFU YON-RI KOSAI
SHOSHO
CHINA : MANCHUKUO. Imperial Manchou
Government public loan. 4% Bond of 1000Yuan.
Serie 28. brown, yellow, red. No 6126. Nice
border, with dragons at top. This issue is also
known under the name 'Fukoku Tanki Kosai' or
'National Enrichment Short-term Public Loan'.
Manchukuo was a Japanese puppet state in
Manchuria from 1932 to 1945. The city of
Changchun (renamed Xinjing = New Capital")
became the capital of the new entity. High
denomination.
1943 EF EUR 50
39 MARCONI LOAN - GOVERNMENT OF THE
CHINESE REPUBLIC
CHINA : PEKING. Treasury Bill for £100. Cat. KUL
430. red, buff, black. #1500. No 1064. Heavy
folds and damaged borders, as usual with this
bond issue. New coupon sheet taped on the
back. Loan raised in London for £600.000.
Kuhlmann states that half of the loan was to buy
200 wireless telephones for the army. The other
half was for current expenses of the
government. The only Chinese bonds known,
hand-signed by a Minister, Kung Hsin Chang,
who has signed as Minister of Finance. He
became later President of the Central
Government.
27 August 1918 F EUR 300
40 SOUTH MANCHURIA RAILWAY LTD
CHINA : Bond of Y10.000. brown, blue, black.
Nan Manshu Tetsudo Kabushiki Kaisha. By the
Peace Treaty of Portsmouth (1905), which
brought an end to the Russo-Japanese War,
Japan gained from Russia rights to railway
construction in the Fengtien region, vested in the
South Manchuria Railway. Shares could be sold
only to Chinese or Japanese subjects. The main
line ran from Dairen to Changchun, where it
connected to the Chinese Eastern Railway to
Harbin, giving all-year access to the ice-free port
of Dairen for all Manchuria trade. In 1931 Japan
occupied the whole of Manchuria, and in 1932
established the 'puppet-state' of Manchukuo.
Underprint of a locomotive (which is also on
each coupon). Text in Japanese. High
denomination.
1944 VF-EF EUR 100
41 NATIONAL ECONOMIC RECONSTRUCTION
PUBLIC LOAN
CHINA : Bond of 2 Yuan, specimen. purple, pink,
black. Small format bond. Vignette of trees being
transported from the forest. Consists of 2
separate pieces of paper.
1957 UNC EUR 20
42 NATIONALIST GOVERNMENT
(KWANGTUNG) RECONSTRUCTION LOAN
CHINA : 10% Bond for 100 Yuan. green, orange.
No 2398. Signed by Wang Ching-Wei as chairman
of the Nat. Gov. and T.V. Soong as Minister of
Finance. Owners were promised prizes up to
20000 Yuan based on public drawings and
redemption within 30 months.
1928 VF-EF EUR 10
43 NORTH CHINA DEVELOPMENT CO.
CHINA : MANCHUKUO. Cert. of 10 Shares.
brown, green, black. Text in Japanese, as issued
in Manchuria (Northeast China) which was
invaded by Japan in 1931 and remained a
Japanese puppet state until 1945. Decorative
border with large vignette of a part of the Great
Wall of China. The wall is a series of 8852 km
stone and earthen fortifications in northern
China, built and maintained between the 5th
century BC and the 16 century to protect the
northern borders of the Chinese Empire.
Although it is popular belief that the Great Wall
can be seen from the moon, this is wrong: the
maximum width of the wall is 9,1 meters which
makes the apparent width of the Great Wall
from the moon the same as that of a human hair
viewed from 3 km away. Hence it would require
spatial resolution 17,000 times better than
normal human vision. Unsurprisingly, no lunar
astronaut has ever claimed seeing the Great Wall
from the moon. Therefore, we claim this piece of
scripophily to be a much better and comparably
next-to-unique way to look at the Great Wall.
Indeed, we believe this is the only scripophily on
which we remember seeing a (large) vignette of
14

the Great Wall. On the company itself: founded
1938 with a (gigantic) capital of 350 million Yen
to invest in various business ventures, e.g. road
building, telecommunication, mining, electricity.
1938 EF EUR 200
44 PAHLAY, CIE.
CHINA : SHANGHAI. Cert. Nom. d'Actions de
F500. blue, green. No 283. Central fold. Large
format nominative certificate representing 5
shares. Formed Paris, about 1927, but to work in
the French concession, Shanghai. The company
capital amounted to 2 million francs divided into
4000 shares. The share was issued to a
prominent textile company (especially ribbon) in
St. Etienne, but we have fragmented information
that the activities of Compagnie Pahlay were
wider, including the sale of various electricity
equipment and furniture - in other words a
shop/trading house. Only two pieces were found
in early 2014.
1 July 1928 VF-EF EUR 600
45 PEKIN SYNDICATE, LTD (2 types)
CHINA : LONDON. 1. Warrant for 5 Shansi Shares
of £1, 1920. 2. Same, 25 Shansi Shares of £1,
1910. The company, formed in 1897, worked
coal-mines in Shansi and Honan provinces, in
central China. It also built the Honan Railway for
the government. Vignette of shipping, trains,
junks, temple in a Chinese port. Large, square
format, with text in English and French. In 1913
the Banque International de Chine was founded
in Paris; the Pekin Syndicate lent the Chinese
Government the F15 million for its share of the
capital. Acted as agent for Marconi, Siemens and
Handley Page Aircraft. Doubtless it lost all its
Chinese assets after the communist takeover in
1949.
1910-1920 VF EUR 40
46 PEKING-HANKOW RAILWAY
CHINA : YOKOHAMA, JAPAN. 5% Gold Loan, Yen
1000. Cat. KUL 212. orange, red, black. No 4170.
The loan was issued by the Yokohama Specie
Bank, in Japan and London, in Japanese currency,
to build this railway. Decorative design with two
large black dragons. Rare high denomination.
47 PRC NATIONAL CONSTRUCTION BOND
CHINA : Bond of 20.000 Yuan, specimen. red,
black. Small format bond. Vignette of a lorry.
1954 UNC EUR 30
48 PROVINCIAL GOVERNMENT OF KWANG-
TUNG
CHINA : 4% (8%) Bond for $10. Public loan
bearing prizes for development of local
industries. green, red, black. No 164409. For
reconstruction of the city of Canton (Guangzhou)
and the Kupper Islands. Text in English and
Chinese.
1 November 1912 EF EUR 20
49 SHANGHAI MUNICIPAL COUNCIL
CHINA : SHANGHAI. 5,5% Debenture of $1000.
red, black. No 1146. Large format bond, with a
fine vignette of the Shanghai city council offices.
Part of Shanghai, before the Japanese invasion in
1940, was an International Settlement, and
various foreign countries administered their own
parts of the city. This bond was issued by the
British-administered council of Shanghai.
1 May 1936 EF EUR 100
50 TIENTSIN ESTATE CORP. LTD
CHINA : TIENTSIN. 50 Shares. brown, green, red,
black. No 115. Quite a bit of staining at the right
and bottom. Extremely rare.
1947 F-VF EUR 100
51 TIENTSIN INVESTMENT CORP. LTD
CHINA : Bond of 500.000 Yuan, specimen. red,
black. Vignettes of steelworks, train, factory,
tram and much else. Text in Chinese.
1951 EF EUR 20
15

52 TIENTSIN-PUKOW RAILWAY LOAN
CHINA : LONDON. 5% Bond for £100. Cat. KUL
170. orange, red, black. #11100. No 32251.
Central fold. Large format bond. Part of a loan
raised in London to finance work on the railway
from Tientsin, north China, to Pukow, on the
Yangtse Kiang opposite Nanking. Vignette of a
loco on the reverse.
1 September 1908 VF EUR 80
53 TUNG-HUI INDUSTRY CO. LTD.
CHINA : MIN KUO. 1 Preferred Share, 100 Yuan.
blue, red, black. Two perforation holes at the left
border. Folds. Larger format than most internal
Chinese shares. We are told this was a textile
company.
1937 VF-EF EUR 50
See also lots 63, 263, 264, 265, 982, 1007.
INDIA
54 BENGAL PROVINCIAL RAILWAY CO., LTD.
(DASGHARA-JAMALPURGUNJ EXT.)
INDIA : MOGRA. 1 Special Share of Rs.100. black,
buff. #3000. No 26. The Bengal Provincial
Railway built a 33-mile narrow-gauge line from
Magra to Tarakeshwar. Construction stated 1894
and the line opened 1905. The branch from
Dasghara to Jamalpurgunj opened in 1919.
55 EAST INDIA COAL CO. LTD
INDIA : BENGAL. DAMOODAH VALLEY. 1 Share of
£10. black on silk paper. No 4215. Central fold.
Ornate design with coat of arms at centre and
printed on linen. Mined in the Damoodah Valley,
Bengal. Liquidated 1866. Early date.
14 January 1856 EF EUR 300
56 ELPHINSTONE SPINNING & WEAVING MILLS
INDIA : BOMBAY. Cumulative Preference Shares
of Rupees 100. yellow, black. #25000. No 1585.
Folds, pin-holes and some staining in the
corners. Vignette of the Taj Mahal, rare to find
on a share certificate. The company was founded
1919 and based in Mumbai. Since 2005 a
subsidiary of Indiabulls Real Estate Co.
23 November 1942 VF EUR 80
57 GREAT EASTERN HOTEL, LTD
INDIA : Shares of Rs.100. black. #12000. No 1243.
Folds and pin-holes. Vignette of a beehive. The
Great Eastern Hotel, Calcutta, was founded in
1840, and was, until the 1970s, one of India's
finest hotels. For a century it was the best
accommodation in the city, and the most elegant
place for high society, with many royal and VIP
guests. Although an Indian company from 1855,
it took this name only in 1915, when this share
was issued. It has, almost from the beginning,
been Indian-owned and -managed. It went into
decline in the 1970s and was nationalised by the
West Bengal government, but is today again in
private ownership.
58 HINDUSTHAN ELECTRIC AND
ACCUMULATORS MANUFACTURING. CO. LTD
INDIA : BOMBAY. Ordinary Shares of Rs.10.
brown, black. No 3240. Folds. Vignette of a
battery, surrounded by lightning. The company
produced batteries for motor cars.
59 INDORE MALWA UNITED MILLS LTD
INDIA : BOMBAY. Share of Rupees 100. green,
brown, black. No 20982. Folds with (repaired)
edge-splits. Very attractive piece with a border
full of Indian symbols. Large format. Also
underprint of a lady pouring coins on the ground.
Indore has been an important textile center in
central India since the late 19th century. This
company was founded in 1909 by Bombay
investors. In 1965 the capacity of the mill was
1398 looms and 61154 spindles. The number of
workers as over 5000. The mill closed its doors in
1998.
60 MADRAS PRESIDENCY KHALLIKOTE RAJ
INDIA : 5,25% Debenture of £100. green. #650.
No 409. Central fold. Khallikote was a state on
the coast of Orissa province (near the border
with Andhra Pradesh). At this time it was part of
the Madras Presidency. The loan, raised in
London, was for £65,000, in 650 of these
debentures of £100 each. Perhaps the only loan
ever raised on the London capital market.
17 December 1935 EF EUR 50
16

61 MANILAL SANKALCHAND AN CO. LTD
INDIA : AHMEDABAD. 1 Share of 1 Rupee.
brown-buff, black. #800. No 142. Large
underprint of the Indian peninsula enlightened
by the sun. Also interesting corner vignettes of
traditional Indian design. Founded 1932 as a
cotton mill company. Only 800 shares issued.
62 MINERVA MILLS LTD
INDIA : 1 Share of Rs100. brown, buff. No 4477.
Pin-hole. Vignette of Minerva, the Roman
goddess of, amongst others, wisdom and
warfare. This textile mill, located near the
Bengaluru city railway station, still exists today.
It was founded in the 1910s and was nationalised
in the early 1970s. The company was subject of
a very famous legal battle challenging the
constitutional amendments passed during the
reign of Indira Gandhi as prime minister.
63 ORIENTAL INLAND STEAM CO. LTD
INDIA : LONDON. Share of £10. black. #25000. No
2570. Est. 1856/8 to establish steam vessel
connections on the Indian rivers, in particular the
Indus. It used "steam trains" consisting of trains
of barges drawn by powerful steamers.
However, the company collapsed due to
mismanagement and too strong currents on the
Indus. Its fleet was sold in 1869.
7 April 1858 EF EUR 50
64 SAVANA S.A. DE FILATURE ET TISSAGE
MECANIQUE
INDIA : 33 GIRONDE. BORDEAUX. Cert. Nom.
d'Inscription, Action de F100. brown, blue,
yellow. #60000. No 1795. Folds and pin-holes.
Attractive piece, with well-known design of
Indian themes - elephants, Hindu gods and
ceremonies. The company operated a spinning &
weaving mill (probably for cotton) at
Pondicherri. This town, on India's south-east
coast, was settled in 1673 by the French
Compagnie des Indes, and after British
occupation, was confirmed as French by treaties.
It formed part of the Etablissements Français de
l'Inde, the remains of the former French empire
in India, which became part of India in 1954. The
company was founded in Bordeaux in 1886 to
acquire an existing mill at Pondicherri. It was
reorganised in 1924 (the oldest shares we know
of this company are from that date). The
company continue to exist until at least 1956.
We have seen various bearer share issued by this
firm (1924, 1927, 1951, 1952, 1956), but hardly
any nominative shares such as the one we offer
here.
10 January 1947 VF EUR 100
See also lots 15, 330.
INDOCHINA
65 BRASSERIES ET GLACIERES DE L'INDOCHINE
INDOCHINE : SAIGON. Action de 300 Piastres.
red, yellow. #314160. No 141996. Border
illustrated with two tigers. Founded 1927 to
produce beer and ice. Factories in Saigon, Pnom-
Penh, Haiphong, Hanoi and Myytho. Its business
expanded in the following decades and the
company remained active until at least 1960.
1951 EF EUR 100
66 C.D.F. GARANTIS DES COLONIES
FRANCAISES, CIE. DES (SAIGON DI MYTHO)
INDOCHINE : COCHINCHINE. PARIS/SAIGON.
Action de Jouissance. blue, black. #4757. No 27.
Damaged right border with several small splits
and a little paper loss, hardly affecting the
printed part of the share. Formed 1881 to build
a 71km line from Saigon to Mytho. Line opened
1885. Operated by the Government of
Cochinchine. Marvelous border, with oriental
cities, temples, junks, tiger, elephant, gods,
banana-trees, and a train leaving a station. This
share was issued in exchange for an earlier one.
9 January 1951 F-VF EUR 20
17

67 GARAGES D'ANNAM, S.A. DES
INDOCHINE : SAIGON. Action de 50 Piastres.
purple. #5000. No 3999. One of only 2
Indochinese automobile companies we know of.
1 September 1930 EF EUR 50
68 METALLURGIQUE & MINIERE DE L'INDO-
CHINE, SOC.
INDOCHINE : PARIS. Action de F500. brown, red,
black. #500. No 232. Folds. Not to be confused
with the later (1900) share issue. This type is new
to us.
1898 VF EUR 100
69 PLANTATIONS DU KONTUM, SOC. DES
INDOCHINE : SAIGON. Part de Fondateur. blue,
green. #2000. No 443. Kon Tum is a province in
the Central Highlands region of Vietnam, near
the borders with Laos and Cambodia. The
company focused on coffee and tea. In
liquidation by 1938.
1927 VF-EF EUR 80
70 PROTECTORAT DE L'ANNAM ET DU TONKIN -
REPUBLIQUE FRANCAISE
INDOCHINE : ANNAM - TONKIN. 2,5% Obligation
de F100. green, black. #919500. No 577852. The
protectorate covered the north and centre of the
later French Indochina. Very decorative piece,
with Annamese elephants and dragons, fruit and
flowers, and an Annamese with an incense-
burner. France acquired Indochina as a result of
the Sino-French War of 1885-6. Part of an 80
million francs public loan. In above-average
condition.
71 SANATORIUM FRIGORIFIQUE DE SAIGON
INDOCHINE : PARIS. Bon de Délégation de F100.
black. No 2156. Folds. Founded 1898 with a
capital of 100,000 francs divided into 1000
shares to establish a health resort in Saigon.
However, it turned out to be just a fraud. No
actual business took ever place, and the
investors lost their money.
1 July 1898 VF-EF EUR 240
72 TOT-LAM S.A.
INDOCHINE : PARIS. Part de Fondateur. green,
brown. No 586. Folds and a few small edge-
splits. The company owned tea-plantations.
Decorative piece with oriental themes, and a
Vietnamese drinking a cup of the company's tea.
The company seal shows a rickshaw.
1912 VF EUR 500
73 UNION ELECTRIQUE D'INDO-CHINE S.A.
INDOCHINE : SAIGON. Part de Fondateur. purple,
yellow. No 4406. Colourful share, showing a
dragon in the border and large underprint of a
map.
1930 EF EUR 50
IRAN (PERSIA)
74 IMPERIAL GOVERNMENT OF PERSIA
IRAN (PERSIA) : 6% Bond of £100, specimen.
green, black. #5000. Very large format with
central fold. Arms of Imperial Persia, and
decorative border. Loan raised 1892. The
security for the payment of the loan was the
Custom Revenues of the Persian Gulf Ports
Bushire, Bunder Abbas, Lingah, and the town of
Shiraz. A Bradbury Wilkinson specimen, of which
only two were in the printer's archive. Compared
to its size, population and history, there's very
little scripophily from Persia/Iran.
1892 EF EUR 500
IRAQ
75 COMMERCIAL BANK OF IRAQ
IRAQ : Share, specimen. red, black. Text in Arabic
scrip. A Bradbury, Wilkinson specimen. Merged
in 1974 with the Central Bank to become the
Bank of Iraq until 1988. Today known as the
Rafidain Bank, the biggest bank of the country.
1954 EF EUR 100
18

ISRAEL
76 JERUSALEM ELECTRIC & PUBLIC SERVICE
CORPORATION LTD
ISRAEL : JAFFA/JERUSALEM. 7% Cumul.
Preference Shares of 1 Israel Pound. blue, black.
No 1131. Formed in Palestine in the late 1920s/
early 1930s. Had a London office, and the shares
were quoted on the London Stock Office, as well
as, presumably, in Tel Aviv. This certificate was
issued in the London office. Text in English,
Hebrew and Arabic. Large format.
77 MIFALEI MYAM HAMELAH B.M. - DEAD SEA
WORKS LTD
ISRAEL : LONDON. "B" Founders' Shares of £1.
green, black, red seal. #1220000. No 830. Rather
worn condition with several edge-splits and
heavy central fold. Text in Hebrew and English.
The company was, amongst others, involved in
the production of bromine chemicals and
magnesite from Dead Sea brine.
1960 F EUR 50
JAPAN
78 CITY OF OSAKA - 12th ELECTRIC ENTERPRISE
LOAN
JAPAN : 4 3/10% Bond of 5000 yen, specimen.
green, yellow, black, red. Text in Japanese (front)
and English (back). Perforation holes. Vignette of
the 16th century Osaka Castle. Curiously, one
coupon has been replaced by a coupon from the
1000 yen bond. Only piece known to us.
1935 EF EUR 300
79 GOUVERNEMENT IMPERIAL DU JAPON
JAPAN : PARIS. 4% Obligation de F2500. Serie 45.
red, pink, black. #31500. No 661337. Large-
format, with text in French. Folds. Vignette of
Mount Fujiyama, and very rare in this design and
denomination. This loan had been repaid. High-
quality print by Waterlow & Sons.
15 May 1910 VF EUR 500
80 JAPAN DEVELOPMENT BANK
JAPAN : LONDON. 8 5/8% note of $5.000,
specimen. blue, black, red. State-owned bank
with the purpose of providing cheap investment
and loan services, mostly to Japanese companies
requiring basic investments. Founded 1851 and
renamed Development Bank of Japan Inc. in
2008.
14 November 1989 UNC EUR 50
81 JAPAN SOY MANUFACTURING CO., LTD
JAPAN : MEIJI. 1 Share Yen 50. blue, black, red.
Pretty piece with vignette of a traditonal soy
cask, bottles of soy sauce, and soy leaves.
Underprint of Mount Fuji. Text in Japanese and
English. One of the prettiest of all Japanese
shares, and rare too.
1907 EF EUR 500
82 KOKAIDO KOZAN KABUSHIKI KAISHA
JAPAN : 5 Shares of 50 Yen. blue, green, black.
No 686. Pretty piece with decorative border, and
vignette of a mining-scene. All the miners are
women.
83 INDUSTRIAL BANK OF JAPAN, LTD
JAPAN : 50 Shares of 50 Yen. red, black. No
329951-33000. The bank was founded in 1902 as
a public-sector bank to offer long-term
investment capital (financed through the issue of
bank debentures). The company was privatised
in 1950. Merged with Dai-Ichi Kangyo Bank and
Fuji Bank in 2002 to form Mizuho Financial
Group. Extremely rare high denomination.
19

84 CITY OF KIOTO
JAPAN : PARIS. 5% Bond of F500, specimen. blue,
grey, black, red. #90000. Kyoto is the religious
and spiritual capital of Japan, and we can enjoy
its beauty on this certificate. Various vignettes of
temples, cherry blossom, dragon, lion, pheasant,
small birds. A truly magnificent bond, printed by
the Imprimerie Chaix.
85 YAMAGA BANK
JAPAN : YAMAGA. Bearer Share of 50 Yen. black,
orange. The town of Yamaga is in Kumamoto
prefecture, in central Kyushu, south Japan. The
sun rises between cranes (birds) and clouds in a
border of leaves. Underprint of a lantern. Early
date for Japanese scripophily.
1890 EF EUR 100
See also lots 27, 38, 43, 46.
MALAYSIA
86 CONSOLIDATED MALAY RUBBER ESTATES
MALAYSIA : LONDON. Stock Cert. green. No
1145. Several folds. Owned not only rubber but
also tea plantations - the latter on Ceylon.
Owned rubber estates in Port Dickson, Ainsdale
and Leigh. First time in our auctions.
22 November 1951 VF EUR 50
87 ETAINS DE SELANGOR, SOC. DES
MALAYSIA : MALLACCA. PARIS. Action de F100.
blue. #6500. No 2789. Rare and beautiful piece.
Fine border of Malays and Europeans, elephant,
tiger, mining, ingots. Most companies mining
Malaya's tin were British - this French company
was most uncommon.
88 FEDERATED MALAY STATES RUBBER CO. LTD.
MALAYSIA : ANVERS. Part Sociale. green, black.
#130313. No 29998. Formed to acquire from the
Kajang Coffee & Rubber Co. a concession of
935Ha, granted by the Sultan of the state of
Selangor. Also, the Société Financière des
Caoutchoucs, based in Antwerp, has given a
similar concession, for 850Ha. Vignette of a
plantation scene.
1968 EF EUR 30
89 PLANTATIONS DE JOHORE S.A.
MALAYSIA : JOHORE. BRUXELLES. Part de
Fondateur, specimen. blue, yellow. #100000.
Central fold and rather discoloured paper in
lower left half. Formed in Brussels in 1920 to
acquire the Endau rubber estate, in the southern
Malay state of Johore. The price of rubber was
very low after World War I, and this, with lower
costs, higher productivity, and a low franc
exchange rate, brought very serious competition
from Indochina. Border vignettes of scenes of
the rubber estate, and underprint of a view of
sea and island.
1920 VF EUR 20
90 PLANTATIONS HALLET S.A.
MALAYSIA : BRUXELLES. Action de F100,
specimen. brown, yellow. #22000. Small hole
where the share number was to be printed. The
oil-palm was introduced into Malaya in 1870,
and its success led to plantations elsewhere in
the area. The Belgian Adrien Hallet, who had
worked on oil-palms in Congo, formed this
company to acquire 400Ha of forest in the Malay
state of Selangor, for development as oil-palm
plantations. M. Hallet also planted oil-palm in
Sumatra at this same period.
1920 VF-EF EUR 15
91 S.I.P.E.F., PLANTATIONS ET DE FINANCE,
SOC. INTERNATIONALE
MALAYSIA : ANVERS. Part Sociale. green, black.
#472641. No 333917. Hole-cancelled. Formed
1919 to manage plantation companies,
especially in Malaya (today Malaysia) and Dutch
East Indies. The company still exists today as a
group of established plantations in various parts
of the tropics. It produces rubber, oil-palm, tea,
tropical fruits, pepper, and ornament plants, all
of which are marketed worldwide. Design shows
a palm plantation.
1980 EF EUR 50
20

MONGOLIA
92 MONGOLIAN WOOL SPINNING CO.
MONGOLIA : 1 Share of 50 Yen. brown, black.
Issued during Japanese occupation, World War
II. Shows sheep and a traditional Mongolian yurt,
or circular tent. Text in Chinese and Japanese.
Rare and always wanted piece.
PAKISTAN
93 STATE BANK OF PAKISTAN
PAKISTAN : Shares of Rs.100. green, black. No
1084. A few tiny holes and a little brown foxing.
Decorative border. Text in English. Bank founded
1948, a year after Pakistan gained its
independence from Great Britain, as the
country's central bank. Nationalized in 1974.
First time seen by us.
1 July 1948 VF EUR 100
PALESTINE
94 B'NAI B'RITH PALESTINE HOUSEBUILDING
FUND LTD
PALESTINE : Preference Shares of L.P.1,000,
unissued. blue. #3000. Text in English and
Hebrew. The B'nai B'rith organisation still exists
today.
1 June 1935 EF EUR 30
PHILIPPINES
95 ASIAN DEVELOPMENT BANK
PHILIPPINES : MANILA. 10% Inh.-
Teilschuldverschr. 10000 DM, specimen. green,
grey. The total loan amounted to 100 million
German Marks and was to be issued by the Asian
Development Bank (ADB). This is a regional
development bank founded 1966 and
headquartered in Manila, Philippines. It aims to
develop countries in Asia and is closely modeled
on the World Bank.
April 1981 UNC EUR 50
96 GOV. OF THE REP. OF THE PHILIPPINES
PHILIPPINES : MANILA. 4% Bond of 20 Pesos,
specimen. Serie 1. red, black. To be issued to
finance public works and general economic
development of the country. The detailed
vignette illustrates this. Printed by Thomas de la
Rue in London.
THAILAND
97 ROYAL SIAMESE GOVERNMENT
THAILAND : LONDON. 7% Bond for £100. green,
black. #20000. No 1083. Tears in right border
with some paper missing. £2 million loan raised
for development within Thailand - we see rail
and canal on this bond. Arms of Thailand. Punch-
cancelled. A nice large format bond printed by
Waterlow.
2 January 1922 F-VF EUR 100
21

98 ROYAL SIAMESE GOVERNMENT
THAILAND : LONDON. 4% Bond for £100. purple,
black. #15803. No B6444. Slightly damaged left
border but far outside the printed part of the
bond. Central fold. Very large format bond, with
arms of Siam (now Thailand), train, and Thai
farmers in a flooded field. Printed by Waterlow.
TURKEY
99 IMPERIAL OTTOMAN BANK
TURKEY : CONSTANTINOPLE. 10 Actions de
F500=£20. black, brown. No 321211-220. Heavy
central fold and pin-holes. Founded in 1856, with
essentially English capital. Capital increased
1863 with French capital. The bank developed
into a state bank, with its business office in
Constantinople but direction in London and
Paris. From 1925, in the new Turkish republic, it
had to change its name, and became Ottoman
Bankasi, or Ottoman Bank. Today one of Turkey's
largest banks. Text in Turkish, French, English.
Very decorative border of Islamic style. This 10-
share type is extremely rare, unlike the 1-share.
February 1875 VF EUR 1.200
100 BATEAUX DE LA CORNE D'OR S.A.
OTTOMANE, SOC. DES
TURKEY : CONSTANTINOPLE. 5 Actions de Ltq. 1.
brown, black. #150000. No 9586-90. Large
format, with underprint of star and crescent.
Text in French and Turkish, this in Arabic script.
Formed 1914 to offer freight and passenger
services from the city centre landings up the
Golden Horn. Number of passengers increased
from 2,7 million in 1915 to 8 million in 1929.
Bought by the state in the 1930s. Company name
in Turkish: Haliç Vapurlari Sirketi.
101 C.D.F. DE DAMAS-HAMAH ET
PROLONGEMENTS, SOC. OTTOMANE DU
TURKEY : PARIS. 5% Obligation "Funding" de
F100. brown, yellow. No 28408. Central fold.
Sam-Hama ve Temdidi Demiryolu Osmanli
Sirketi. The original company was founded in
1893 to build the line inland from Beirut to the
Syrian capital Damascus, and beyond, finally
linking to the Bagdad Railway at Birecik. The line
Beirut-Damascus-Hamah was built by 1895.
However, revenues were less than expected and
the company went into liquidation, being
replaced by a new Turkish company. Rare bond
type, issued as part of the liquidation process.
1 February 1923 VF-EF EUR 50
102 EAUX DE CONSTANTINOPLE, CIE. DES
TURKEY : CONSTANTINOPLE. 4% Obligation de
F500. Cat. D/H 2220. brown, yellow. No 2989.
Seriously damaged left edge, also rather
affecting the printed border of the certificate.
Dersaadet Için Su Sirketi. Fine delicate design by
G. Fraipont and printed in Paris by Chaix. Shows
different aspects of water in Turkey. Text in
Turkish (Arabic script) and French. Founded
1882. Acquired the monopoly of water
distributing in Constantinople in 1887 and
started operations in 1891. The concession
provided for water from Lake Derkos and the
Kizil-Déré should be led to Stamboul, Pera,
Galata and the banks of the Bosphorus. This
bond is extremely rare, much more so than the
shares issued by this company.
1882 F EUR 100
103 ELECTRICITE ET TRAMWAYS DE SMYRNE SA
TURKEY : BRUXELLES. Action de Capital de F500,
unissued. red, yellow. #100000. Vertical fold and
rather discoloured paper in top border. Formed
in 1909 to acquire various concessions for
electricity supply, tramways and shipping
services in Smyrna (today's Izmir, western
Turkey) and district (details on reverse). In 1930
changed name to Electricité et Tramways en
Orient. Liquidated 1946.
1928 VF EUR 15
104 EUPHRATES VALLEY RAILWAY CO. LTD
TURKEY : LONDON. 5 Shares of £20. black. No
146-150. Small piece of paper missing from the
upper left corner. Prior to the building of the
Suez Canal, the British Government was always
thinking about a route to India without sailing all
round Africa; In 1836 it funded an expedition to
explore the possibility of using steamboats on
the river Euphrates from Syria to the Persian
Gulf. In the 1850s the possibility of better rail
links in the area were considered. Russian
expansion in Persia presented a threat to
Britain's position in the Middle East, and a plan
arose for a 'Euphrates Valley Railway' to link the
Mediterranean to the Gulf. One idea was for a
railway from the Mediterranean to the
Euphrates, then a shipping route; the other was
a railway along the whole route. The
German/Ottoman suggestion of a Bagdadbahn
(which was later built) adversely affected the
plan. There was however Jewish support for the
proposal. The suggestion was that the Euphrates
River line could be built from Palestine/Syria,
with Jewish construction teams, who would then
settle there, or that land on either side of the line
in Mesopotamia could become a Jewish
homeland, in both cases giving Russian Jewry an
alternative to emigration to the USA. This
company was founded in London to construct
the railway, but as far as we know the works
never started, probably because of both
international political pressure and lack of
sufficient financial means for such a big project.
This share is not listed in the reference books
about Ottoman scripophily. It is the oldest piece
from the Ottoman region we have ever seen.
4 July 1856 VF EUR 2.000
22

105 FABRIQUES DE SUCRE DE
CONSTANTINOPLE ET DE LA THRACE, S.A. TQUE
TURKEY : STAMBOUL. 1 Part de Fondateur.
green, pink, black. Trimmed top border. Text in
French and Arabic. Sugar beet production
(indispensable rotational crop in Central
Anatolia) has a very significant role in Turkey's
agriculture development. Today, the sugar beet
growing area is around 360,000 hectares
resulting in an annual production of 12,300,000
tons. The only Turkish sugar share we remember
seeing. The company was founded in 1341, but
that's the year according to the Rumi calendar so
one must add 584 years to obtain the Gregorian
calendar year: 1925. Extremely rare.
1925 VF EUR 200
106 IMMOBILIERE OTTOMANE DE
CONSTANTINOPLE, SOC.
TURKEY : CONSTANTINOPLE. Part de Fondateur.
blue, yellow. No 13359. Istanbul Emlak Sirket-i
Osmaniyesi. Text in French and Turkish (Arabic
script). Fine view up the Bosphorus, with the
Dolmabahçe Palace, then the sultan's residence.
Printed by Chaix. The company was founded in
1914 by the National Trade, Industry and
Agricultural Company with the support of the
Ottoman government. The aim was to build
public works on the site of the demolished
barracks in Taksim, Istanbul, and on land at
Talimhane. The company was to install
infrastructure and construct housing, which it
would subsequently sell or lease. A very pretty
piece.
30 June 1914 EF EUR 200
107 ISTANBUL MATBAACILIK T.A.O.
TURKEY : ISTANBUL. Share of 200 Lira. brown,
yellow, black. #500. No 28. Top border cut
uneven. First Turkish printing company of which
we remember seeing shares.
1947 VF EUR 30
108 KAISERLICH OTTOMANISCHE ANLEIHE 1911
TURKEY : CONSTANTINOPLE. 4% Obligation
L.T.22=M408. green, brown, black. #135000. No
154904. Heavy central fold. Text in German,
Arabic and French and English on the back.
Typical Ottoman bond, printed by G&D in Berlin.
109 MILITARY GOODS TRADING CO. - ESYA-I
ASKERIYE ANONIM TICARET SIRKETI
TURKEY : ISTANBUL. 1 Share of 10 Lira Ottoman.
red, black. Central fold. Several brown stains.
Esya-i Askeriye Anonim Ticaret Sirketi. Founded
in 1914 by a retired colonel with the purpose to
sell military goods used by officers, and to
produce such materials. The shares were sold to
military personnel and pensioners. The company
had branches in Istanbul, Aleppo and Damascus.
1914 F-VF EUR 50
110 MINES DE KERAMOS, S.A. DES
TURKEY : PARIS. Action de F100. green, buff.
#1500. No 1037. Ceramus or Keramos was a city
on the north coast of the Ceramic Gulf -named
for this city- in Caria, in southwest Asia Minor
(Anatolia). Its ruins can be found outside the
modern village of Ören, Mugla Province, Turkey.
The region was known for its deposits of raw
materials. The company was founded in 1896 in
Paris with a capital of 50.000 Francs divided into
1500 shares. This certificate, with two attractive
vignettes symbolising trade and industry, is quite
rare.
13 August 1898 EF EUR 100
111 ORIENTAL GOODS MARKET TEXTILE
TURKEY : ISTANBUL. Share of 10 T. Liras. brown,
black. Folds. Small format. Text in Turkish (Arabic
script). Founded in 1924 by the Military
Merchandise Joint Stock Trading Company and
the Ladies' Merchandise Market Joint Stock
Company. The objective was trading in
consumer goods. The capital was 200.000 liras
made up of 20.000 shares each worth 10 liras.
Half of the shares were registered to name and
were sold only to Turkish citizens. By 1930, the
company was no longer operating.
1923 VF-EF EUR 300
23

112 ORIENTAL PHARMACY LABORATORY - SARK
ISPENCIYARI LABORATUARI
TURKEY : ISTANBUL. 5 Shares of 10 Türk Lira.
green. No 3851-55. Central fold. Large format
with decorative oriental border. A
pharmaceutical company, founded 1903 and
becoming a limited company in 1934. Produced
a large number of serums and pills.
1935 VF-EF EUR 200
113 OTTOMAN ROPE AND FLAXEN GOODS
JOINT STOCK CO.
TURKEY : ISTANBUL. 1 Share of L.T.100. brown.
Folds. Large format, of generally decorative
appearance. Text entirely in Turkish (Arabic
script).
191. VF-EF EUR 100
114 TUILERIE-BRIQUETERIE "PEDOTTI" S.A.
TURKEY : GLARIS. 5 Parts de Fondateurs. purple,
black. No 3496-500. Swiss company, based in
Glaris, with brick and tile factory at Touzla, near
Constantinople. Large vignette of the factory,
and design in brickwork. Printed by Bradbury,
Wilkinson & Co. in the UK.
115 TÜRK KÖMÜR MADENLER T.A.S.
TURKEY : ISTANBUL. 4,5% 50 Obbligazioni da Lire
It. 500, specimen. Serie A. brown, black. Text in
Turkish and Italian. Founded 1926. We believe it
to be a coal mining venture.
30 June 1929 UNC EUR 50
116 UNION CINE-THEATRALE D'ORIENT S.A.
TURKEY : CONSTANTINOPLE. Cert. Provisoire
pour 10 Actions de Ltq.1. Serie 1. olive, black. No
386. Central fold. Formed 1917 with a capital of
22.0000 T.L. This is a share of the first series
(11.000 T.L.). In the early 1920s, the company
was together with Pathe Co. and Ets. Gaumont
(both from France) one of the leading film
makers in Istanbul.
19 January 1917 VF-EF EUR 50
See also lots 167, 402.
ALGERIA
117 C.D.F. DE L'OUEST ALGERIEN, CIE. DES
ALGERIA : PARIS. Cert. d'Actions de Jouissance
Nom. green, black. No 1255. Central fold. The
railroad connected since 1877 Sainte-Barbe-du-
Tlélat to Sidi-Bel-Abbès (222 km in Oran
Province) which ran from the border with
Morocco until the point where the line from the
C.D.F. de l'Est de l'Algérie takes over and as such
establishing a railroad connection between Tunis
and Tanger. The share we offer here was from
the reconstitution of the original company (in
1881). In 1920, the local government took over
the exploitation of the railroad. In the following
years, the liquidation process of the company
started, but it took until the mid-1950s to finish.
This nominative share type has not been seen by
us before.
13 December 1940 VF EUR 100
118 HAUTS-FOURNEAUX DE L'ALELIK, S.A. DES
ALGERIA : PARIS. Action. black, buff. #4800. No
3280. Alélik is in Algeria, near Annaba. Early date
for such an industry in Algeria.
1854 VF-EF EUR 50
119 L'ALLIANCE COLONIALE SOC. FONCIERE
ALGERO-TUNISIENNE
ALGERIA : PARIS. Part de F100, unissued. green,
yellow, red. Decorative share showing a wide
African landscape. Only this one piece is known
to us.
120 MARBRIERES DE GUELMA, S.A. DES
ALGERIA : CONSTANTINE. PARIS. Action de F500.
blue. #300. No 235. A few pin-holes and edge-
tears repaired with old-style tape. Only 300
shares issued and only one other piece is known
to us (sold in 2014). A marble quarry on the
Mahouna mountain (Guelma Province). Most
decorative share, with two thirds of the
certificate showing the quarry being worked
combined with the local landscape.
1888 F-VF EUR 100
121 ORPHELINATS CATHOLIQUES COLONIAUX
ALGERIA : PARIS. Titre de Fondateur. pink, black.
#25000. No 26. Small format with central fold
and tiny edge-split. North African scene, with a
village with mosque, palm-trees, river. Algeria
was an obvious place for the company's activities
(=managing orphanages). Still exists, with office
on Chaussée d'Antin, Paris. Only this one piece is
known to us.
24

122 PHOSPHATES DE CONSTANTINE S.A., CIE.
ALGERIA : DJEBEL-KOUIF. Action de F100. Serie 1.
brown. #300000. No 290081. Central fold. Very
fine and decorative share, with large design of
the phosphate works, a ship loading the product,
and the company offices. Border of Islamic
design. The phosphates were mined in the
company's deposits, processed and shipped to
France from the company's wharf. One of the
finest of North African mining pieces.
123 PHOSPHATES DU CHELIFF, S.A. DES
ALGERIA : PARIS. Action de F500. red, green.
#3000. No 1366. Colourful piece, with border of
ladies with definite Jugendstil tendencies,
cornucopias, shipping, train, etc. Designed by
Métivet, engraved by Dietrich. Métivet (1863-
1930) was one of the foremost designers and
illustrators of his day, responsible for a number
of fine share certificates. Chéliff is a town and
river in northern Algeria and the center of a rich
agricultural area, hence the need for
phosphorus.
124 TRAMWAYS & MESSAGERIES DU SAHEL
ALGERIA : ALGER. Action de F100. black on red
paper. #7200. No 4532. Ornate border with fruit,
and vignette of a tram. Formed 1900 to build and
operated a tramway between Algiers and El-Biar.
The word Sahel has long confused us. We
believed the trams were in the Sahel south of the
Sahara (Mali, Niger), but Tunisia has a Sahel, and
now we find it is a river in the Algiers region.
Folds.
BELGIAN CONGO
125 AGRICOLE & INDUSTRIELLE DU CONGO, CIE.
BELGIAN CONGO : CONGO DA LEMBA. Action de
Capital de F100, unissued. brown, buff, black.
#45000. The company produced sisal, in
particular, at Lemba.
1928 EF EUR 15
126 BANQUE BELGO-CONGOLAISE S.A.
BELGIAN CONGO : BRUXELLES. Action, unissued.
brown, black. #350000. Company known as
"Belgolaise". Formed 1960, on the
independence of the Belgian Congo, to acquire
assets of the Banque du Congo Belge, of
Léopoldville.
1965 UNC EUR 30
127 BELGO-KATANGA, RECHERCHES MINIERES,
INDUSTRIE, COMMERCE & AGRICULTURE S.A.
BELGIAN CONGO : BRUXELLES. Action de Capital
de F100. orange. #25000. No 1317. Folds.
Formed 1910 for mining exploration, industry,
commerce and agriculture in Katanga province
of the Congo. In reality, it soon became a holding
company (part of Simkat since 1913) and led by
the Société Générale. First time we can offer this
type.
1910 VF-EF EUR 100
128 BUNGE, SOC. CONGOLAISE
BELGIAN CONGO : KAMINA/ANVERS. Action,
specimen. blue, black. #8000. Founded 1937 by
the famous Antwerp-based Bunge family
(originally Swedish immigrants, 1850). Members
of the family were important bankers, but they
also invested in South American and Congolese
business ventures. This company was part of the
family's Congolese business empire.
1951 EF EUR 120
25

129 BUNGE, SOC. CONGOLAISE
BELGIAN CONGO : KAMINA/ANVERS. 25 Actions,
specimen. purple, black. #8000. For story, see
previous lot. Higher denomination.
1951 EF EUR 140
130 BUROP S.A.
BELGIAN CONGO : BRUXELLES. Action de F1000,
specimen. green, black. #700. Founded 1955 as
an import/export company between Belgium
and the Congo. First time seen by us.
1955 UNC EUR 50
131 CIDIKA, CIE. INDUSTRIELLE DE DINIUNIU-
KASAI
BELGIAN CONGO : BRUGES. Action de Capital de
F1000 Congolais. red, black. #1000. No 268.
Company created 1951 with administrative
headquarters in Bruges to manage several
plantations (coffee, oil-palms,...) in Belgian
Congo.
1951 UNC EUR 80
132 CONGO BELGE, DETTE 1954-1974
BELGIAN CONGO : BRUXELLES. 4,25% Obligation
de F.C.100.000. olive, black. No 1/14297. Text in
French and Flemish. Top denomination.
133 CONGO S.A., CIE. GENERALE DU
BELGIAN CONGO : BRUXELLES. Bon de un
Dixième de Part Sociale. green, black. #168000.
No 385. Heavy folds with edge-tears, partly
repaired. Linked to the Banque de Bruxelles and
co-founder of the Brasserie de Léopoldville.
Later renamed Crégéco.
134 COTONNIERE DE LA LUISA, SOC.
BELGIAN CONGO : ANVERS. Part Sociale,
specimen. green, black. #250. Two punch-holes
and central fold. Founded 1938 in Genk (!). Not
seen before by us.
1950 EF EUR 120
135 CREDIT HYPOTHECAIRE D'AFRIQUE S.A.
BELGIAN CONGO : LEOPOLDVILLE. Cert.
d'Inscription Nominative, Actions de F500. blue,
yellow, black. No 476. The bearer shares of this
company are well-known, but it is the first time
we see a nominative share. Issued to Baron de
Browne, Brasschaat. Alexandre de Browne was
the founder of Anhyp (1881).
24 June 1953 VF EUR 50
26

136 ESTAF, VAN SANTEN & VAN DEN BROECK
SOC. CONGOLAISE
BELGIAN CONGO : USUMBURA. Part Sociale,
specimen. pink, black. #4500. Headquarters in
Ruanda-Urundi, but a Société Congolaise.
Founded 1925 in Antwerp. Not seen before by
us.
1952 EF EUR 140
137 ESTAF, VAN SANTEN & VAN DEN BROECK
SOC. CONGOLAISE
BELGIAN CONGO : USUMBURA. Titre de 25 Parts
Sociales, specimen. blue, black. #4500. See
previous lot.
1952 EF EUR 140
138 EXPLOITATIONS FORESTIERES AUX CONGO,
SOC. INDUSTRIELLE D' - S.I.E.F.A.C.
BELGIAN CONGO : BRUXELLES/MATADI. Action
Privilégiée de F500. brown, buff, black. #3200.
No 1365. See also next lot. We offer here the
second issue. Punch-cancelled.
1935 EF EUR 50
139 EXPLOITATIONS FORESTIERES AUX CONGO,
SOC. INDUSTRIELLE D'
BELGIAN CONGO : ANVERS/MATADI. Action de
Capital de F500. green, blue. #2000. No 1885.
Trimmed right border. Punch-cancelled. Est.
1924 with a capital of 1 million francs, increased
to 2,6 million in 1935.
1924 VF EUR 50
140 INDUSTRIELLE ET MINIERE DU CONGO
ORIENTAL, SOC.
BELGIAN CONGO : BRUXELLES. Dixième d'Action
de Fondateur. green, buff, black. No 250548.
Folds in top corners. Founded 1928 by the Trust
Metallurgique Belge-Français to do mine
exploration and mine exploitation in Congo,
Ruanda and Tanganyika. First time we see this
type.
1946 VF-EF EUR 50
141 INTERTROPICAL-COMFINA INTERFINA,
SOC. CONGOLAISE
BELGIAN CONGO : LEOPOLDVILLE. Part Sociale.
brown, yellow. #128400. No 28247. Formed to
acquire all the African assets of the Intertropical
Anglo-Belgian Trading Co., these being in the
Congo basin. The border shows a train and a
ship. Part in Jugendstil/art nouveau.
1950 EF EUR 50
142 JULES VAN LANCKER, CIE.
BELGIAN CONGO : N'KOLO-THYSVILLE/BR.
Action. green, black. #50000. No 47972. Formed
to exploit, for agriculture, industry and
commerce, a property of 500Ha at N'Kolo-
Thysville, and to lease other, larger, properties in
the same area. The land was used mostly for oil-
palms, coffee, bananas, rice and cattle. Wide
view of the plantation, with Congolese loading
produce on to a truck. Rare type.
1955 EF EUR 40
143 JULES VAN LANCKER, PLANTATIONS
BELGIAN CONGO : KASAI. ANVERS/N'KOLO
THYSV. Action de Capital de F500. brown, buff,
black. #18000. No 8293. For story, see previous
lot. Early type.
1927 EF EUR 100
144 KATANGA S.A., CIE. FINANCIERE DU
BELGIAN CONGO : BRUXELLES. Cert.
d'Inscr.Nom.d'Actions de priorité de F100. red,
green, black. No 97. Heavy folds, several edge-
damage and large central tear repaired with old-
style tape. Successor company of the Co. du
Katanga (est. 1891). In 1972, the company took
over the holdings of the Soc. Euroutremer and
was renamed Co. Financière Européenne et
d'Outre-Mer (=Finoutremer). Liquidated by the
Société Générale in 2000. Extremely rare.
1 June 1966 F EUR 50
27

145 KIVU, COMPAGNIE DU
BELGIAN CONGO : ANVERS. 50me Part
Bénéficiaire. blue, black. #79150. No 77508. Fine
view of a busy Congo village, with the people
going about their daily life. The company was
established in today's Burundi and the eastern
Congo province of Kivu, and carried on all
commercial activities - export of local produce
(hides, rubber, sisal, coffee, peanuts, palm-oil,
sesame, etc.), import of all the needs of African
and white residents, working on agricultural and
mining concessions.
1928 EF EUR 50
146 MARITIME CONGOLAISE, CIE. - C.M.B.
BELGIAN CONGO : LEOPOLDVILLE/ANVERS. Part
Sociale, unissued. blue, yellow, black. Formed by
Compagnie Maritime Belge (CMB), and partly
owned by the Congo government. Underprint of
a ship.
1954 EF EUR 50
147 PLANTATIONS DE DJOMBO SOC.
BELGIAN CONGO : LULONGA. BRUXELLES. Action
de F4500. red. #3000. No 2925. Founded 1931 to
operate palm groves in northwestern Congo
(Mongala District) and later also in Mondombe
(Ikela). Added rubber tree and coffee plantations
to its business. First time we see scripophily from
this company.
1960 UNC EUR 100
148 PRODUITS ET DES FRIGORIFERES DU
CONGO, CIE. DES
BELGIAN CONGO : MATADI/BRUXELLES. Part
Sociale. red, black. #60000. No 34402. Rather
wrinkled certificate. Already founded in 1889 as
Co. des Produits du Congo. Merged 1935 with
the Soc. des Frigorifères du Congo and was
renamed Profigo. First time we can offer issued
scripophily from this company.
1935 VF EUR 100
149 SANICONGO SOC. CONG.
BELGIAN CONGO : LEOPOLDVILLE. Action de
5000 Fr.congolais. red, black. #1000. No 607.
Founded 1953 to produce and sell sanitary
products.
1953 EF EUR 50
150 SICAF, SOC. INDUSTRIELLE COMMERCIALE
AGRICOLE ET FORESTIERE DU CONGO BELGE
BELGIAN CONGO : ANVERS/LEOPOLDVILLE. Part
Sociale, unissued. brown, yellow. #8000. Very
attractive and scarce share. The company was
founded in 1928 as a daughter company of the
Compagnie du Congo Belge. It owned a large
participation in the Co. Jules Van Lancker, but
was mainly a wood & construction company
itself. Operated in Léopoldville-Est (N'Dolo).
1928 EF EUR 200
151 SUCRIERE EUROPEENNE & COLONIALE, CIE.
BELGIAN CONGO : BRUXELLES. Part de
Fondateur. blue, orange. #25000. No 3775.
Heavily damaged right border (badly cut, some
paper missing incl the lower right corner).
Several edge-tears, repaired. Yet, this is a pretty
and rare share, showing coat of arms of different
European countries and the Congo Free State.
Also two scenes of harvesting sugar. The
company was founded in 1899 by Eugène
Fichefet. He brought 10.000 hectares of land in
the company, land that he had got from the CDF
Vicinaux du Mayumbe where he was on the
board of directors. The company cultivated
sugar, rubber, coffee and tobacco in the Congo
and had also interests in a couple of other
companies (Zuccheria Nazionale in Italy,
Sucreries de Saint-Jean à Puerto Rico, and in
Cuba and Sumatra). Merged with Comptoir
Peemans in 1931, a colonial trust company.
Bankrupt one year later.
1899 VG EUR 50
28

152 SUPPLEMENT A L'AGENCE ECONOMIQUE &
FINANCIERE - L'ECONOMIE CONGOLAISE -
CARTE ECONOMIQUE DU CONGO BELGE
BELGIAN CONGO : Very large format (87x56cm),
folded. This is a supplement published by the
newspaper 'Agence Economique & Financière'
and shows a very interesting map of Belgian
Congo with the focus on where which industries
were established. The back is also fully printed,
with various economic texts and pictures, and a
most interesting list on how many businesses
existed in the various parts of the colony, sorted
by type of industry.
28 December 1952 VF EUR 50
153 SYNDICAT DE COLONISATION
NEERLANDAISE
BELGIAN CONGO : ANVERS. Part Syndicaire.
brown, yellow, black. #2000. No 939. Folds. The
company was founded in 1908 in Antwerp by
Commander Fritz van Straaten, with the goal of
the colonisation in a Boer/Dutch way of the
Belgian Congo and several countries in South.
1908 VF-EF EUR 40
154 TRUST COLONIAL S.A.
BELGIAN CONGO : BRUXELLES. Action de
Dividende. blue, green. #150000. No 143229.
Established in 1899 by the holding company
l'Africaine, operated as a holding company with
mainly shares in non-Congolese colonial
companies. In 1908, l'Africaine was liquidated
and only 3 years later, in 1911, Trust Colonial as
well was liquidated. What was left was one of
the most attractive shares from Belgian Congo.
1899 EF EUR 30
See also lots 321, 352, 692.
BRITISH EAST AFRICA
155 CITY COUNCIL OF NAIROBI
BRITISH EAST AFRICA : LONDON. 3,5% Scrip Cert.
for £500, specimen. blue. Bradbury, Wilkinson
specimen. Temporary certificate of a £500 bond
as part of a £2 million loan issued by the city of
Nairobi, capital and largest city of Kenya. The
country gained its independence from the British
in 1963.
19 June 1951 UNC EUR 50
CHILE
156 COPIAPO SMELTING CO., LTD
CHILE : Share of £10. black. No 1817. In the mid
and late 19th century, the Chilean copper
industry was the most dynamic sector of the
country's economy. This company worked from
Caldera, northern Chile. Financed with British
capital. This particular share is issued to Lord
William Graham (1807-1878), MP. Early date for
South American scripophily.
EGYPT
157 ADMINISTRATION DES CHEMINS DE FER
EGYPTIENS
EGYPT : CAIRO. Payment order of Pounds
685"12"10. black. No 1186. Central fold with
repaired splits. Small part of upper left corner
missing. Text in Arabic with translation in French.
Payment by the Egyptian Railroad
Administration to the bankers Hermann
Oppenheim Neveu & Cie. Henry Oppenheim was
a major property developer in Egypt.
27 June 1867 F-VF EUR 300
158 ALEXANDRIA & RAMLEH RAILWAY CO., LD.
EGYPT : ALEXANDRIA. Share Warrant for 5 Sh. of
£1. green, black. No 113946-50. Formed 1883 to
build a local line in Alexandria. Large format,
decorative with illustration of electric tram. Line
nationalised by Egypt 1961, and company
dissolved.
29

159 ALEXANDRIA SHIPPING & NAVIGATION CO.
EGYPT : ALEXANDRIA. 1 Share of £2. multicolour.
#3000000. No 264447. Fine large format piece,
of remarkable design. The underprint is a map of
the world. Across it sails one of the company's
cargo-liners. In the colourful and decorative
border are banknotes of various countries - $10,
£1, SFr.20, etc. The whole coupon-sheet is again
a map of the world, in the two hemispheres. Text
in Arabic and English.
1974 EF EUR 50
160 BANQUE INDUSTRIELLE D'EGYPTE S.A.
EGYPT : ALEXANDRIE. 1 Action de Dividende.
orange, black. #50000. No 12964. Vignette of a
young man with wings, riding a winged wheel.
Formed in Alexandria, commercial & financial
capital of Egypt at the time, to finance industry
throughout Egypt.
161 CANAL MARITIME DE SUEZ, CIE.
UNIVERSELLE DU
EGYPT : PARIS. 3% Obligation de F500, specimen.
Serie 2. blue, buff. The first of 4 Suez Canal bonds
(lots 161-164) and two more Suez Canal pieces
(lots 171, 175). All are extremely rare. This bond
shows a map of the canal, the pyramids and
sphinx, the temple of Philae at Aswan, etc. Small
format, but a lovely piece with a great history.
The company was formed by Ferdinand de
Lesseps, in 1856. The company had a privilege
for 99 years, after which the Canal was to revert
to Egyptian control. Egypt held 44% of the
shares, but these were bought by the British
government in 1875. In 1956 the Canal was
nationalised by the Egyptian government. All
Suez Canal paper is, of course, very much rarer
than Panama, since the company was a great
success, and paid off its debts. What we offer
here is the 3rd bond issue, for 50 million francs
(the first was in 1879, than a second one in 1885,
the third in 1906 and we know also of a bond
issue in 1911 - see also next lots). The bond we
offer here is unsigned, unnumbered and surely a
(scarce) printer proof specimen. Full coupon
sheet.
1885 EF EUR 500
UNIVERSELLE DU
EGYPT : PARIS. 3% Obligation de F500, Serie 3.
brown, buff. No 343661. Small format. Design of
'aerial' view of canal with pyramids, temple of
Philae and very much more. Third bond issue.
1906 EF EUR 700
UNIVERSELLE DU
EGYPT : PARIS. 3% Obligation de F500. Serie 2.
blue, buff. No 131763. What we offer here is the
2nd bond issue, for 100 million francs. So similar
to lot 161, but in this case a fully issued bond.
1885 EF EUR 700
UNIVERSELLE DU
EGYPT : PARIS. 3% Obligation de F500, specimen.
Serie 1. blue, brown. For story, see lot 161. While
this bond looks very much alike, it is the earlier -
first - loan issued by the company. The amount
to be collected was 27 million francs.
Cancellation holes but also unnumbered and
unsigned, surely a (scarce) printer proof
specimen. All coupons attached.
1879 EF EUR 500
165 COMMERCIAL BANK OF EGYPT
EGYPT : ALEXANDRIA. 25 Shares of £4. purple,
black. #150000. No 293526-550. Text in French,
Arabic and English. Vignette of Arab lady
collecting water from a pool by the pyramids and
sphinx, also pharaonic themes. Three types are
known of this company - this is the hardest to
find.
1952 VF-EF EUR 50
30

166 DAIRA SANIEH, SOC. EGYPTIENNE DE LA
EGYPT : CAIRE. Warrant for 10 Ordinary Shares
of £5. blue, black. #118006. No 1261. Pin-holes
and a bit wrinkled in some corners. Formed to
acquire the business of the Daira Sanieh Co. -
mostly land used for sugar-growing. Liquidated
in 1909, and the shares repaid in full. View of the
sphinx and pyramids.
30 July 1905 VF EUR 100
167 EGYPTIAN GOVERNEMENT - RAILWAYS OF
EGYPT, AND THE PORT OF ALEXANDRIA
EGYPT : CAIRO. 5% Obligation Privilégiée de
£100=F2500. pink, black. No 411005. Folds, tiny
edge-splits and some faint discolouration at top
border. The railways and the port of Alexandria
were responsible for funding service of the loan,
which was probably used for their development.
Vignettes of train by the pyramids, shipping, etc.
Text in English and French. Note that this is a
£100 bond and not the more common £20 issue.
1880 VF EUR 150
168 EGYPTIAN GOVERNMENT
EGYPT : LE CAIRE. Treasury Bill £100.000. black.
No 68. Plain certificate issued by the Egyptian
Ministry of Finance and signed by the Minister
himself. The holder of this document is entitled
to 100,000 English Pounds from 1. November
1915 onwards from the Egyptian state.
Unfortunately, we see this treasury Bill is
cancelled (two cancellation holes below the
signature of the Minister).
1 November 1915 VF-EF EUR 100
169 EGYPTIAN IMPROVEMENTS CORPORATION
- IMMOBILIERE EGYPTIENNE, S.A.
EGYPT : CAIRO. 5 Actions de £4. green. #50000.
No 25896-900. Colourful piece, with fine
pharaonic border, with lotus and papyrus, eagles
and sphinxes. Underprint of a flaming torch.
Company formed for development of all
property except hotels. Text in French, printed in
Geneva, indicating Swiss capital. First time we
can offer this denomination.
10 June 1907 VF-EF EUR 50
170 FINANCIERE DE SUEZ, CIE.
EGYPT : PARIS. Action de F100, specimen. red,
brown. Modern share. In 1958, the Co.
universelle du canal maritime de Suez was
renamed the Co. financière de Suez. After losing
its Egyptian assets, it became a leading French
multinational with operations primarily in water,
electricity and natural gas supply, and waste
management. After the merger with Gaz de
France in 2008, it is today known as GDF Suez.
1964 EF EUR 30
171 GOUVERNEMENT EGYPTIEN
EGYPT : PARIS/ALEXANDRIE. Bond for 20.000
francs. black on blue paper. No 1398. Bond
issued by the Egyptian Government for 20.000
francs, dated 1 August 1860, and repayable in
Paris on 31 December 1864, from the customs
revenues of Alexandria. Signed by Ismail Ragheb,
Minister of Finance of Egypt. The bond was
handled (and probably discounted) by the
Comptoir d'Escompte de Paris, and by Charles
Laffitte & Cie, as agents for the Egyptian
Government. The Comptoir d'Escompte was
founded 1848 in Paris. As the name implies, it
worked particularly on discount business, and
was active in various parts of the world,
especially to reduce the impact of Great Britain
and of the Rothschilds. It was too generous with
credit in the late 1920s, and went bankrupt in
1932. Its successor was part of today's BNP
Paribas. Charles Laffitte was a famous finance-
house based in Paris and London; Charles was
nephew of Jacques Laffitte, a major politician
and financier in France in the 1820s/30s/40s.
The bond has the principal text in French on the
face, and the translation in Arabic on the
reverse. The oldest Egyptian government bond
we have ever seen.
1 August 1860 VF EUR 500
172 INVESTMENT BANK OF EGYPT
EGYPT : LE CAIRE. 25 Actions Nom. de L.E.4,
unissued. green, black. Folds. Large format
share, in French and Arabic. Border of pharaonic
vultures, lotus, papyrus, cobras. Underprint of
vultures - some people would say - very
appropriate for a bank! Light water-stains on one
edge.
1955 VF EUR 80
31

173 ISMAILIA FISH-DUCK FARMING CO. (IFDCO)
EGYPT : 500 Shares, 2000 L.E. purple, blue.
One of the most amusing of Egyptian shares. The
border is of various fish, swimming around their
pools. Also a line of ducks. The large underprint
shows the workers with fishing-nets. The logo is
a stylised fish, and we see ducks in cages and
hanging up after death. Text in Arabic except for
company name, in English. Ismailia is beside the
Suez Canal.
1984 EF EUR 30
174 MINISTERE DES FINANCES DU
GOUVERNEMENT EGYPTIEN
EGYPT : CAIRE/ALEXANDRIE. Promissory Note of
109.980 Piastres. black. No 605. Folds. Small
edge-split. Text in Arabic and French. Payment
by the Egyptian Government to the Egyptian
Commercial and Trading Co. Ltd. This firm was
founded by the bankers Edouard Dervieu and
Henry Oppenheim as a major property
developer in Egypt. The company invested in
agriculture (partly in Sudan) and cotton
plantations. Signed by the Minister of Finance,
Mohammed Hafuz. Very early date for Egyptian
scripophily.
11 July 1866 VF EUR 200
175 MINISTERE DES FINANCES DU
GOUVERNEMENT EGYPTIEN - SUEZ CANAL
EGYPT : CAIRE. Promissory Note of 57.802,20
Piastres. black. No 102. Central fold with
repaired edge-split. Very large format with text
in Arabic and French. In 1858 Ferdinand de
Lesseps founded the Compagnie universelle du
canal maritime de Suez. It had 400.000 shares of
500 francs, so a total capital of 200 million francs.
Although subscriptions were invited from all the
major countries in the world, the shares were
originally issued as follows: French investors
52% ; the Viceroy of Egypt 44% (later sold to the
British Government, originally hostile to the
project, at the bargain price of £4.000.000 -
money Britain borrowed from the Rothschilds) ;
sundry investors 4%. The Canal was dug between
1859 and 1869. This piece is a promissory note,
issued by the Egyptian Ministry of Finances,
Cairo, on 29 October 1866. On it, the Minister of
Finances of His Majesty the Viceroy of Egypt,
Mohamed Hafuz Pacha, promises to pay, on 1
September 1867, to the Compagnie universelle
du canal de Suez at Alexandria, the sum of
57.862,20 piastres tarif (or 15.000 francs). This is
confirmed by the Egyptian Minister of Foreign
Affaires, Raghib Pacha, who has also signed the
piece. Finally, the note is countersigned by the
French Consulate-General at Alexandria, to
confirm the validity of the Minister's signature.
During the American Civil War (1861-1865), the
demand for Egyptian cotton was very strong, and
the price rose sharply. The Viceroy, Ismail Pasha,
took advantage of this to raise a large number of
loans, largely on the security of the cotton crop.
Many of the loans were for high rates of interest
and ruinous discounts; in addition, much of the
money that reached Egypt was misappropriated.
By 1870 the country was virtually bankrupt, and
that forced Ismail to sell the Canal shares to
Britain. In addition, in 1864, legal disputes with
France and the Ottoman Empire over the terms
of the concession ended, after a judgment by
Napoleon III at Fontainebleau, with the Egyptian
Government being obliged to pay 84 million
francs compensation to the company (including
the abolition of the fresh-water canal plan, and
the use of forced labour); this was to be done by
a series of promissory notes, payable over the
following 15 years. We believe that what we
offer here is one of these promissory notes.
Notes on the back confirm that the Suez Canal
Co. has indeed received the payment from the
Egyptian State. The date of this certificate is
some ten years earlier than any other piece of
Suez Canal scripophily ever seen. It is the only
type of scripophily from the construction period
of the canal, before its completion and opening
in 1869.
1866 VF EUR 500
176 MINISTERE DES FINANCES EGYPTIENNES
EGYPT : Bon du Trésor Egyptien, unissued. black
on blue paper. Very large format, with folds. An
unissued treasury bond, from the Egyptian
Ministry of Finance. Repayment was guaranteed
by the revenue of the Chemins de Fer Egyptiens.
Text in Arabic, with translation into French.
1871 VF EUR 100
177 NORTH EAST AFRICA TRADING CO. S.A.E.
EGYPT : ALEXANDRIE. 1 Action de L.E.5. brown.
#50000. No 49620. Large format, with
underprint of the map of Africa, and border with
palm trees. Text in French and Arabic.
32

178 SHEPHEARD'S & EGYPTIAN HOTELS CO. S.A.
EGYPT : LE CAIRE. 25 Actions Ordinaires
L.E.1,specimen. Serie D. brown, buff. #600000.
Shepheard's Hotel, beside the Nile, was the
prime stopping-place for foreign visitors to Cairo,
right from its opening in 1845. As a symbol of
foreign domination of Egypt, it was burned down
by nationalist mobs at the time of the Suez crisis
in 1956. Text in Arabic and French. Small
vignettes of Nefertiti, peacocks, lotus, papyrus,
etc. Two punch-holes at left edge. The Empain
Group was a shareholder from 1946 onwards.
179 SPAHI DE FILES & TEXTILES S.A.E., SOC.
INDUSTRIELLE
EGYPT : LE CAIRE. 25 Actions de L.Eg.1, specimen.
blue, green. #1100000. Very large format, with
vignette of company building. Formed in
Alexandria to manufacture cotton, natural silk
and rayon textiles. Text in French and Arabic.
180 SUCRERIES ET DE DISTILLERIE D'EGYPTE
EGYPT : CAIRO. 25 Actions de L.Eg.4. green,
black. Text in French and Arabic. Very large
format, with a vignette of the sugar-factory.
Arabic stamps on the face.
August 1956 EF EUR 50
181 TUYAUX, POTEAUX ET PRODUITS EN
CIMENT ARME, SOC. EGYPTIENNE DE
EGYPT : LE CAIRE. 25 Actions de L.E.4, specimen.
blue, pink, black. #75000. Two small edge-splits,
repaired. Large format. The share shows a wide
view of the cement works at Maassarah, and the
ferro-concrete telephone-posts made there.
Underprint of pipes by the factory piece.
182 UPPER EGYPT IRRIGATION CO.
EGYPT : CAIRO. 2 Actions de L.Eg.25. brown,
blue. No 3027-28. A fine large format and
colourful share, with great underprint of a
sphinx. Vignette of farmers working their fields,
camel, mosque, with naturally one of the
company's irrigation canals making it all
possible. The company's powers extended to
irrigation in all of Egypt and the Sudan, but the
name suggests it worked in the Luxor/Aswan
area. In excellent condition.
See also lot 104.
ETHIOPIA
183 IMPERIAL ETHIOPIAN GOVERNMENT
ETHIOPIA : 6,5% Savings Bond of 100 Eth. Dollars,
specimen. blue, black. Ethiopian government
bond. The front is entirely written in one of the
88 individual languages of Ethiopia - our best
guess is Oromo or Amharic (both with a very
specific writing). Luckily, the back gives a full
English translation. The loan was to be issued by
the Ethiopian National Bank and to be repaid
after 10 years (1974). We offer here a specimen
printed by Thomas de la Rue, London. Vignette
symbolises industrial development. Only piece
known to us.
1964 EF EUR 100
GHANA
184 SAWHEE GOLD MINES (WEST AFRICA) LTD.
GHANA : AXIM DISTRICT. Share Warrant for 20
Shares of 5 Shillings. blue, black. #500000. No
37387. Folds and some faint discolouration at
the borders. Formed 1910 to acquire two gold
concessions (7 square miles) in the Axim district
of the Gold Coast (now Ghana). Vignette of the
mine by a local village, and text in English &
French. Liquidated 1922.
29 September 1911VF EUR 30
IVORY COAST
185 AGRICOLE AFRICAINE, SOC.
IVORY COAST : PARIS. Action de F500. blue,
green. #6000. No 2303. The whole certificate is a
view of the company's oil-palm plantation, with
bananas and pineapples. Founded 1926 as a
subsidiary of the Soc. Commerciale de l'Ouest-
Africain. Liquidated 1932. Perhaps one of the
prettiest of French African shares.
20 May 1926 EF EUR 50
186 FINANCIERE ET AGRICOLE DE LA COTE
D'IVOIRE, CIE.
IVORY COAST : ABIDJAN. Part Bénéficiaire.
green, grey. No 267. Attractive certificate
showing the main street of an African city
(Abidjan?) as well as several sisal plants and
33

trees. Financially supported by the French bank
Société Générale to operate a 2000 hectares
plantation in Kitanédougou to grow sisal hemp.
1930 EF EUR 50
MOROCCO
187 CONSERVERA MORROQUI S.A.
MOROCCO : TETUAN. Accion de 500 Pts
Nominativa. green. #30000. No 15045. The
company sold canned fish. Located in Tétouan,
one of the two major ports of Morocco on the
Mediterranean Sea. The city was between 1913
and 1956 the capital of the Spanish protectorate
of Morocco hence this company has a capital of
15 million Spanish pesetas. Lovely share,
consisting almost entirely of a gate between the
city and the sea shore and 10 figures in
traditional clothing.
188 TANGER A FEZ S.A. MAROCAINE, CIE.
FRANCO-ESPAGNOLE DU C.D.F. DE
MOROCCO : MEKNES. 5% Obligation de F1000.
Serie 7. brown, orange. #223736. No 156363.
Fold and tiny hole in right border. Text in French
and Spanish. Fine large underprint of the
gateway to a Moroccan city, with arches,
minarets. Border of Islamic design. The railroad
line was opened for traffic in 1927.
1928 VF EUR 30
MOZAMBIQUE
189 MADAL, SOC. DU
MOZAMBIQUE : PARIS/MONACO. Cert. d'Actions
Nom. de F100. buff, black. No 1. Attractive
design with 2 large corner vignettes with colonial
scenes. The company owned coconut oil
plantations in Mozambique and Zambia. It also
extracted colonial taxes from the indigenous
population in the Zambezia province. Its produce
furthermore included coconuts, rubber, sugar,
cotton, coffee, oil and tobacco. The main
financer was Prince Albert I of Monaco. Monaco
was also the legal seat of the company (siege
social) with Paris the administrative seat and
Quelimane the operational headquarters. The
founder was the Norwegian architect,
businessman and diplomat Christian Thams
(1867-1948). He has signed this share as
president and it is also issued to him. Note that
this is certificate number one, representing 100
shares. We had never before seen a nominative
cert. from this company. The lot includes an old
postcard of the headquarters in Mozambique.
25 April 1912 VF EUR 100
190 NYASSA, CIA DO
MOZAMBIQUE : Shares of £1. blue. No 158.
Folds. Formed 1893 under a Portuguese charter
but with British capital and quoted in London.
Text in Portuguese, French and English. The
company administered and developed the
province of Cabo Delgado, in the north of
Mozambique, on the then border with German
East Africa. This type is new to us.
NIGERIA
191 EXPLOITATIONS COMMERCIALES ET
AGRICOLES AU LAGOS, SOC.ANGLO-BELGE D'
NIGERIA : ANVERS. Cert. d'Inscription Nom.,
Actions Priv. F500. buff, black. No 3. Generally
worn condition with heavy folds, damaged top
border with some paper loss and staining.
Belgian company founded to take over the
management of the Ilaro estates and rubber
plantations from a British company near Soto,
Nigeria. Lagos is a state in southwestern Nigeria.
This type is new to us.
29 April 1899 F EUR 20
RHODESIA
192 BRITISH SOUTH AFRICA CO.
RHODESIA : LONDON. Warrant of 1 Share of 15
Shillings. green, black. #5000000. No 16517.
Folds. Formed by Royal Charter in 1889 to work
in 'that region of South Africa lying to the north
of Bechuanaland and to the west of Portuguese
East Africa'. In effect this means the land which
became Rhodesia, now Zimbabwe. The
company's soldiers occupied the whole area, to
obtain mining-rights. It set up its capital at Fort
Salisbury (now Harare), and introduced post and
telegraph links. Europeans were brought to set
up farms, and railway-lines to South Africa and
the sea in Portuguese East Africa were built. The
company was also given powers of
administration over the lands north of the
Zambesi (today's Zambia) and west of Lake
Nyasa (today's Malawi). Agreements in the
1920s and 1930s transferred most of the
company's rights to the British government.
34

Attractive Waterlow prints with several
allegorical vignettes and coat-of-arms. Text in
English and French.
21 October 1926 VF-EF EUR 150
193 EAST GWANDA MINES, LTD
RHODESIA : LONDON. Debenture of £100. red,
black. #1190. No 428. Large format, with central
fold. Small brown stain at the right border. Part
of a loan of £125,000. Founded 1905 to acquire
the assets of the Geelong, Eagle-Venture, Jessie
and West Nicholson Gold Mining Co. Ltd. The
property consisted of 285 gold, silver and copper
claims in the Gwanda District (in the
Matabeleland South Province of today's
Zimbabwe). Wound up in 1912.
194 ROAN ANTELOPE COPPER MINES LTD.
RHODESIA : Warrant for 5 Shares of 5s/-Sterling.
green, black. No B65538. Fold. Formed in London
1927 to acquire copper concessions in northern
Rhodesia (now Zambia). Reserves and
production were substantial. Liquidated 1962 for
reorganisation. Assets now owned and worked
by a Zambian-government controlled company.
Large vignette of a copper-mine, also the head of
an antelope. Text in English & French. Printed by
Waterlow.
12 January 1938 EF EUR 30
SENEGAL
195 ENTREPRISES HYDRAULIQUES, SOC.
AFRICAINE D'
SENEGAL : DAKAR. Action de F500, specimen.
brown, orange. #4000. Colourful and decorative
share with art déco elements and wide views of
African farmland. The share is undated, but it
looks like late 1920s/early 1930s. The company
put water distribution systems in place to better
cultivate the plantations in French Senegal. First
time we see scripophily from this company and
surely unique.
Undated UNC EUR 50
196 LA SENEGALAISE S.A. DE TRANSPORTS A
VAPEUR SUR LE SENEGAL
SENEGAL : SAINT-LOUIS-SENEGAL. Action
Nominative de F250. brown, black. No 730. A
little edge-damage, but also a heavy central fold,
splitting the share almost in two, but taped back
together. Shows one of the company's
steam/sailing ships, pulling barges, on the
Senegal River. African river transport shares are
rare, and this may be the earliest ever seen. The
company was formed in Bordeaux, but its Head
Office was in St. Louis. We know of only three
pieces. Very early date for shares from that part
of the world.
26 January 1870 F EUR 800
SOUTH AFRICA
197 ANCHOR DIAMOND MINES LTD.
SOUTH AFRICA : LONDON. Warrant of 10 Shares
of £1. red, blue, black. #150000. No 6134.
Formed 1907 to acquire a diamond-bearing farm
on the Vaal River, in the Boshof district of the
Orange Free State. Boshof was, with Kimberley,
the leading diamond area of South Africa. The
alluvial diamonds, found in the Vaal River and its
tributaries, are of great purity and value.
Liquidated 1919. Text in English and French. Of
large format, with text in English & French. Rare
high denomination.
16 February 1911 VF-EF EUR 80
198 CONSOLIDATED GOLD FIELDS OF SOUTH
AFRICA LTD.
SOUTH AFRICA : LONDON. Ordinary Shares of £1.
yellow, black. No 5758. Heavy central fold.
Decorated with plants and coat-of-arms of South
Africa. Formed in 1887 to acquire and deal in
mineral lands in South Africa. It took over other
similar companies, and under the energetic
control of Cecil Rhodes, became a very large
investor in many leading South African gold
companies. Company was liquidated in the
1980s. The company played a key role in ending
apartheid in South Africa, initiating secret
discussions between the South African
government and the African National Congress
at the company's estate which ultimately
resulted in the release of Nelson Mandela.
26 July 1928 F-VF EUR 50
35

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