Chinese Reorganization Loan from 1913Chinese Reorganization Loan from 1913Chinese Reorganization Loan from 1913Chinese Reorganization Loan from 1913

Large Chinese bond, the so called Reorganization Loan from 1913, issued by the Hong Kong and Shanghai Banking Corporation in London.

13 x 17,8 inches, very fine condition, sheet of coupon# 52 – 94 attached.

The Reorganisation Loan, or "The Grand Loan of the Second Year of the Republic of China" played a significant role in Chinese internal affairs in the early twentieth century.

The loan has been condemned by Chinese historians, nationalist and communist alike, as one of the ugliest crimes committed by the imperialist powers in China because it enabled Yüan Shih-k'ai to defeat the Kuo-min tang in the Second Revolution in 1913, and to rid China of all semblance of democracy up to the point in 1915 when he aspired to re-establish an empire and to occupy the dragon throne himself.

The newly-formed Chinese government of Sun Yat Sen desperately needed to rebuild its deteriorating financial structure by issuing bonds in four major world currencies: French, Russian, German and British (French Francs, Russian Rubles, German Marks and British Pound-Sterling). Unfortunately, World War I began shortly after the issue and the aforementioned countries pulled out their participative support before the issue could be successfully culminated.


Chinese Reorganization Loan from 1913


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