CHINA--REPUBLIC. Lot of (3). 1913 5% The Chinese Government Reorganisation

CHINA--REPUBLIC. Lot of (3). 1913 5% The Chinese Government Reorganisation Gold Loan. Bond for 100 Pounds and 2045 Marks. K-301 and K-304. Extremely Fine. Issued by HSBC (2) and DAB (1). According to Kuhlmann, each issuer has 43,323 and 32,581 bonds outstanding, respectively. The aim of the loan, totalling twenty five million pounds, was to pay debts from the Qing Dynasty, cover governmental administrative costs and reorganise institutions. However, Yuan Shih Kai negotiated the loan without parliamentary approval and used much of the money to strengthen his own Beiyang Army, leading to considerable political uproar and condemnation. Estimate: $360 - $500. Provenance: From the Yang Ai Hao Collection. 1913年5%中國政府善後大借款100鎊及2045馬克。三張。 滙豐銀行（2張）與德華銀行（1張）發行。據庫爾曼記載，兩發行機構之存世債券數量分別為43,323張及32,581張。此筆借款總額為二千五百萬英鎊，目的在於清償清朝債務、支應政府行政開支及整頓機構。然而，袁世凱未經國會批准即簽訂借款，並將大部分資金用於擴充其北洋軍隊，引發劇烈之政治風波與譴責。

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