(today Gwent) was a major part of the

796 MANCHESTER SHIP CANAL 

WAREHOUSING CO. LTD 

GREAT BRITAIN : 3,5% First Mortgage 

Debenture Stock. blue. No 375. Formed 1895, 

and liquidated 1949. The company built 

warehouses by the Canal and leased them to the 

Canal company. 

7 October 1932 EF EUR 30 

797 M.A. WETHERELL LTD 

GREAT BRITAIN : LONDON. Debenture of 

£100. black. No 62. A very unusual piece - a 

personal bond issued by a film actor and 

director. M.A.Wetherell issued 100 

debentures of £100 each. Marmaduke ('Duke') 

Arundel Wetherell (1884-1939) was a film actor 

from 1922 to 1927, when he became a writer, 

director and producer in the 1930s. In 1934 the 

'Daily Mail' newspaper engaged him to find the 

'Loch Ness Monster'. He 'succeeded' and a 

sensational photograph was published in the 

newspaper. It was only 40 years later that it was 

proved to be a fake. 

23 December 1929 VF EUR 100 

798 MEDWAY LOWER NAVIGATION 

GREAT BRITAIN : Cert. for 3 shares of £100. 

black on vellum. Deed of Transfer of 3 shares, 

doubtless serving as a certificate of ownership 

of the shares. Printed on vellum. The River 

Medway flows into the Thames on the south 

side of its estuary. The mouth is very 

dangerous, with unstable sandbanks and 

changing channels. This body was responsible 

for keeping the shipping channels in good order. 

Red wax and blue metallic seals. 

14 August 1805 EF EUR 160 

799 MIDDLESBROUGH & GUISBOROUGH 

RAILWAY CO. 

GREAT BRITAIN : New Ordinary Share of 

£25. black. No 236. This line, in north-east 

England, was opened in 1854, to bring iron-ore 

from North Yorkshire to the furnaces of 

Teesside. In 1858 it was merged into the 

Stockton and Darlington Railway, and later the 

North Eastern Railway. Guisborough lost its rail 

service in 1964. Fine engraved vignette of a 

train and the town of Guisborough, with blastfurnaces 

in the distance. Corner-cut cancelled, 

as are all examples seen. 

16 June 1857 EF EUR 300 

800 MONMOUTHSHIRE IRON & COAL CO. 

GREAT BRITAIN : Share of £50. black. No 

2585. Fold with small split (repaired), spike 

hole, small inkmark. West Monmouthshire 

(today Gwent) was a major part of the South 

Wales coalfield. 

10 February 1837 VF EUR 50 

801 PERRAN CONSOLIDATED TIN, 

COPPER, LEAD, AND SILVER MINING CO. 

GREAT BRITAIN : CORNWALL. 

PERRANZABULOE/LONDON. 5 Shares of 

£1. black on vellum. No 950. 4-page document, 

printed on vellum. Early date for a Cornish 

mining share, and few are printed on vellum. 

11 July 1835 VF EUR 160 

802 PORT GLASGOW SHIPBUILDING CO. 

GREAT BRITAIN : PORT GLASGOW. 7% 

Cum. Part. Preference Shares £1. blue, black. # 

57680. No 200. A Bradbury Wilkinson 

specimen. The company was formed 1912 as a 

successor to two small local shipbuilding firms. 

It remained in business until 1923, when it was 

taken over by Lithgows Ltd, shipbuilders and 

repairers, of Port Glasgow. 

19.. EF EUR 70 

803 PORT OF QUEENBOROUGH 

DEVELOPMENT CO. LTD 

GREAT BRITAIN : Shares of £1. black. No 23. 

Queenborough is a small port on the Isle of 

Sheppey, in the Thames Estuary. The company 

was formed in 1911 to improve the port 

facilities and increase its trade. 


804 PRINCES' HALL RESTAURANT, LTD 

GREAT BRITAIN : Nom. Shares of £1. green. 

No 164. Owned the high-quality restaurant of 

this name in Piccadilly, in central London. 

Liquidated 1908. 

29 April 1908 VF EUR 30 

805 REGENTS CANAL 

GREAT BRITAIN : LONDON. Shares. black, 

on vellum. The canal was built to connect much 

of north and east London to the Grand Union 

Canal. Named after the Prince Regent, later 

King George IV, who became regent on his 

father's insanity in 1811, becoming King in 

1820. The canal is still there today. Printed on 

vellum. 

23 November 1829 VF EUR 220 

806 ROLLS-ROYCE LTD. 

GREAT BRITAIN : Ordinary Shares of £1. 

black. No 3268. The Rolls-Royce was the result 

of a meeting between Henry Rolls, a 

manufacturer of electric cranes at Manchester, 

and the Hon. C.S.Royce, a pioneer motorist. 

The first cars were based on a 1,8 litre (later 2 

litre) Royce design, with 3, 4 and 6 litre models 

to follow. 1906 saw the start of a one-model 

policy, with a 40/50hp 6-cylinder model, to 

become immortal as the Silver Ghost. Over 

6.000 were made, first at Manchester, than at 

Derby. By 1914 Rolls-Royce had the reputation 

of the 'best car in the world'. Armoured car 

versions were produced in WWI. Production 

resumed after the war, and an American 

production-line was set up at Springfield MA. 

In 1931 the company bought Bentley. The 

company still manufactures today, although as 

part of BMW. 


807 ROVER CO. LTD. 

GREAT BRITAIN : Ordinary Shares of 5/-, 

unissued. green, black. The Rover name has 

lasted over a century, and since 1903 in car 

production in the English midlands. Originally a 

major cycle company, it started to build tricars 

in 1903, and 4-wheel cars in 1904. In 1906 a 

Rover car was driven from London to 

Constantinople. To 1914 the range widened, 

with larger cars on offer. After World War I the 

company went back to small cars, but during 

the 1920s again widened the range, going 'upmarket'. 

The 1930s saw concentration on 

medium-size cars of superior quality, and this 

continued until the company's incorporation 

into the Austin/Morris combine. Landrover 

production started in 1948. Rover was merged 

in 1967 with Leyland Motor Co. to become 

British Leyland. After years of generally 

unsuccessful manufacture of a range of 

mediocre cars (although success on Land- 

Rovers), BMW took control in 1994, but in 

2000 gave up the struggle, and sold the 

company for a nominal £10. Renamed MG 

Rover. Finally bankrupt in 2005. A Bradbury 

Wilkinson specimen. 

1959 UNC EUR 40 

808 ROWATT & LYON LTD 

GREAT BRITAIN : Ordinary Shares of £1. 

black. No 2. David Allison Rowatt was born in 

1825, and died in 1902. Together with a Mr. 

Lyon he set up the firm of Rowatt & Lyon in 

Glasgow, and around 1871 he moved to 

Liverpool, setting up a Rowatt & Lyon office 

there in Castle Street. Rowatt & Lyon are 

believed to have had the only Tobacco Import 

Licence for Liverpool, and they were also active 

as forwarding agents, and in the Ships'stores 

trade. It seems that David Allison Rowatt ran 

the office side of business, and his partner the 

sales side, operating from a London office. 

When Lyon died, so too did his family's 

connections with the firm. D A Rowatt's son, 

David Crawford Rowatt (who signed this 

share), joined the business at the age of 14, and 

by 1902 had taken over the management of the 

firm from his father. Rowatt & Lyon Limited 

was incorporated in 1902. 

19 March 1903 VF EUR 30 

809 ROYAL BANK VAN ENGLAND = BANK 

OF ENGLAND 

GREAT BRITAIN : AMSTERDAM. Option 

certificate. black. An option contract between a 

buyer and a seller of shares in the 'Royal Bank 

of England' to the value of £500. There was no 

'Royal Bank of England', and it seems certain 

this relates to the Bank of England'. The Bank 

was formed in 1694, as the first joint-stock bank 

in the world, and its shares were actively traded 

in the coffee-houses which served as the stock 

exchange in London. Its purpose was to raise 

money for the war against war against France. 

Later, the bank kept the British government 

treasury, and managed the national debt. From 

1844 it has been the only note-issuing Bank in 

England. After World War II it became stateowned. 

Already in the 18th century, the shares 

of the Bank of England were being traded, not 

only in London, but on the continent, at

Amsterdam and Antwerp. One of the earliest 

option certificates we've ever seen and the 

only one we know of for shares in the Bank 

of England. 

28 August 1727 VF EUR 850 

810 ROYAL PANOPTICON OF SCIENCE 

AND ART 

GREAT BRITAIN : Share. black, purple seal. 

No 3997. One of the most decorative of English 

shares, with very ornate border and delicate 

vignettes of lady artists. The Royal Panopticon 

opened in 1854 and closed in 1857, on the site 

now occupied by the Odeon cinema, Leicester 

Square, London. The life of the Panopticon 

began in 1850, when Edward Clarke, an 

Irishman with experience of making 

exhibitions, formed this company, with a capital 

of £80.000. Building began in 1851; the home 

of the Panopticon was a vast circular building in 

exotic, Moorish style, 97m high. There were 

three exhibition halls for showing works of art, 

and industrial products were on show. The 

centre was taken up with an enormous and 

splendid organ, a great fountain, and other 

attractions for visitors. It opened in 1854 and 

was a great success. However, it was badly 

managed and lacked a real purpose. It closed in 

1857, and the building, which had cost £80.000 

to build, was sold by auction for £9.000 to a 

theatre company. Under the new owners it was 

called the Alhambra Palace, and circuses were 

held there. 


811 ROYAL TERRACE PIER 

GREAT BRITAIN : KENT. GRAVESEND. 

Bond of £100. black. No 150. In 1845 the town 

of Gravesend, on the south side of the estuary of 

the river Thames, needed a new pier to handle 

expanding traffic. This company obtained an 

Act of Parliament to build the pier - the Royal 

Terrace Pier. We see the result in the superb 

engraving on this share. The pier is shown in 

the most careful detail, as are the elegant 

Victorian ladies and gentlemen boarding the 

ships to take them to London or to the 

Continent. Gravesend has been a port for 1000 

years. From the early 17th century it was the 

main port of arrival & departure for the East 

India Company. Gravesend was the point where 

eminent foreign visitors to England were 

received. One pier was built in 1832, but 

shipping was so prosperous at the time that this 

second pier was needed. 

22 July 1845 EF EUR 500 

812 SCOTTISH WOOD HASKINIZING CO. 

GREAT BRITAIN : GLASGOW. 6% Cum. 

Preference Shares of £1. black. No 54. Formed 

Edinburgh 1903 to exploit the rights to a 

process of treatment and preservation of wood. 

The owner of the patent was named Mr Haskin, 

so that is the origin of the name. 

17 November 1903 EF EUR 30 

813 SCOTT SNELL SCENIC AEROPLANES 

GREAT BRITAIN : LONDON. Shares of £1. 

black. No 163. We have seen a picture of the 

'flying machine', intended to be a feature of the 

next White City Exhibition in London. A 

strange craft indeed, which was surely never 

built. Only piece we know of. 

11 May 1909 VF EUR 100 

814 SOUTHPORT PIER CO., LTD 

GREAT BRITAIN : 6% Debenture of £100. 

black. # 200. No 81. Southport is a town just 

north of Liverpool, and very popular as a 

seaside resort to the city. The pier was on of the 

earliest and longest of its type. It had an electric 

tramway system, which in 1950 became a diesel 

line, linked to the line running along the 

seafront. The company was liquidated 1937 

after acquisition by the town council. Small 

issue. 

19 July 1920 EF EUR 40 

815 STELLA SHIPPING CO. LTD 

GREAT BRITAIN : Shares of £1. blue. No 

1058. The company was formed in 1915, and 

worked from the ports of South Wales, 

including Pembroke Dock. Liquidated 1921. 


816 SWIFT CYCLE CO. LTD 

GREAT BRITAIN : 5% First Mortgage 

Debenture £100. black. No 373. Swift was first 

formed in 1896, but reconstructed under the 

same name in 1901. Built bicycles in its 

Coventry factory. In 1918 Swift changed its 

name to Swift of Coventry Ltd. Liquidated in 

the early 1930s. Large format. The company 

seal shows the company logo of a bicycle 

wheel. Issued to the Dunlop Pneumatic Tyre 

Co.Ltd. 

16 May 1902 VF EUR 90 

817 ULVERSTON GASLIGHT AND COKE CO 

GREAT BRITAIN : Certificate of 1/4 Share £7 

10s. black on blue paper. No 58. Ulverston is in 

the north of England, north of Blackpool. 

Doubtless used Lancashire coal. Small format. 

1 September 1858 VF EUR 40 

818 VICKERS & CO., LTD 

GREAT BRITAIN : Shares of £1. black. No 8. 

One of the great names in British war 

production. Formed in 1867, and soon became 

a major manufacturer of guns, ammunition, 

armour plate, and steel, mostly for military 

purposes. Later produced aircraft, tanks and 

warships, also merchant shipping from its yards 

on the Tyne, northeast England. Still today it 

builds tanks for the British and foreign armies, 

and nuclear submarines for the Royal Navy. Its 

aviation division started in 1911. its various 

early designs were unsuccessful, but it was a 

major producer of fighters of various types. In 

1917 the Vimy bomber appeared, and remained 

the standard RAF bomber through the 1920s. 

Alcock & Brown made the first non-stop 

crossing of the Atlantic in one in 1919. During 

World War II it designed and built the Spitfire 

and the Wellington bomber, and was a big 

builder of the Lancaster bomber. After the war 

it built for the RAF (Valiant bombers) and 

Royal Navy (Scimitar carrier-borne fighters), 

and entered civil aviation successfully with the 

Viscount airliner. In 1960 it became part of the 

British Aircraft Corporation. All Vickers pieces 

are rare and of the few we've seen so far, this is 

by far the oldest one. 


819 WALLSEND SLIPWAY & ENGINEERING 

CO. LTD 

GREAT BRITAIN : New Preference Shares of 

£1. red. No 127. Wallsend, at the mouth of the 

Tyne, has always been a shipbuilding town. The 

name Wallsend comes from its position at the 

east end of the wall built by the Roman emperor 

Hadrian to keep out the Scots. The company 

was formed in 1871 to repair and maintain 

ships. At its peak in the early 1900's, they were 

probably the world's largest ship repairer. The 

company was also an early manufacturer of 

Charles Parsons turbine engines, which were 

installed in the RMS "Mauretania", a sister ship 

of the ill fated Lusitania, destined for north 

Atlantic service. The Mauretania was owned by 

the Cunard Steam Ship Co. of Liverpool. Both 

ships were designed to win back the so-called 

"Blue Riband", for the fastest crossing of the 

Atlantic, from the "Kaiser Wilhelm der Grosse". 

The Mauretania held the Blue Riband from 

1909 to 1929. The seal shows a steam/sail ship 

on the slipway. First time we this preference 

shares certificate. 

28 July 1902 VF EUR 30 

820 WESTLAND AIRCRAFT LTD 

GREAT BRITAIN : LONDON. Ordinary 

Shares of 5 Shillings. blue. No 58210. Westland 

was an aircraft manufacturer, based at Yeovil, 

in southwest England. It was generally not very 

successful, although its wartime Lysander 

aircraft was very valuable as a liaison aircraft. 

After the War the company concentrated on 

helicopters, and merged with other British 

companies to become Westland Helicopters in 

1961. In 2000 it merged with Agusta of Italy to 

become Agusta Westland. 

28 June 1963 VF EUR 30 

821 WESTMINSTER BANK LTD 

GREAT BRITAIN : LONDON. Shares of £1. 

green. No 135155. Formed 1836 as the London 

& County Bank, but took this name in 1923. 

Under this name was for many years one of the 

largest and most important banks in England.

Today part of National Westminster, which in 

its turn is now part of The Royal Bank of 

Scotland. 

8 September 1938 EF EUR 20 

822 WHITEHEAD AIRCRAFT (1917) LTD 

GREAT BRITAIN : RICHMOND. Deferred 

Ordinary Shares of 1 Shilling. orange, black. No 

1095. The original Whitehead company was 

formed by John Whitehead, in 1915, to acquire 

his small aircrafts works in Richmond, 

southwest London. It was reconstructed under 

this name in 1917, when it received large 

government contracts to build Sopwith fighterplanes 

for the Royal Air Force. To manufacture 

on this scale, it bought a large factory at the 

aerodrome at Feltham (close to today's 

Heathrow). There it produced several thousand 

aircraft, and made good profits. It designed its 

own reconnaissance aircraft, but the war ended 

before it could be put into production. The 

company never really found a role after the 

War, and by 1919 there were already moves to 

liquidate it. These were delayed but by 1923 a 

liquidator was selling the assets, and the 

company was wound up. Fine vignettes of a 

view of the factories at Feltham aerodrome, also 

large underprint, and other vignettes, of 

Sopwith fighters. By far the most attractive of 

British aviation shares. 

4 September 1918 VF EUR 200 

823 WINCHESTER CEMETERY CO. 

GREAT BRITAIN : Share. black, rose seal. No 

316. Printed on vellum. Red seal of the 

cemetery company, showing the arms of the 

city of Winchester, in southern England, and the 

capital of England before London. 

24 March 1841 EF EUR 60 

Also Great Britain-related : 1, 8, 9, 11, 12, 14, 17, 19, 

20, 21, 22, 23, 25, 26, 27, 28, 36, 74, 162, 221, 226, 

228, 260, 280, 282, 283, 284, 316, 337, 365, 367, 

371, 373, 374, 381, 386,552, 742, 830, 832, 841, 

842, 851, 855, 856, 857, 858, 905, 908, 931, 944, 

948, 949, 991, 1019, 1020, 1043, 1049, 1080, 1081, 

1090, 1092, 1109, 1110, 1129, 1137, 1152, 1153, 

1205, 1206, 1208, 1210, 1261, 1315, 1316, 1346, 

1361, 1370, 1442, 1469, 1477, 1560, 1565, 1603. 

GREECE 

824 BANQUE AMAR S.A. 

GREECE : 5 Actions de 100 Drachmes. green, 

black. No 2196-200. Jugendstil border, and 

wide vignette of the port of Piraeus. Text in 

Greek and French. Attractive piece. 

1920 EF EUR 60 

825 BANQUE DE LARISSA S.A. 

GREECE : LARISSA. 1 Action de 100 

Drachmes. blue, green, purple. # 55000. No 

770. Text in Greek and French. Garlands of 

oak-leaves, coin of ancient Larissa, etc. 

1925 VF EUR 40 

826 C.D.F. DE THESSALIE S.A. 

GREECE : ATHENES. 5 3/4% Obligation de 

F400, specimen. green, purple, black. # 1250. 

Large format, with text in Greek and French, 

and a vignette of a train. First time we see this 

type. 

15/28 May 1902 EF EUR 60 

827 GREEK CO. FOR AIR TRANSPORT 

GREECE : 1 Share of 1500 Dr. green, orange, 

blue. # 19000. No 155. The company was 

formed 1931, to replace a bankrupt predecessor. 

In 1951 it was merged with two other Greek 

airlines (all three in a poor financial state) to 

form Hellenic National Airlines T.A.E. This in 

turn was closed down in 1955, but, under 

impulse of the famous Greek shipping-magnate 

Aristotle Onassis (to whom Jacky Kennedy 

remarried), replaced by Olympic Airways in 

1957, now Olympic Airlines. Today the airlines 

is in severe financial trouble over receiving 

illegal state aid, and its future is in doubt. 

Investing in Greek airlines, doesn't seem very 

wise, does it? Yet, this is a very attractive 

certificate, with a large map of Greece and 

neighbouring countries, with the outline of an 

aeroplane from corner to corner. First time in 

our auctions. 

1940 EF EUR 130 

828 PIRAEUS-ATHENS-PELOPONNESUS 

RAILWAY CO. 

GREECE : ATHENS. 6% First Mortgage Bond 

£500. blue, black. # 400. No 112. The company 

was formed 1885 to build and operate a network 

of lines from Athens to the west and centre of 

the Peloponnese. It raised capital of £286.000 in 

London by the issue of bonds of £500 and £100. 

In 1940 the company was declared insolvent 

and placed in liquidation. Certain of the 

company's lines are still working today. Arms 

of Greece. This higher denomination bond is 

difficult to find, only 400 have been issued. 

October 1885 VF EUR 120 

Also Greece-related : lot 1296, 1301. 

GUATEMALA 

829 FERROCARRIL DEL NORTE 

GUATEMALA : Billete - Decimo de la Accion, 

unissued. black. No 1517. The line linked 

Guatemala City with the Caribbean Sea coast at 

Puerto Barrios. In 1883 a ëpatriotic decreeí 

obliged all Guatemalans earning 8 silver pesos a 

month or over to contribute 4 pesos a year for 

10 years to the construction of the line. It was 

opened in 1908 and soon bought by th United 

Fruit Company, which renamed it the 

International Railways of Central America (see 

lot 831). This is one of the subscription tickets, 

although unissued, with no quarterly payments 

shown. Small format, with vignette of a train. 

1891 EF EUR 50 

830 GUATEMALA - PIERS & ROADS LOAN 

GUATEMALA : LONDON. 5% Bond of £100. 

blue, black. No 796C. Large format bond, part 

of a loan contracted in London for building 

piers at the ports of San JosÈ and San Luis de 

Tulate, on the Pacific coast, and for various 

road projects. Arms of Guatemala, and text in 

English and Spanish. We have never seen this 

bond before. 


831 INTERNATIONAL RAILWAYS OF 

CENTRAL AMERICA 

GUATEMALA : NEW JERSEY. 5% First 

Mortgage Gold Bond of £20=F505,unissued. 

red, black. The company was formed in USA in 

1912 to acquire and extend a railway network, 

which finally reached a length of 800Km. The 

founder, Minor Cooper Keith, died before 

realising his dream of a line from Guatemala to 

the Panama Canal; the line was of course never 

built. The company was effectively controlled 

by Keith's United Fruit Company, itself formed 

in 1899, and served primarily to bring the 

company's vast production of bananas, cotton, 

sugar and coffee to Atlantic and Pacific ports, 

where they were shipped on the Fruit 

Company's fleet of steamers to markets, 

especially in USA. IRCA was taken over in 

1968 by Ferrocarril de Guatemala. Large format 

bond, printed by Waterlow, with a fine vignette 

of a freight train unloding bananas, by a busy 

Guatemalan port. 

1 May 1912 EF EUR 150 

HONDURAS 

832 HONDURAS GOVERNMENT RAILWAY 

LOAN OF 1867 

HONDURAS : LONDON. Cert. for £500. red. 

A Bradbury Wilkinson specimen deposit 

receipt, from the Council of Foreign 

Bondholders, London. Loan raised to build a 

railway across Honduras from Puerto Caballo, 

on the Caribbean, to the Bay of Fonseca, on the

Pacific. Repayable from the profits of the line. 

The various railway loans raised in 1867 and 

1870 were the subject of serious fraud - little of 

the money raised ever reached the railway 

projects in Honduras, and perhaps the whole 

launch was a fraud. The country defaulted in 

1872. The line was finally completed in 1897 

by an American group. 

5 August 1909 UNC EUR 50 

HONG-KONG 

833 CHEONG WAH CO., LTD 

HONG-KONG : Shares of $100, unissued. 

black on buff paper. We see few shares of 

companies formed in Hongkong. Four vignettes 

of scenes of sea and river, temples. Text in 

English on the face, Chinese on the reverse. 

Printed in thick paper. Tear (repaired) in one 

corner. 

F EUR 140 

834 HONGKONG ELECTRIC CO., LTD 

HONG-KONG : Shares of $2. brown. No 

261830. An underprint of a view of the business 

centre of Hongkong fills the whole certificate. 

Logo. 


835 KIE FUNG YUK CO., LTD (MACAO RICE 

WINE) 

HONG-KONG : Shares of $50. brown, yellow, 

red, black. # 1000. This Hongkong company 

operated a wine-making plant in Macao to 

produce rice wine. Name and capital in English, 

the rest in Chinese. Fold, pinholes. 

VF EUR 170 

836 SENAWANG RUBBER ESTATES CO. 

HONG-KONG : SHANGHAI. Shares of 

Shanghai Taels 5. blue, red. No 2020. Formed 

in Hong-Kong. We haven't seen many 

certificates expressed in Shanghai Taels 

currency. Senawang is a region in Malaysia 

today. 


Also Hong-Kong-related : 272, 309, 326, 337, 977. 

HUNGARY 

837 BOUTEILLERIES NATIONALES 

MECANIQUES DE HONGRIE S.A. - HAZAI 

MECHANIKAI PALACZKGYAR RESZVENY- 

TARSAGAG 

HUNGARY : BUDAPEST. Action de PrioritÈ 

de 100 Pengˆs. black, buff. No 3585. Text in 

French and Hungarian. This Budapest company 

manufactured bottles for breweries, not only in 

Hungary, but also in Bosnia; the lot includes 

four pages of copies of letters from clients, 

thanking the company for its high-quality 

products. 

22 July 1926 EF EUR 80 

838 LANDWIRTSCHAFTLICHE INDUSTRIE- 

UND HANDELS AG 

HUNGARY : DEVA. Aktie 200 Kr. olive, 

black. No 2139. Text in Hungarian and German. 

Coat-of-arms of Hungary. 


839 NEUSCHLOSZ-LICHTIG FLUGZEUG- 

WERKE UND HOLZINDUSTRIE A.G. 

HUNGARY : BUDAPEST. 25 Actien ¸ber je 

200 Kronen. brown, yellow. No 273876-900. 

Formed 1914 to take over a Budapest parquet 

factory. Later acquired a company making 

furniture, and made car-bodies, toys and other 

wood goods. In 1921 acquired Ungarische 

Flugzeugwerke AG. Text in Hungarian and 

German. 

21 October 1921 VF EUR 30 

Also Hungary-related : 35 + K.K. Monarchy 

ILE DE LA REUNION 

840 FRANCE ET D'OUTRE-MER, SOC. 

ENTREPRISE GEN. - S.E.G.E.F.O.M. 

ILE DE LA REUNION : ST-DENIS/ 

REUNION. Action de 5000 Francs C.F.A. blue. 

# 4000. No 2897. Underprint of a map of 

RÈunion. Printed in Monaco, suggesting finance 

from there. 

1953 UNC EUR 20 

INDIA 

841 BANK OF HINDUSTAN,CHINA & JAPAN 

INDIA : LONDON. 1 Share of £100. black on 

pink paper. No 25567. The vignette and the seal 

show the arms of the company, with a lion and 

tiger and supporters, and quarters representing 

Britain, India, China and Australia. First time 

we see this particular type (on rose paper, part 

of a capital increase with 20,000 new shares). 

12 October 1864 VF EUR 80 

842 MADRAS GOLD MINING CO. LTD 

INDIA : Shares of 10 Rupees. black. No 

18993/19042. This company was formed in 

India, but in 1881 a company of the same name 

was formed in London (and liquidated in 1883). 


843 MALABAR FORESTS & RUBBER CO. 

INDIA : BOMBAY. Shares of 50 Rupees (10 

Rps Paid). green, buff. No 1296. Fine 

underprint of an Indian elephant, and an 

elephant appears on the seal, also. One small 

punch-hole at corner. Elephants were used very 

widely in the Indian forests to pull logs. The 

Malabar area is on the southwest coast of India. 


844 SAVANA S.A. DE FILATURE ET 

TISSAGE MECANIQUE 

INDIA : 33 GIRONDE. BORDEAUX. 

Cert.Nom.d'Inscr. Action de F100, unissued. 

multicolour. Very colourful, attractive piece of 

this cotton spinning and weaving company. 

Well-known design of Indian themes - 

elephants, hindu gods and ceremonies, and the 

mill at Pondicherri. Some Savana pieces are 

fairly common, esp. the ones from the 1950s, 

but this one is not. Never seen issued by us. 

1945 EF EUR 70 

Also India-related : 156, 157, 235, 467, 698, 700, 

782, 785, 1271. 

INDOCHINE 

845 CAOUTCHOUCS DE L'INDO-CHINE S.A. 

INDOCHINE : PARIS. Action de F100. brown, 

yellow. # 80000. No 56533. Formed in 1922 to 

acquire the rubber estate of Loc-Ninh, in 

Cochin-Chine, southern Indochina; the estate 

covered 2.800Ha. Colourful piece, with a fine 

vignette of rubber-tapping, and a most 

decorative border, including rubber leaves and 

flowers. Repaired tear at top. 

1921 VF EUR 50

846 TOT-LAM S.A. 

INDOCHINE : PARIS. Part de Fondateur. 

green, brown. No 578. The company owned teaplantations. 

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 350 

847 TRAMWAYS DU TONKIN, SOC. DES 

INDOCHINE : PARIS. Action de F100, 

unissued. green, black. # 50000. The company 

was formed 1901 as the SociÈtÈ FonciËre de 

l'Indochine, to develop the land of the citadel of 

Hanoi. In 1903 it merged with the Cie des 

tramways electriques de Hanoi, taking this 

name in 1929. The company not only operated 

the city's tramways but provided lighting for the 

Governor's palace. Ceased its activities in 1955, 

with the government agreeing to pay annual 

indemnities, but the North Vietnam government 

stopped the indemnities, and the company was 

dissolved in 1962. 

1929 EF EUR 30 

IRAN (PERSIA) 

848 C.D.F. ET TRAMWAYS EN IRAN, S.A. 

IRAN (PERSIA) : BRUXELLES. 5% 

Obligation de F200. purple, buff. # 16400. No 

623. The company was formed 1887 to build a 

horse-drawn line in Teheran. Name changed 

when the country name changed in 1935. 

EF EUR 20 

849 C.D.F. & TRAMWAYS EN PERSE, S.A. 

IRAN (PERSIA) : BRUXELLES. 5% 

Obligation de F300, unissued. green, brown. # 

3333. The company acquired the 10km 

tramway line from Teheran to Shah-Abdul- 

Azim. Capital increases in 1894/6 allowed the 

company to acquire a further horse-tramway 

line, a diligence service, telephone system, and 

stone qunarries. 

1894 VF EUR 60 

IRAQ 

See lot 1295. 

IRELAND 

850 DUBLIN, BELFAST & COLERAINE 

JUNCTION RAILWAY CO. 

IRELAND (EIRE) : Share of £25. black. No 

423. One of the earliest Irish railway shares 

known. Embossed seal with the company arms. 

First time in our auctions. 

1 September 1846 EF EUR 120 

851 ELECTRIC TELEGRAPH CO. OF 

IRELAND 

IRELAND (EIRE) : 5 Shares of £1. black. No 

24906-10. Formed to build a cable linking Port 

Patrick, Scotland, to Donaghadee, Ireland - a 

distance of 21 miles. The embossed seal shows 

the harp - symbol of Ireland. 

27 July 1852 EF EUR 80 

Also Ireland-related : lot 810. 

ISRAEL/PALESTINE 

852 BANK LECREDIT GOMLEEN COOP. 

ISRAEL/PALESTINE : Debenture LP.1. Serie 

1. brown, green. # 33000. No 1985. Underprint 

of palm-trees on a beach, also stylised flowers. 

Text in English and Hebrew. 

1932 VF EUR 90 

853 BANQUE COMMERCIALE DE 

PALESTINE S.A. 

ISRAEL/PALESTINE : JERUSALEM. 1 

Action de 2 Livres turques. blue, green. # 

12500. No 9280. Vignettes of the Turkish arms, 

and the city of Jerusalem, with the Dome of the 

Rock. Text in French and Turkish (Arabic 

script). We do not know any other piece from 

Palestine under Turkish control (before 1918). 

Folds, stain at one corner, and edge-damage at 

left. 

F EUR 80 

854 HAMEI TIBERIA, (TIBERIAS HOT 

SPRINGS) CO. LTD 

ISRAEL/PALESTINE : 7% Cumulative 

Preference Share of £P.5, unissued. brown, 

black. No 319. Tiberias Hot Springs health and 

vacation resort is Israel's largest and most 

sophisticated mineral spring site, attracting 

thousands of visitors each year from Israel and 

around the world. The pools are filled with 

water from 17 natural mineral springs with 

unique healing properties, exclusive to Tiberias 

Hot Springs. They have been famous for their 

curative powers for 3000 years. In 1929, the 

Tiberias Hot Springs Co. acquired the rights to 

run the baths, and exploitation of this natural 

asset has since restored to Tiberias its 

importance as a holiday and health resort. 

Photovignettes of the town of Tiberias and 

ancient ruins beside the Sea of Galilee. First 

time seen by us. 

19.. EF EUR 140 

855 JERUSALEM ELECTRIC & PUBLIC 

SERVICE CORPORATION LTD 

ISRAEL/PALESTINE : JERUSALEM. 7% 

Cum.Preference Shares of 1 Palest.£. black, 

blue. No 1048. 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. 


856 PALESTINE ELECTRIC CORPORATION 

ISRAEL/PALESTINE : 4,5% Redeemable 

Cumul.Pref.Shares of £1,unissued. red, black. 

Large format, with text in Arabic, English and 

Hebrew. Founded 1923 to acquire a Palestine 

government concession for utilisation of the 

water power in the Jordan and Auja basins for 

generating electricity, and for its distribution 

and sale in Palestine & Transjordan, except 

Jerusalem. Owned hydro-electric plant on river 

Jordan, steam-turbine plant in Haifa, and 3 fuel 

power-houses in Tel Aviv, Haifa and Tiberias. 

Assets were probably acquired by the Israel 

government in 1948. 

19.. UNC EUR 200 


ISRAEL/PALESTINE : Ordinary Shares of £1, 

unissued. purple, black. 

19.. UNC EUR 200 


ISRAEL/PALESTINE : 4,5% Redeemable 

Cumul.Pref.Shares of £1,unissued. red, black. 

19.. UNC EUR 200 

859 UPBUILDING OF ERETZ-ISRAEL 

ISRAEL/PALESTINE : Share of £2, unissued. 

green, black. Eretz-Israel is Hebrew for ëState 

of Israelí and is the official name of the country. 

The document is to acknowledge the donation 

of £2 to a charity fund led by a rabbi, for the 

building of houses for the poor, in the suburb of 

Knesseth Israel, and in this way helping to build 

the nation. Six photos of houses (4 on the 

reverse) being built and completed. Text in 

English and Hebrew. 

VF EUR 70 

Also Israel-related : lot 1424. 

ITALY 

860 ACCIAIERIE E FERRIERE DI NOVI 

LIGURE S.A. 

ITALY : NOVI LIGURE. 1 Azioni da L.100. 

brown, black, purple. # 160000. No 1637. Large 

format share of fine design, with elegant border 

of arabesques, and colourful vignettes of scenes 

inside the steelworks. Underprint of flowers. 

10 July 1924 EF EUR 50

861 ACQUISTO ED ESERCIZIO ALBERGHI 

SAVOIA, S.A. 

ITALY : MILANO. 5 Azioni da L.1000. green, 

brown, black. No 203. The company was 

formed to buy, sell and manage hotels. Vignette 

of a fine hotel. 


862 ANELLI-CREMONA S.A. 

ITALY : CREMONA. 10 Azioni da L.500. 

yellow, brown, grey,black. # 6000. No 153. 

Ornate and very rare piece, of a builder of 

organs, pianos and pianolas. Portrait vignettes 

of Anelli, a famous Cremona builder of organs, 

and ancestor of the founder of the company, and 

one of Stradivarius, the most famous maker of 

violins, violas, cellos and other stringed 

instruments, and also a Cremonese. The 

company was formed in 1918, to build organs 

and pianos, but gave up organs to concentrate 

on pianos. The Cremona factory, at this time 

making 4 pianos a day, is shown in another 

vignette. Few shares show portraits of 

musicians, and none of Stradivarius (1644- 

1737), who built at least 1,000 instruments, of 

which at least half still survive today. He 

worked right up to his death, at the age of 93, 

and a viola made by him at the age of 92 is 

known. The secret of his fame is not in any 

secret methods, but the unique high quality of 

workmanship. 


863 BANCA ITALIANA DI SCONTO S.A. 

ITALY : ROMA. 1 Azione L.500. green-grey. # 

630000. No 67353. Long format piece, with 

vignette of the Vittorio Emanuele monument, 

the wolf of Rome, and a border of classical 

architectural themes. The bank was formed in 

1914 by a merger of the Societ‡ Bancaria 

Italiana and the Societ‡ Italiana di Credito 

Provinciale. Its prospects were good, as it was 

an important contributor to Italy's expenditure 

on World War I. Immediately after the war it 

started a programme of expansion, particularly 

in South America. This programme went 

beyond the limits of prudence, and the first 

signs of crisis were apparent. In spite of the 

efforts of a consortium of 4 large Italian banks 

to save it, the bank closed its doors in 1921. The 

main reasons for its downfall were its own 

lending mistakes, and the bankruptcy of 

Ansaldo, its main client. 

April 1919 EF EUR 40 

864 BANCO DI CORTE 

ITALY : NAPOLI. Letter of Credit. black. No 

1478. Letter of Credit issued by the Banco di 

Corte, Naples. Shows the eagle arms of Naples, 

and the very ornate script usual on these 

documents. A stamp on the reverse shows on 

the face. The Banco di Corte was formed in 

1806 as a successor to the Banco di Sa Ma del 

Popolo, dating from 1589. 

1806 VF EUR 70 

865 BANCA DI CREDITO ITALIANO 

ITALY : FIRENZE. Action de F300. olive, 

black. # 40000. No 36477. Formed in Turin in 

1863 (but then transferred to Florence, then the 

capital of Italy, before Rome was added to the 

new country), by the CrÈdit Industriel et 

Commercial, of Paris. Later moved to Milan. 

Text in Italian and French. The border, of a very 

French design by Soury, shows the arms of the 

royal house of Savoy, with many different 

symbols of commerce, industry and agriculture. 

1 January 1866 VF EUR 130 

866 CANALI D'IRRIGAZIONE ITALIANI, CIE. 

GENERALE DEI (CANALE CAVOUR) 

ITALY : TORINO. 6% Obbligazione di 500 

Lire. brown. # 135000. No 54578. Company 

formed to build irrigation canals using the water 

of the Po, Dora Baltea and Sesia rivers, in 

Piemonte. Design of Neptune and a topless 

lady, with the Alps in the background, also a 

dam. Hole-cancelled. 

15 December 1870 VF EUR 250 

867 CAVI TELEGRAFICI SOTTOMARINI 

S.A., CIA. ITALIANA DEI (ITALCABLE) 

ITALY : MILANO. 1 Azione di L.250. blue. # 

800000. No 52875. Superb border of marine 

themes - fish, mermaids playing in the sea, 

octopus, also a cable-laying ship, the lady 

'Italia', and the arms of Italy. Underprint of 

same themes. Company formed in 1921 to give 

Italy its own national telegraph cables under the 

sea. The intention was to extend the cables to 

South America; 2/3 of the capital was 

subscribed by Italians living in North and South 

America. The initial link was from Italy to the 

Azores, convenient for a direct link also with 

North America. In fact, it was only after World 

War II that these links were completed. Other 

cables laid by the company included the shorter 

links to Sicily, Sardinia, and across the western 

Mediterranean to Spain and Portugal. Very few 

pieces have been seen. 

May 1924 VF EUR 120 

868 C.D.F. ROMAINS DE ROME A 

BOLOGNE PAR ANCONE ET DE ROME A 

CIVITA - VECCHIA 

ITALY : Action de F500. black, green. # 

170000. No 95384. Founded under Papal states 

law in Rome, 1856. Text in French and Italian, 

so doubtless French capital. The design, by 

Catenacchi, shows St. Peters, the Colosseum, 

and the towers of Bologna, all set in a very 

detailed border, typical of the artist and period, 

showing coats-of-arms, gods and so much more. 

1856 VF EUR 100 

869 COCO & C., INDUSTRIA SARDA 

CIOCCOLATO ED AFFINI 

ITALY : SARDINIA. CAGLIARI. Azioni da 

L.250. green, black. # 960. No 502. 

Jugendstil/art nouveau border, with flowers, and 

vignettes of the Cagliari city hall, and the 

company's factory. Very few certificates from 

Sardinia are known. 

31 March 1925 VF EUR 100 

870 FIAT SOC. 

ITALY : TORINO. Azioni di Risparmio de 

L.1000. blue, brown, black. No 2063420. FIAT 

has built cars from 1899 at Torino, as well as 

commercial vehicles, ships and marine engines,

aircraft and aero-engines, railway material, ballbearings. 


871 FRERA PER L'INDUSTRIA ED IL 

COMMERCIO DELLE BICICLETTE, 

MOTOCICLETTE ED AUTOMOBILE 

ITALY : MILANO. 500 Azioni da Lire 50. 

multicolour. No 3185. Large format, colourful 

piece, with fine views of the company's 

factories in Tradate (Como). Ornate border. The 

company was formed in Milan in 1905, 

originally to manufacture wheels, drive-chains, 

etc, for all types of vehicles. From 1905 to 

1913, apart from bicycles and motorcycles, the 

company built small voiturettes, and later the 

French Zedel cars under licence. Handsigned by 

the founder of the Societ‡ Corrado Frera, 

founder of the Italian motorcycle industry. 


872 GIO. ANSALDO & C., S.A. ITALIANA 

ITALY : ROMA. 25 Azioni da Lire 250. 

purple, pink, black. # 2000000. No 814726-50. 

The original business was formed in Genova in 

1853, by Giovanni Ansaldo; it became a S.A. in 

1903. It built the first locomotives in Italy, and 

was a major manufacturer of turbines and 

steam-engines. In 1903 it linked up with the 

British engineers W.G.Armstrong & Co., and 

this lasted until 1912. The company went into 

liquidation in 1922. Large format, with fine 

heroic border of statues, lions, gods, etc., and a 

view of the works on Genova harbour. 

July 1918 VF EUR 70 

873 GOVERNO PONTIFICIO 

ITALY : ROME. Certificato di Capitale. black. 

No 35202. Certificate of interest due by the 

Papal Treasury. Papal coat of arms. 

16 January 1857 EF EUR 120 

874 L'ESPLORATRICE S.A. DI 

ESPLORAZIONE E COLTIVAZIONE DI 

MINIERE 

ITALY : SARDEGNA. TORINO. Azione Una 

di L.100. buff, black. No 14246. Square-format 

share, with 3 border-vignettes of the company's 

Taconis-Sarrabus mine in Sardinia. 

1 July 1858 VF EUR 100 

875 MONTECATINI SOC. GEN. PER 

L'INDUSTRIA MINERARIA E CHIMICA 

ITALY : MILANO. 25 Azioni da Lire It.500. 

brown, red. No 1991828. A very large chemical 

company, originally founded in Florence in 

1888, but now based in Milan. Logo shows its 

interest in agricultural chemicals. 

1951 EF EUR 25 

876 MONTE DI PIETA 

ITALY : NAPOLI. Letter of Credit. black. A 

large format document, of 4 pages, 3 of which 

are covered with drawings under the Letter 

during 1780 and 1781. The 'monte' was founded 

in 1539. The document is written in part in the 

very elaborate writing used on these documents. 

The monte became part of Banco di Napoli in 

1862. 

1780 VF EUR 220 

877 MONTE DI S. GIO BATISTA 

ITALY : TORINO. Cert. or interest of 875 Lire. 

black. Certificate, receipted on the reverse, for 3 

months interest on a deposit of 333.100 luoghi 

with the 'monte' of St John the Baptist, of the 

city of Torino. Deposit in the name of the 

community of monks of Superga. The basilica 

and monastery of Superga overlooks Torino. A 

rougly-printed coat-of-arms of Torino, with a 

bull. First time seen by us. 

30 June 1800 VF EUR 200 

878 MUTUO CREDITO, SOC. COOPERATIVA 

POPOLARE DI 

ITALY : CREMONA. Azioni Nom. da L.200. 

black on blue paper. No 16189. Long format, 

with decorative panel at each end. Folds and 

light edge-damage. 


879 ODERO TERNI ORLANDO S.A. 

ITALY : GENOVA. Cert. Nom. di Azioni da 

L.200. Serie A. purple, black. No 1793. The 

company was formed in 1926 to build warships 

and guns. Large format design shows Italian 

ships with big guns, at sea. 

1 April 1949 EF EUR 50 

880 PICCOLE FERROVIE DI TRIESTE, S.A. 

ITALY : TRIESTE. Azione Fondazionale da 

L.200. brown, green. # 4000. No 1455. Vignette 

of a tram. Formed 1902 to electrify the horsetram 

system of the port of Trieste. 

30 June 1926 EF EUR 30 

881 S.I.L.B.A. SOC. INDUSTRIE LATERIZI 

BOSCHI ALBANESI 

ITALY : ROMA. 5 Azioni da L.100. grey, 

green, black. No 2268. Large format share, with 

border vignette of the company's 

factory/sawmills, and the double-headed eagle 

logo of the company. ìAlbanesiî in the 

company title probably does not relate to the 

country Albania, but to the Alban Hills (Colli 

Albani), south of Rome. 

2 August 1920 VF EUR 60 

882 TERME DI ACQUASANTA, SOC. 

ITALY : ASCOLI PICENO. 5 Azioni da L.100. 

purple, buff. # 5000. No 841. Formed 1916 to 

manage the thermal springs of Acquasanta, near 

Ascoli Piceno, on the Adriatic coast of Italy. 

Logo including arms of Ascoli Piceno. 

1 May 1920 EF EUR 30 

883 TERMO - ELETTRICA BRESCIANA 

ITALY : BRESCIA. 5 Azioni, L.500. green, 

buff. No 571-75. Formed 1907 to supply 

electric power to the Lombardy city of Brescia. 

Classical border of rosettes, arabesques, little 

angels. 

1 November 1908 VF EUR 40

(today Gwent) was a major part of the

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