Catalogue: lot number 1199

SOUTH AFRICA
1199 AFRICAN THEATRES, LTD
SOUTH AFRICA : JOHANNESBURG. 7,5%
First Mortgage Debenture for £100. blue. No
4957. Probably a cinema theatre in
Johannesburg.
12 January 1928 EF EUR 30
1200 DU PREEZ GOLD MINING & ESTATE
CO., LTD
SOUTH AFRICA : JOHANNESBURG. Shares
of £1. black. No 5438. Mined gold in the
Johannesburg date. Early date for a
Johannesburg share. Punch-hole in one corner.
20 December 1889 VF EUR 50
1201 JOHANNESBURG CLUB, LTD
SOUTH AFRICA : TRANSVAAL.
JOHANNESBURG. 1 Share of £1. blue. #
1200. No 219. The Club was doubtless one of
the main social activities of the wealthy
businessmen of Johannesburg and the Rand
gold mines. Surprisingly, it was in liquidation
later that same year. Folds and slight edgedamage.
First time seen by us.
6 June 1905 VF EUR 40
1202 KIMBERLEY WHITTOCK DIAMOND &
DEVELOPMENT SYNDICATE
SOUTH AFRICA : TRANSVAAL.
JOHANNESBURG. 1 Share of £1. green. #
6500. No 1658. A large number of small
companies were formed as syndicates for
exploration and development of diamonds at
Kimberley, later to be converted into full
companies if successful. Their capital was small
and their certificates are seldom seen and
offered on the market. This is one of them, first
time seen by us.
25 November 1908 EF EUR 50
1203 LYDENBURG PROPRIETARY MINES
SOUTH AFRICA : TRANSVAAL.
JOHANNESBURG. Shares of £1. blue. No 223.
The mines operated in the Lydenburg district of
the eastern Transvaal from the 1890s, as a
Transvaal company, and later as an English
company. The company mined either gold or
platinum, or both. Accompanied by a signed
stock transfer deed. Both have rust marks from
a pin.
11 September 1904 VF EUR 40
1204 NEDERLANDSCH-ZUID-AFRIKAAN-
SCHE DIAMANTMIJN-MIJ.
SOUTH AFRICA : AMSTERDAM. 10
Aandelen van Fl.12=£1. black. No 1602.
Certificate for shares in the association for the
rights of shareholders in the parent Dutch
company.
20 May 1895 VF EUR 50
1205 NEW STATE AREAS, LTD.
SOUTH AFRICA : LONDON/JOHANNES-
BURG. Share Warrant for 25 Shares of £1.
blue, black, buff. No 45996. A Johannesburg
area gold mining company, with a large capital,
registered in the Transvaal in 1918 as part of the
Johannesburg Consolidated Investment Co.
empire. Owned over 2000 gold claims. Text in
English and French, and the arms of South
Africa.
9 February 1938 VF EUR 20
1206 ROBINSON SOUTH AFRICAN
BANKING CO. LTD
SOUTH AFRICA : JOHANNESBURG/
LONDON. Share Warrant for 5 Shares of £4,
specimen. brown, black, orange. Two female
allegorical vignettes, on a large format share, in
English and French. Printed by Waterlow &
Sons. Formed in London, 1895, and quoted on
the London stock Exchange from 1902, when
the price rose sharply, given its connection with
the Robinson Mining Co. However, a
reconstruction in 1903 was necessary but
unsuccessful, and the company was liquidated
1905. Joseph B. Robinson was a pioneer mining
magnate, at first at the Kimberley diamond
mines, and later in gold on the Witwatersrand,
where the various Robinson mines were
important and profitable producers.
189. EF EUR 100
1207 SEA POINT WATER-WORKS CO. LTD
SOUTH AFRICA : CAPE TOWN. Share of £5.
black, red seal. No 184. Early date for a South
African share. Sea Point is a smart district of
Cape Town. The red embossed seal shows a
fountain.
1 December 1861 EF EUR 50
1208 TUDOR GOLD MINING CO. LTD
SOUTH AFRICA : TRANSVAAL. LONDON.
Shares of £1. blue, pink. No 3855. Formed 1899
to buy 961 deep-level claims in the French
Rand district, near Johannesburg. Lasted until
1925, when it was liquidated, returning only
7/10 of a penny per £1 share!
20 May 1903 VF EUR 40
1209 VICTORY DIAMONDS, LTD
SOUTH AFRICA : JOHANNESBURG. Shares
of 1 Shilling. green. No 248. The diamond mine
was in the Orange Free State, unlike most South
African diamond shares we see, where the
mines were in Kimberley area of the Cape, or in
Transvaal. First time offered by us.
28 November 1919 VF EUR 50
1210 WOLHUTER GOLD MINES LTD.
SOUTH AFRICA : TRANSVAAL. LONDON.
Share Warrant for 25 Shares of £1. brown,
black. No 398. Formed 1887 to acquire
properties on farm Doornfontein, close to
Johannesburg. Very profitable in the years
around 1905, but less so in later years.
Liquidated 1930. First time we have seen this
25 shares certificate. Printed by Waterlow,
London, in large format, with a vignette of a
classical lady near the mine. Text in English
and French. Repaired tear on the right border,
not touching the print and otherwise in excellent
condition.
19.. F EUR 170
SPAIN
1211 ALAR DEL REY A SANTANDER -
FERRO-CARRIL DE ISABEL II
SPAIN : SANTANDER. 3% Obligacion de
1900 reales. Serie 2. Cat. 1030 C. black, buff. #
31579. No 26826. One of the finest Spanish rail
pieces, large format with a most ornate border,
of shipping, gods, blacksmith, flags, etc. The

line, running inland from the north coast port of
Santander, was acquired by the Norte.
15 February 1863 EF EUR 110
1212 ALSINA-GRAELLS DE AUTO
TRANSPORTES, SOC. GEN.
SPAIN : BARCELONA. 7% Obligacion de 500
pts. yellow, brown, black. No 756. Fine vignette
of a bus. The company still exists, as probably
the largest bus operator in eastern and southern
Spain, and based, we believe, in Granada. Its
red long-distance buses are a familiar sight to
readers of this catalogue who take their holidays
in the Costa del Sol or Costa Blanca. Pencancellation.
21 March 1921 VF EUR 90
1213 AMOREBIETA A GUERNICA Y A
LUNO, CIA. DEL FERROCARRIL DE
SPAIN : BILBAO. 4% Obligacion 500 pts.
Serie 2. Cat. 1390 C. green, black. # 1500. No
221. A pretty & rare piece. Linked three small
towns in Spain's Basque country. One of them,
Guernica, was destroyed by bombing during the
Civil War, and immortalised by Picasso's very
famous painting, 'Guernica'. Border of delicate
design, with a railway station, loco, coats-ofarms,
train, symbols of industry, electric power,
agriculture, etc.
1 May 1893 EF EUR 50
1214 ARAGON, CIA DE LOS FERRO-
CARRILES CARBONIFEROS DE
SPAIN : MADRID. 6% Obligacion 475 pts.
Serie 2. Cat. 1540 B. blue, beige, black. #
15000. No 8881. Formed 1869 to build a line
from the important coal-mines of Val de Zafan
to the city of Zaragoza. The shares have never
been seen, but a few of the obligations are
known. Text in Spanish and French, so
probably French capital. Small vignette of a
lady harvesting wheat, with the lion of Aragon,
and a train crossing a bridge.
1 January 1873 EF EUR 40
1215 AUTODROMO NACIONAL SA.
SPAIN : BARCELONA. Accion de 500 Pts.
brown, green, yellow. # 1400. No 1107. Large
format piece on a most unusual theme. Large
vignettes of the racing-track, cars at speed on a
corner, and the viewing stand. There is a carracing
track at Barcelona today, although the
Spanish Grand Prix is held at Jerez. Only 3-4
pieces were found in the late 1980s.
March 1923 EF EUR 700
1216 BANCO DE CARTAGENA CIA. AN.
SPAIN : Accion de 500 Pts. Serie 2. green. #
20000. No 18223. One of the favourite Spanish
bank shares, showing the Velazquez painting of
Mercury and Argus. The painting, which dates
from 1654, is in the Prado, Madrid. Diego
VELASQUEZ was born in Seville in 1599, and
died in Madrid in 1660. He is best known as a
painter of historical scenes and portraits. He
studied with various painters in Seville, but
none were very satisfactory, and it is widely
believed that he was mostly self-taught. In 1622
he moved from Seville to Madrid, where he was
quickly accepted in the highest circles. He was
soon nominated painter to the court of King
Philip IV; the King declared that only
Velasquez may paint him in future, and even
removed from the palace earlier paintings of
him by other artists. He became firm friends
with Rubens, and travelled widely in Italy. The
1640s and 1650s saw an enormous number of
paintings by Velasquez, in a wide range of
subjects, but particularly of royalty and other
important persons. His works are displayed in
galleries worldwide. The Prado, in Madrid, has
the finest collection, but others are to be found
in most of the leading galleries in the world.
Has become hard to find.
1900 EF EUR 60
1217 BANCO NACIONAL DE SAN CARLOS
SPAIN : MADRID. Accion de 2000 reales.
black. No 58979. The bank was formed in
Madrid in 1782, primarily to establish a market
in the vales reales, or royal bonds, and in its
own shares. The capital of the bank was
300.000.000 reales, divided into 150.000 shares
of 2.000 reales. Initially, the bank's operations
went well. Later, however, it began to indulge
in speculative operations, and this led to
difficulties. Spain's war with France of 1792-5
led to strong inflation, and the bank could not
cope with the rising tide of paper. By 1799
another war, and the loss of silver imports from
the Americas, brought greater difficulties for
the bank, and it finally ceased trading in 1808,
being finally liquidated in 1829. Certificates are
signed by Cabarrus, the French founder of the
bank. The shares sold slowly at first, and only
when a discount was offered were they bought
in quantity; by 1785 almost all were sold.
Quoted in Paris and Madrid, they became the
subject of widespread speculation. The design
is very attractive. Excellent condition.
2 June 1782 EF EUR 900
1218 BARCELONA A SARRIA, FERRO-
CARRIL DE
SPAIN : BARCELONA. 1 Accion de 100 pesos
fuertes. Cat. 2420 A. black, green. # 6000. No
2105. Formed 1859 to acquire the line
Barcelona-Sarria (in liquidation). Liquidated
1874; line acquired by a new company 'Sarria a
Barcelona'.
8 August 1859 EF EUR 70
1219 BARCELONA, TRANVIAS DE, S.A.
SPAIN : BARCELONA. 6% Accion preferente
250 pts. brown, buff. # 57200. No 44833. Fine
underprint of a tram. the company was formed
in 1925 from the tramway interests of the failed
Barcelona Traction, Light & Power Co., whose
paper is so well known to collectors. In 1959 it
became a city-owned company. The trams
disappeared in 1971.
3 March 1947 EF EUR 30
1220 BARCELONE, LES TRAMWAYS DE
SPAIN : BRUXELLES. Action de Capital de
F100. blue, green. No 73102. The company was
taken over by Barcelona Traction, Light &
Power in 1913. The several issues of this
company are all very rare. Last time we offered
this piece was in 1990! Several repaired tears.
1905 F EUR 40
1221 CAMARAS FRIGORIFICAS BARCELO-
NESAS S.A.
SPAIN : CATALUNYA. BARCELONA.
Accion Nominative de 1000 Pts. multicolour,
gold. No 168. Only 500 issued. Very large
format, with rich, wide, colourful border,
illuminated lettering and arms of Barcelona.
Gold-print is abundant, in the border and in the

centre too. Photovignette of the coldstores. We
know of no more than 3 pieces, so this has to be
rare indeed.
15 February 1921 VF EUR 200
1222 CARTHAGENE, TRAMWAYS DE, S.A.
SPAIN : BRUXELLES. Action PrivilÈgiÈe de
F100. Cat. 3260 D. blue, buff. # 10000. No
8041. Formed 1898 to electrify the horse-drawn
tramway network of this port in south-east
Spain, previously owned by a small Spanish
company. Piece missing from top corner.
1905 VF EUR 20
1223 CITEREA SOC. MINERA - MINA DE
COBRE, SANTA RITA
SPAIN : BARCELONA. Accion. black, olive. #
274. No 191. Only 274 issued. Pretty design of
the mine (the Santa Rita copper mine) between
trees in the mountains. Santa Rita herself is in
the clouds, with her angels, pouring money
down on to the miners. That is a lot easier that
digging for it, especially under the hot sun of
Spain!
1 May 1859 VF EUR 260
1224 CIUDAD DE IRUN
SPAIN : IRUN. Obligacion de 500 Ptas,
unissued. brown, buff. Long format 4-page
document, with a fine charcoal drawing of the
city hall of Irun on the main square (shown
again, larger, on the inside), with the green hills
of the Basque country behind. Irun is on the
French frontier, on the Atlantic coast. Folds.
1946 VF EUR 30
1225 CLUB ATLETICO DE MADRID
SPAIN : MADRID. 6,75% Obligacion
Hipotecaria de 1000 Pts. blue, red. # 100000.
No 28607. One of the very small number of
football-club bonds available to the collector.
Shows, in full colour, the arms of the Club, one
of the finest in Spain (although overshadowed
by its city rival, Real Madrid). Atletico was
founded in 1903 by Basque students in Madrid,
who saw it as a branch of Atletico Bilbao. In
1921 it became independent of Atletico Bilbao,
and built its own stadium. It has had times of
success and failure, but since 1940, when
football started again after the Civil War,
Atletico has won the Spanish League 9 times,
the Copa del Rey 9 times, and the Euopean
Cup-Winners Cup once.
1958 VF EUR 80
1226 COBRES DE MENORCA S.A.
SPAIN : BILBAO. Accion de 250 Pts. Serie A.
brown, green. # 4000. No 860. Copper (also
lead and iron) deposits in Minorca were known
for a long time, but not exploited because of a
lack of fuel. We believe this company, formed
by Basque interests, was not a great success.
Minorca does not have a mining tradition.
23 March 1903 EF EUR 40
1227 COCHES AUTOMOVILES Y TRACCION
ELECTRICA, SOC. GENERAL DES
SPAIN : MADRID. Accion de 500 Pts. Serie 1.
brown, green, black. # 1000. No 343. Two good
vignettes, of car and electric tram, with Spanish
scenes. Oldest car-manufacturer in Spain
according to our research. Very rare piece.
1 August 1899 EF EUR 200
1228 CREDITO CASTELLANO
SPAIN : CASTILLA. VALLADOLID. 10
Acciones de 2.000 Rs.Vn. Serie A. black on
blue paper. No 25591-600. Lovely border of
vines, with Mercury, ships, train, coats of arms,
etc. Delicate engraving by Antonio Roca y
Sallent. First time we see this 10-share piece.
20 May 1862 EF EUR 110
1229 CREDITO HIPOTECARIO, S.A.
SPAIN : BARCELONA. Accion de 500 Pts.
Serie A. brown, buff. # 1001. No 558. Striking
art-dÈco piece with main design of building
being repaired, and park. Large square format,
and beautiful rococo underprint. One fold, but a
marvellous piece anyway.
29 March 1922 EF EUR 70
1230 EL YRIS DE PAZ CONTINUACION DE
LA POLACA
SPAIN : MADRID. 1/2 Accion. gold, black. No
123. Attractive piece, with an ornate border.
Company formed to work the Remedios mine,
at Semillas.
1 July 1854 EF EUR 240
1231 ESTRELLA S.A. EDITORIAL
SPAIN : MADRID. Accion de 500 Pts. green,
yellow, black. No 30. Vignette of flowers in
striking bold design, and border of stylised
flowers. We believe the company published a
magazine in Madrid.
4 August 1919 EF EUR 50
1232 FUND FOR ACQUISITION AND
EQUIPPING OF SHIPS
SPAIN : VALENCIA. Accion de 1500 reales.
black. No 127. The share was a participation in
a fund to acquire and equip ships for
expeditions from the port of Valencia to
America.
18 January 1803 EF EUR 400

1233 FUROR MINERO, SOCIEDAD DEL
SPAIN : MADRID. 1/4 Accion. black. No 34.
The share lists the company's mines, but does
not say where they were. Very large and
amusing vignette - a drawing of the miners at
work, with the artist in the picture - drawing!
Superb piece. Sadly, a large tear (repaired) at
the top edge.
31 May 1842 VF EUR 300
1234 GRANDS VINS MOUSSEUX S.A.E.
SPAIN : BARCELONA. Accion de 500 pts.
black, red. No 23. We cannot know whether this
company sold French sparkling wines in Spain,
or produced such wines in Spain. The latter
seems more likely. Fine border design of
stylised peacocks. Only 60 pieces issued.
4 January 1921 EF EUR 20
1235 INDUSTRIAL MINERO-MERCANTIL
SPAIN : BARCELONA. Accion de 500 Pts.
yellow, black. # 1001. No 137. The name and
design suggest the company exported mineral
products. We see Mercury (putting on his shoes
- an unusual touch) with tools, anchor, wheels,
and a mine, train, ships,lorry. Printed on card.
8 May 1920 EF EUR 30
1236 INMOBILIARIA DE ALGECIRAS, SOC.
SPAIN : SAN SEBASTIAN. Action de 100 Pts
Or, specimen. Serie 1a. green, red. No 444.
Design showing the city of Algeciras with
Gibraltar opposite, all in a classical architecture
border. One Fold. Text in Spanish and French.
1 July 1910 EF EUR 60
1237 LA CADENA-HELICE S.A. INDUSTRIAL
SPAIN : MADRID. Accion Preferente de 500
Pts. Serie 1. green, black. # 500. No 159.
Formed 1914 to manufacture the helix-chain, a
system of pumping water from underground, for
irrigation. Vignette of the system in operation.
12 December 1914 EF EUR 30
1238 LA CATALANA AURIFERA SOC.
MINERA EN PROYECTO
SPAIN : BARCELONA. 1 Accion de 3 pesos.
olive, black. # 1300. No 509. Formed 1864 to
mine gold in Catalunya,in the Puig d'Ou and
Collsafarrera districts of Monseny province.
One of the mines was named Potosi, after the
fabulously rich mines of Potosi, in Bolivia. This
was perhaps too optimistic. Catalunya is not
known for gold production.
2 October 1864 EF EUR 100
1239 LA CONSTRUCTORA CATALANA DE
ANTONIO RIBAS Y CIA
SPAIN : BARCELONA. 7% Obligacion de 100
Pesos. black, pink. # 5000. No 2609. Small
allegorical vignette of a lady Mercury with
shipping, wheat, cornucopia. First time seen by
us.
12 May 1865 EUR 100
1240 LA POSITIVA, CIA. AN. DE SEGUROS
SPAIN : MURCIA. Accion Nom. de 500 Pts.
Serie 1. green, brown, red, gold. # 4000. No
1218. Jugendstil/Art Nouveau piece with fine
coat-of-arms of Murcia. Much goldprint. Very
attractive piece, and extremely rare: only once
before offered by us: way back in 1991. The
coupon-sheet was cut off and has now been
taped back on, but very skilfully. Two folds,
and ink-marks at top edge.
1 January 1904 VF EUR 220
1241 LA PROVIDENCIA CIA MINERA-
FERROVIARIA EXTREMENA SOC.
SPAIN : MADRID. Accion de 500 Pts. blue,
yellow. # 10000. No 377. First time we have
seen this beautiful piece. The company mined in
Extremadura, and operated a railway to serve
the mines. The two vignettes show the two
activities - at the top, the mine, with a beautiful
lady miner watching the miners at work, and at
the bottom, a passenger train. Signed as
president by the Marques de Cenara y de Villa
Ytra.
1 February 1911 EF EUR 140
1242 MINA LA ENCARNACION - MINERA
TITULADA LOS BUENOS AMIGOS
SPAIN : GUADALAJARA. YENDELAEN-
CINA. 1/4 Accion. yellow, black. # 240. No
54/2. A superb Spanish mine, with a great
border of drawings (some humorous) of the
mine, miners and primitive smelter. Most
unusual and attractive share, in spite of some
'foxing' spots. The mine was in the rich
Hiendelaencina district, northeast of Madrid;
many of the finest 19th-century Spanish mining
shares are from that region. Photo on the inside
of the back cover.
26 February 1846 EF EUR 400
1243 MINERA LEONESA MADRILENA
SPAIN : MADRID. 1/4 Accion. gold, black. No
116. Goldprint, with very delicate design typical
of many of the beautiful Spanish mining shares
of this time. The Maria Eugenia mine (ironore?)
was in the rich Hiendelaencina mining
district, east of Madrid, and a small picture of it
is shown. Also fountains, cornucopias, flowers,
mythical animals. Slightly dirty, with a small
piece missing from one corner. First time in our
auctions.
30 September 1852 VF EUR 220
1244 MINERA NUESTRA SENORA DEL
PILAR, SOC. - MINAS CONCHAY CAROLINA
SPAIN : MADRID. 1/4 Accion. goldprint,
black. # 113. No 54. Delicate border in goldprint.
Formed in Madrid, to work the mines
Concha and Carolina. The Carolina district is in
the rich mining region of Linares, Andalusia.
5 February 1853 VF EUR 160
1245 PRESTAMO-GESELLSCHAFT
SPAIN : MADRID. 'Accion' de 2500 rs. black.
# 160000. No 34663. In 1798 a loan of 400
million reales was created by royal decree, and
this organisation accepted amounts of 2500
reales under the terms of the decree. The
holders were chosen, as in a lottery, to receive
repayment with interest. However, it does not
give terms of interest or of drawings. It suggests
a forced loan, which is quite realistic at a time
when Spain was in serious difficulties. Pretty
piece, with fine and delicate design of birds and
flowers, and the arms of Spain.
1 May 1799 EF EUR 100
1246 PUERTO DE DENIA, CIA.
CONCESIONARIA DEL
SPAIN : MADRID. 1 Accion de 500 Pts.
brown, green. # 1600. No 405. Large format,
with great view of the port of Denia, showing
its castle, and shipping. Denia is, of course,
well-known to holidaymakers on the Costa

Blanca. Design by Narciso Mendez, painter and
illustrator in Madrid.
1 January 1902 VF EUR 120
1247 REAL COMPANIA DE FILIPINAS
SPAIN : MADRID. Accion de 250 pesos.
black. # 32000. No 15262. The company was
formed in 1785, and absorbed the Barcelona
company, so well known to collectors. It had a
monopoly of trade with the Philippines, which
gave the company access to a wide variety of
oriental goods imported locally into the country.
There was much opposition to the company,
notably from Holland, and within the country,
particularly from the cotton textile trade of
Catalonia and the silk merchants of Valencia.
The company issued 32,000 shares of 250 pesos
(or 5,000 reales) each, and many were taken by
the King, and the major banks. At the beginning
the company traded well, allowing it to open
depots in all the leading Spanish ports.
However, its monopoly rights were reduced,
and only by raising fresh capital (by a bond
issue) did it continue to trade successfully. War
between Spain and England, from 1796, was a
disaster for a trading company such as this, and
it never flourished again. It was finally
liquidated in 1835.
15 July 1785 EF EUR 600
1248 REAL COMPANIA GUIPUZCOANA DE
CARACAS
SPAIN : MADRID. Accion de 500 escudos.
black (small seal). # 9000. No 3208. The
'Caracas Company', the Real Compania
Guipuzcoana de Caracas, was formed by a
group of merchants in the Guipuzcoa province,
around San Sebastian, in the Basque region of
Spain, to trade with the Caracas province of
Venezuela, with the further aims of (a)
developing its agriculture, especially cocoa, and
(b) keeping watch on the coast, from the mouth
of the river Orinoco to the river Hacha (later
extended to cover Maracaibo). This latter aim
was to prevent illegal (in Spanish eyes) trading,
particularly by the Dutch from CuraÁao. The
leader of this group was the Count of
Penaflorida. This was the first of the great
Spanish overseas trading companies, and the
first Spanish trading company known to
have issued shares to the public. The company
had the right to send two ships per year from
San Sebastian and nearby Pasajes to Venezuela,
carrying all types of Spanish goods. For the
return voyage the ships brought precious
metals, cocoa, sugar, tobacco and leathers, back
to Sevilla and, later, Cadiz. In 1730 the
company set about establishing a chain of
trading-posts along the coast of what is now
Venezuela and the offshore islands of Margarita
and Trinidad, and in 1732 obtained a monopoly
of trade between Caracas and Spain; in 1742
this was extended for an indefinite period. In
that same year the company's Head Office was
moved from San Sebastian to Madrid. From the
outset the company was very profitable, paying
large dividends to its shareholders. King Felipe
V and the Queen took 100 shares each, for a
combined investment of 100,000 escudos. The
initial capital was 1,000,000 escudos (2,000
shares of 500 escudos of 15 reales each), but
shares were a new idea to the Spanish public,
and they did not sell well at first; only 500,000
escudos were sold (including those to the royal
house, as above). The capital was later
increased, probably in 1752, and again in 1766,
and this piece is from this final capital increase.
The company's activities expanded rapidly,
especially after 1734, when restrictions on the
number of sailings were removed. Caracas
production, especially of cocoa, rose sharply.
By mid-century the company owned 12 large
ocean-going ships and 19 coastal ships, with
some 2,500 crew, and carrying 2,500 or more
tons of freight annually in each direction.
However, all this was not achieved without
problems. The first was opposition from the
Dutch and the English, who did not want to lose
their profitable trade with the area; pressure
was brought to bear on the Spanish government
to restrict the company's activities. Secondly,
the company mis-used its monopoly powers, by
charging excessive prices for imported goods,
and cutting steadily the already low prices paid
to Caracas growers for their produce; this,
together with interference in the government of
Caracas, led in the end to a rebellion by the the
colonists. Not until 1752 was this finally
subdued, and these events led the Spanish
government to reduce the company's privileges
and introduce fixed prices for buying cocoa and
other produce. Profits fell sharply, and the
company's fortunes went into steady decline. Its
investments in Spain were unsuccessful; wars
against England in 1761-3 and 1779-83 cost it
dearly; the free-trading policies of King Carlos
III were the final blow. In 1781 the company
lost the monopoly with Venezuela, and in 1785
it was absorbed by the Real Compania de
Filipinas. The Caracas shares were exchanged
for those of the Filipinas company. The share is
very attractive, printed on vellum, with a fine
copper-engraving. At the top are the royal arms
of Guipuzcoa; on each side, and down the sides
is a fine design of leaves, fruit, weapons, and an
Indian man, with bow-and-arrow, and woman.
Boxes of company freight are all around. There
is a fine paper seal, also with the royal arms of
Guipuzcoa. This piece is issued to the Spanish
Queen Mother, the wife of the late King
Felipe V (a grandson of Louis XIV of
France), and an original shareholder at the
formation of the company. This refers to
Elisabeth Farnese of Parma, second wife of
King Felipe, who he married in 1714. She
dominated the King, and used her whole
influence to obtain Italian territories for her
sons. Spain tried to capture Sardinia and Sicily,
but this caused war with France and England,
and led to the destruction of the Spanish navy.
She did acquire Parma for her eldest son Carlos
(who, as Carlos III, was King of Spain when
this share was issued). Photo on page 3.
1 June 1766 VF EUR 6.000
1249 REFINADORA DE AZUCAR, CIA
BELGA-ESPANOLA
SPAIN : MADRID. Accion de 50 Pts. Serie A.
green, brown, black. # 40000. No 455. A very
fine piece. Border and underprint all in
Jugendstil flowers. Small vignette of a lady with
a lion. The company made chocolates at its
Madrid factory, and, to judge by the name,
refined sugar, probably on the south coast in
Granada province.
1 January 1903 EF EUR 50
1250 RIEGOS, SOC. GENERAL DE
SPAIN : BARCELONA. 10 Acciones de 50
Pts. Serie A. yellow, grey, red. No 14531-40.
Striking design by the Catalan artist Camins,
part in Jugendstil. The background is of
flowers, but the foreground is more difficult to
interpret. We see perhaps the waves of the sea.
Others will see something different. The
company engaged in irrigation works. Only
once before seen by us, in 1997.
30 June 1905 EF EUR 60
1251 SARAGOSSE S.A. BELGE,
TRAMWAYS ELECTRIQUES DE
SPAIN : BRUXELLES. Action de Capital de
F100. Cat. 8400 A. blue, buff. # 10000. No 906.
Formed 1908 to acquire and modernise the
tramway system of this city on north-east Spain.
20 September 1908 EF EUR 30
1252 SEGUROS MARITIMOS, COMPANIA
SPAIN : BARCELONA. Policy. black. No 517.
The policy covered the shipment of one bale of
goods, valued at 750 Catalan pounds, from
Barcelona to Dunkerque on the French ship 'Le
Nantois'. Large vignette of the company's
emblem.
1786 EF EUR 600
1253 TELECOMUNICACION, CIA. IBERICA
SPAIN : MADRID. Accion de 500 Pts. yellow,
black. # 3000. No 2110. The first tests of
radiotelephony in Spain took place in 1916 at

the laboratories of this company. They were
very successful, and after further progress in
1917, this company was formed, with the help
of Bilbao industrialists. Links with Spanish
ships were established, and public services soon
followed. Strong design, typical of the art dÈco
period.
26 July 1919 EF EUR 50
1254 TENERIFFE ET EXTENSIONS, S.A.
DES TRAMWAYS ELECTRIQUES DE
SPAIN : ILES CANARIES. BRUXELLES.
Action de Capital de F100. Cat. 8900 A. blue,
black. # 15000. No 6463. Jugenstil/Art
Nouveau border to this large format share from
the holiday island of Teneriffe. Wide view of
the city of Santa Cruz, from whose docks a 21mile
tramway line ran to Tacaronte. In 1927 the
tramways were acquired by the island
government.
1899 VF EUR 140
1255 UNION MARITIMA FORMENTERA S.A.
SPAIN : BALEARES. IBIZA. Accion
Nominativa de 100 Pts. green, blue, red. No
316. Interesting piece, issued in the holiday
island of Ibiza for a shipping service to the
small nearby island of Formentera. At that time
Formentera had 2.500 people, so a regular
shipping service was needed. Small vignettes of
two types of sailing-ship.
1925 EF EUR 150
1256 UTRILLAS, SOC. MINAS Y
FERROCARRIL DE
SPAIN : ZARAGOZA. Accion de 500 Pts. Cat.
9020A. green-grey, buff, red. # 24000. No
10371. Formed 1900 to build a narrow-gauge
line linking the coal-mines of Utrillas to the city
of Zaragoza. Line closed about 1970. Fine
vignette of the arms of Zaragoza and Aragon,
train and miner's lamp and tools, all linked by
chains and crossed hammers. Stamps on the
face, but not touching the vignette.
28 September 1902 VF EUR 160
1257 VALLADOLID A MEDINA DEL
RIOSECO, CIA DEL FERROCARRIL
ECONOMICO DE
SPAIN : BARCELONA. Accion de 500 pts.
Cat. 9280 A. brown, green. # 6250. No 3427.
Formed 1881 in Barcelona. By the 1950s the
line was state-owned. Fold, and a little dirty, but
extremely rare.
30 November 1881 VF EUR 100
1258 VASCO-GADITANA DE NAVEGACION
SPAIN : BILBAO. Accion de 500 Pts. green,
black. # 5000. No 181. Attractive piece,
showing a small cargo-ship entering port, and
another, surrounded by sea-gulls, sailing into
the sunset. The name Vasco-Gaditana shows
that this company worked in the Basque
Country and in Cadiz. Share printed in Bilbao,
in the Basque Country. Extremely rare.
16 February 1901 EF EUR 120
1259 W.A. LOTH, CIA. ESPANOLA DE LOS
PROCEDIMIENTOS, S.A.
SPAIN : MADRID. Accion de 500 pesetas.
green, buff. # 7000. No 460. We understand this
was the Spanish subsidiary of a German
company, manufacturing navigation equipment
for ships and aircraft. We see a compass,
crossed anchors, and wings.
11 June 1929 EF EUR 30
1260 YBARRA Y CIA., EMPRESA DE
NAVEGACION A VAPOR
SPAIN : SEVILLA. Accion de 2000 Pts. green,
blue, grey. No 1289. The company belonged to
the aristrocratic Ybarra Family. The Count of
Ybarra, who signed this piece on the back was
Lord Mayor of Sevilla years ago. Attractive
share, showing in the border, the arms of the
Spanish ports (+ Marseille) served by its ships,
and a view of the port of Sevilla. Ships are tied
up at the docks on the Guadalquivir river, by the
Torre de Oro, wellknown to today's tourists.
Also a vignette of the Giralda tower, formerly
of the mosque, now part of the cathedral.
Sevilla was a major port in the past, being the
destination of many treasure ships from the
American colonies, but the river has become
full of silt, and is too shallow to allow ships to
reach the city. One fold.
1 January 1905 EF EUR 70
Also Spain-related : 20, 224, 350, 356.
SUDAN
1261 SUDAN EXPLORATION LTD
SUDAN : LONDON. Shares of 10s. brown. No
1229. Formed 1893 to acquire concessions of
nearly 200 square miles in the Sudan. These
were unsuccessful, and the company turned to
Cornwall and Norway. These concessions were
sold in 1906 and 1910, and the company
liquidated. Heavy written text on face re death
of holder.
28 March 1905 VF EUR 70
Also Sudan-related : 371.
SWEDEN
1262 BANQUE DE SUEDE ET DE PARIS S.A.
SWEDEN : PARIS. Action de F500. blue,
yellow. # 200000. No 80001. Facsimile
signature of Ivar Kreuger, 'the Match King',
and the instigator of one of the greatest financial
frauds in Europe in the first half of the 20th
century. How far this bank was used by Kreuger
to promote the fraud we do not know, but in
view of the international scale of his financial
activities, it is very probable. We are all familiar
with the Kreuger & Toll shares. The bank was
founded in Paris in 1913, but this share is from
the capital increase of 1930. The bank survived
the Kreuger collapse and scandal, with a
completely new board of directors.
1930 VF EUR 170
1263 F÷RENINGEN ÷RGRYTE TENNIS-
KLUBB
SWEDEN : G÷TEBORG. Nom. Share of 50
Kr. green, black. No 31. Photovignette of the
members playing tennis.
1 July 1932 EF EUR 60
1264 HAMBURGER CIGARRFABRIKEN, AB
SWEDEN : ENGELHOLM. Aktie 100 Kr.
green, black. No 112. Pretty piece, with
Jugendstil flowers and a coat of arms. We
suppose the company was a subsidiary of a
Hamburg cigar-manufacturer.
1 July 1907 EF EUR 40
1265 HƒSSLEHOLMS FLYGHAMN, A.-B.
SWEDEN : HƒSSLEHOLM. Aktiebrev 100
Kr. purple on buff paper. No 19. Vignettes of a
very early aeroplane, a flying-boat and an
airship. The company owned/operated the
airfield at H‰ssleholm. 4 punch-holes in top
margin, not touching print.
15 May 1920 VF EUR 100

1266 INDIGO AVIATION AB
SWEDEN : American Depositary Shares. blue,
black. No 117. Indigo is a commercial aircraft
leasing company, formed in Sweden, but with
these American Depositary Shares. Logo of an
aircraft on a globe.
10 August 1999 EF EUR 30
1267 NORRK÷PINGS BOMULLS VƒFVERI
A-B
SWEDEN : NORRK÷PING. 1 Aktie Rdr.2000
Rmt. black. No 268. Vignette of the cotton-mill.
Slight edge-damage A pretty and rare piece.
1 July 1860 VF EUR 220
1268 STOCKHOLM-WESTERAS DAMPF-
SCHIFFAHRT
SWEDEN : STOCKHOLM. Actie. Serie A.
black. No 90. One of the finest of the many
early Swedish pieces with magnificent
engravings. The line offered a steamer service
from Stockholm to Westeras (today V‰steras),
using the steamers Gustaf Wasa, Westmanland
and Yngwe Freij. The engraving shows the
scene across the water from the quay at
Riddarholm to the city of Stockholm, with the
steamers sailing to and from the city, and
passengers and merchandise waiting for the
next ship. The view shows Eldkvarm, the
Seraphim Hospital and Kungsholm church. The
large engraving is of the highest quality.
Extremely rare and first time in our auctions.
Photo on the inside of the back cover.
3 May 1847 EF EUR 800
1269 STR÷MSHOLMS SLUSSWERK
"STR÷MSHOLM KANAL"
SWEDEN : STOCKHOLM. 6 Actier of 160
Riksdaler. black. No 125-130. The Strˆmsholm
Canal ranks, with the Gˆta Canal, among
Sweden's most important waterways. It
construction was started in 1777, to meet the
need for a water-route from the mining areas of
central Sweden. Johan Ulfstrˆm (1733-1797)
was the real instigator of the project. A share
issue was required to meet the building costs,
and this was authorised by the King in 1799.
The shares were issued in 1800, each being sold
for 160 riksdalers. The vignette on the
certificates is of the highest quality to be found
on any bond or share, being a very delicate
engraving of Neptune with coats-of-arms and,
in particular, the arms of King Gustav III. On
the inside pages of this 4-page document
dividends to 1842 are recorded. The canal was
reorganised in 1847 to become the Strˆmsholms
Nya Canal-Bolag.
3 March 1800 VF EUR 600
1270 SVENSKA MOTORVAGNS-A/B
SWEDEN : STOCKHOLM. Aktiebref 100 Kr.
blue, green. No 473. Fine early date for a car
share, especially from a country which was not
really a pioneer in the field. Fine underprint of a
car. One of the directors was Victor
Wallenberg. The Wallenbergs were and sill are
one of the most important Swedish business
families. First time offered by us.
1 June 1904 EF EUR 140
1271 SVENSKA OST-INDISKA CIE.
SWEDEN : STOCKHOLM. Actie 200
Riksdaler. black. No 2544. Sweden formed its
East India Company in 1731, and ranks, with
the Dutch and English, as among the most
successful of those trading with the Far East.
The company's first ship sailed from Gˆteborg
in 1732, and the last returned in 1806. During
this period no less than 132 trading expeditions
were sent, 128 of which reached Canton, the
only Chinese city open to trade with Europe.
Tea was the main cargo for Europe. None of the
European trading companies could operate
successfully during the Napoleonic wars, and
the Swedish company was liquidated in 1806. It
seems fairly clear that only from 1782 did the
company have a permanant share-capital, and
issue shares. Before that date, it appears to have
followed the usual early practice of financing
each voyage separately and liquidating capital
and profits voyage by voyage. This then is a
piece from the first (and probably only) shareissue
the company made.
1782 VF EUR 1.000
Also Sweden-related : 1126, 1139, 1140.
SWITZERLAND
1272 BERNINABAHN AG
SWITZERLAND : GRAUB‹NDEN.
POSCHIAVO. Stamm-Aktie von 500 Franken.
green, pink, black. No 13065. The line was built
to link St.Moritz to the Italian network near
Sondrio, through the Poschiavo valley, beside
Mount Bernina. It is still in use today. Text in
French and German.
12 June 1913 UNC EUR 120
1273 C.D.F. NYON - ST-CERGUE ñ MOREZ
SWITZERLAND : NYON. Action de 1re
Classe de F500. blue, green. # 1060. No 915.
The 27Km line, of metre-gauge, originally ran
from Nyon, on Lac LÈman, across the French
border to Morez, but the French section was in
1958 replaced by a bus service, so the line now
works to the border at St. Cergue only. It was
opened in 1916, and still works today, operating
from the recently-opened underground station at
Nyon. Fold. First time seen by us and only this
one piece was found by the consigner.
1912 VF EUR 120