Bond of Y10.000. brown, blue, black. Nan ManshuTetsudo 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, andin 1932 established the 'puppet-state' of Manchukuo. Underprint of a locomotive (which is also on each coupon). Text in Japanese. High denomination.
Startprice: € 100