The Manila Railway Company [1906] Limited 4% “B” Debenture Bond No. B 27715 £ 20 – [with 26 coupons #73-98 – all issued and cancelled with blue marker] [in green colour]

Description

One of the EXTREMELY RARE GBP 20 bond certificates issued by the predecessor of Meralco in 1907; engraving features a train with steam locomotive crossing a river bridge. Dated May 10, 1907.

This is the first time we have this denomination from the “B” series in the past 35 years, and at a very different acquisition cost. Founded in 1888 as an English company to take over a concession that was granted by the Spanish government in 1887 for a distance of 196 km over 99 years. The Spanish government regularly paid the subsidies stipulated in the contract. In 1898, after the naval victory of Admiral G. Dewey over the Spaniards near Manila, the Philippines were ceded to the USA, which did not meet the obligations of the Manila Railway. In 1903 the concession was taken over by the Philippine government. After lengthy but unsuccessful negotiations with the USA, a new railway company was founded in New Jersey, USA in 1906, the Manila Railway Co. (1906), which had taken over the properties and technical equipment from the English company. Their activities continued until 1917.