Star of India

When you inspect an antique share certificate then there is a good chance that you discover a seal on the document. Here's an example of a dry seal, also known as an embossed seal, hardly noticeable but surprising at a closer look.

Seals are security features used to enhance protection against counterfeiting. There are many ways by which seals can be produced, e.g. as a dry seal like the one in the example, as a stamp imprent with ink, or as an impressed relief in wax. Even holograms are used on modern certificates. 

Dry seal with in the circumference the text THE SCINDIA STEAM NAVIGATION CO. LD. - BOMBAY 

Dry seals are created on the document by means of an embossing press. An embossing press consists of two plates, one bearing the image in relief and the other one bearing the mirror image. By pressing the document between the plates, the seal image is produced forming a raised image in the paper. 

Seals on certificates can show the name of the issuer, an emblem or a coat of arms, an incorporation date, or a picture of the kind of activity that was involved.

Our seal was embossed on a share from The Scindia Steam Navigation Company, Limited. It shows a star surrounded first by some lettering and then by sun rays. Not all letters are readable but you can recognize ..EAVEN'S LIGHT OUR G..

The Scindia Steam Navigation Company, Limited was founded in 1919 by Walchand Hirachand, Narottam Morarjee, Kilachand Devchand and Lallubhai Samaldas. Back then the sea routes in the British Empire were controlled by British companies. In April of 1919, the company's ship SS Loyalty sailed to the United Kingdom. Much against the will of the British, it was the first Indian ship to do so. The vignette on this share from 1920 depicts the company's flag ship, the SS Loyalty. 

All-wise Google tells me that the star and the lettering in the dry seal matches the emblem of the Order of the Star of India. It was Queen Victoria who created in 1861 this order of knighthood to honour (loyal) Indian Princes and Chiefs, as well as British officers and administrators who served in India.

The order's motto was HEAVEN'S LIGHT OUR GUIDE and can now be recognized on the seal above. With HEAVEN referring to the stars, this neutral motto had to appeal to people of different faiths. The star did not have Christian connotations, and was so accepted by the Indian Princes.

In  1886 Maharaja Madho Rao Scindia of Gwalior succeeded his father Jivaji Rao Scindia and ruled until his death in 1925.  Note the Star of India on the chest. image (clipped) : Internet Archive Book Images / No restrictions via Wikimedia Commons

At first it was unclear to me why we see the Star of India in the seal from the Scindia Steam Navigation Company. However my friend David had an interesting theory. What he came up with can also explain why the name of the company, despite being founded in Bombay by Gujarati businessmen, includes the word Scindia, the name of a dynasty that ruled the State of Gwalior. 

David pointed out that the company's first ship, the SS Loyalty, was purchased from Maharaja Madho Rao Scindia of Gwalior. Madho Rao became Commander in the Order of the Star of India in 1895. The Maharaja in turn had bought the ship, then known as the RMS Empress of India, from the Canadian Pacific Line in 1914. According to The New York Times of Dec 20, 1914, he was the richest Prince of the Indian Empire.

Royal Bombay Yacht Club, 6% Rs.100 debenture, 1898 
Note the Star of India in the emblem's lower right quarter, click image to enlarge 

image: Barry Collection, via scripoworld.com 

Are there more scripophily items illustrated with a Star of India ? Almost none, but there is a bond from the Royal Bombay Yacht Club, see image. This exclusive membership club, founded in 1846, was awarded its blue flag with a Star of India surmounted by the Imperial Crown of India.

A regular customer of the RBYC was politician Freeman-Thomas, aka Lord Willingdon (1866-1941). As Governor of Bombay he ruled from 17 Feb 1913 through 16 Dec 1918 over the Bombay Presidency. This administrative subdivision of British India, more or less the size of today's Germany, counted then nearly 30 million people.

While in office Willingdon maintained good relations with the Indian Princes and important business men. He met Narottam Morarjee, one of the founders of the Scindia Steam Navigation Company, to discuss the shipping business. Another founder of that company was Lalubhai Samaldas who had served as an Executive Councillor to the Governor.

Lord Willingdon's statue in Coronation Park, Delhi, India. Note the Star of India 

image (clipped) : Nvvchar / CC BY-SA (https://creativecommons.org/licenses/by-sa/3.0) via Wikimedia Commons 

On the 3rd of June, 1918, Lord Willingdon was appointed by King George V as a Knight Grand Commander of the Order of the Star of India.  He often visited the Royal Bombay Yacht Club with important British officials and officers.

One one occasion in 1918 Willingdon invited some Maharaja's, possibly including the Maharaja of Gwalior, to the club. The Governor and his Indian guests were denied access. The RBYC only accepted European members. Willingdon then founded his own Willingdon Sports Club with membership open to both Indians and British.

detail from the Post Office Cash certificate, see below, showing the coat-of-arms of the British Empire

There was one celebrity that Willingdon did not get along with. That person was Mohandas Karamchand Gandhi. When Gandhi returned in Jan 1915 to India from South Africa, both met at Gandhi's welcome reception in Bombay. They would later meet each other again under different circumstances.

In 1917 a famine broke out in the Kheda region of the Bombay Presidency ruining the local economy. Peasants were not able to pay their taxes anymore. Under Gandhi's influence the people sent a petition to Willingdon, asking that he cancel the taxes for that year. Property confiscation and arrests was the government's answer.

Gandhi with the help of his followers organized the people to start a non-violent resistance, with success. Taxes were cancelled, property was returned and prisoners released.

Here's another "Star of India" certificate, a [India] Post Office 5-Year Cash Certificate, issued in 1935 while Lord Willingdon was India's Viceroy. However, the star is not immediately visible.

During the British rule of India several acts were approved to expand and regulate the Indian Posts and Telegraphs service. After the Government Savings Bank Act 1873 was ratified in 1881, Post Office Savings Banks opened throughout India. The reverse of this certificate explains that the holder, after his initial investment of 18 Rupees and 13 annas, would cash in 20 Rs after five years. The average per capita income in 1931-32 was Rs 65 (Towards Freedom 1945, Bimal Prasad)

On 18 Apr 1931 Lord Willingdon became Viceroy of India for five years. During his reign Gandhi and the Indian National Congress party organized a mass Civil Disobedience Movement. Willingdon imprisoned Gandhi, the INC members and tens of thousands of Indian activists.

As Viceroy, Willingdon was also supreme commander of the British Indian Army. The Government of India Act 1919 gave him also direct control over foreign affairs and communications, including the post service in India.

The viceroy served also as the grand master of the two principal order of chivalry of British India: the Order of the Star of India and the Order of the Indian Empire.

When viewed against a light source, the Post Office Cash certificate shows off its watermarks including several Star of India emblems. The four black dots (three of them in the corners) are the silhouettes of little magnets used to hold the certificate in place when photographed. Click image to enlarge 

The Post Office 5-Year Cash certificate is revealing when it comes to watermarks. Besides the initials of the paper maker, you can see a repeating pattern of the words GOVT of INDIA and the Star of India.

Gandhi must have been the Indian Postal Services' top customer. At some point he received hundreds of letters on a daily basis. These were answered by several close friends acting as his secretaries. Tens of thousands of letters written by Gandhi survived, 31,000 of them were compiled in the Collected Works of Gandhi.

Microprinting is rarely seen in Indian scripophily but this Post Office Cash certificate has it in the underprint:  'POST OFFICE FIVE YEAR CASH CERTIFICATE'. Image scanned at a resolution of 1200 dpi 

Was Gandhi ever awarded a Star of India ? Well, he was close to the founders of the Scindia Steam Navigation Company who publicly supported him, morally and financially. Did Gandhi encounter the Maharaja of Gwalior ? Yes, on one of these occasions Gandhi addressed Madho Rao Scindia in public and asked him for contributing to the funds of the new Benares Hindu University.  However Gandhi did not receive a Star of India, that was about the last of his concerns.

F.L.


PS You've seen other shares with a Star of India ? Send me a picture, I'd be happy to include it here, or post it on Facebook's Ancient indian stocks & bonds - scripophily group.

Reference

• Lord Willingdon, Wikipedia 
• Towards Freedom - 1945, by Bimal Prasad

More on Seals

• Seal stories 
• Holograms, modern seals on stock certificates  

= = = = =

Here is an addition from 30th April, 2020. Thank you for the tip Sanjay ! 

The Eastern Electric Light & Power Company Limited, £5 shares certificate, 1882

vignette of Star of India, repeated in the embossed seal 

source: Spink Auction 9014, May 2019

The Benzon family and the Copenhagen Zoo

One of the most appealing items in scripophily are share and bond certificates from zoological gardens. Mostly these prints show naturalistic scenes plentiful with exotic animals. Only a handful of  these "zoo" certificates are available on the collector market.

In fact, using biological terms, zoo shares, with a few exceptions, are among the rarest species in scripophily world. In May 2019, a spectacular example surfaced at an auction organized by the Østlandets Aksjebrev Forening, the Oslo-based branch of the Norwegian scripophily society. The item was the star of the sale and attracted several bidders from Norway and abroad.

This 200 Danish rigsdaler share from Den Zoologiske Have Ved Kjöbenhavn , the Copenhagen Zoo, was issued in 1873. In that year Denmark and Sweden formed the Scandinavian Monetary Union. The Danish krone replaced the rigsdaler in 1875 at the rate of 1 krone = 1/2 rigsdaler.
image source : Østlandets Aksjebrev Forening, Norsk Selskap for Scripofili

Østlandets Aksjebrev Forening, held its fourth auction at Oslo on 4 May 2019. Over 600 lots were at stake and one of these was a 1873 share in Den Zoologiske Have Ved Kjöbenhavn, the Copenhagen Zoo. Reportedly, only one other share from this company is known.

The Danish ornithologist Niels Kjærbølling (1806–1871) founded the zoo in 1859. The city of Copenhagen gave him a part of the Frederiksberg Palace Park as recognition for his work. His books, illustrated with lithographed drawings of birds, became very popular and spread public interest in birds and bird spotting. 

The design of the Copenhagen Zoo share includes not less than eighteen different animal species! Click the image of the share certificate on top to enlarge. We have monkeys, parrots, a snake, a lizard, an emu, kangaroos, a leopard and a lion, a camel walking away, a zebra, a deer, running gazelles, a bear, a curious wild boar, an owl, a lynx taking it easy, a squirrel and a vulture in the sky.

Unfortunately Kjærbølling lacked the experience to run a zoo business. The place was not well maintained and animals died. His son Fritz Hugo Kjærbølling inherited the zoo. He had acquired the knowledge and skills to keep and breed animals at zoos like the one in Cologne. However he could not reverse the zoo's poor financial situation.

Fritz Hugo Kjærbølling discussed the situation with three ornithologists : J. C. H. Fischer, who would become Kultus Minister of Denmark, H. C. Erichsen, head of the Ministry of Finance, and Alfred Nicolai Benzon.

A pharmacist, Benzon (1823-1884) founded his own pharmaceutical manufacturing and distribution business, Alfred Benzon A/S. He was also a well-known and published botanist and ornithologist.

In 1872 these four men decided to set up a new company that would become the owner of the zoo: Den Zoologiske Have Ved Kjöbenhavn. Fischer, Erichsen and Benzon were appointed directors with powers to meddle with the zoo's daily operations. Kjærbølling became the zoo inspector. The arrangement didn't work out and, after being paid for his shares in the company, Kjærbølling, the only one with real zoo keeping experience, had to leave the company.

Two small shield vignettes in its upper corners adorn the share of the Copenhagen Zoo. These are the lesser version of the coat of arms of Denmark (left) and of the city of Copenhagen (right). 

The zoo's first years were difficult but it survived till today. After Alfred Benzon's death in 1884, his pharmaceutical business was passed on to his sons Alfred Benzon Jr. and Otto Benzon. The Benzon family continued to support the zoo.

Alfred Benzon Jr. (1855-1932) was besides an entrepreneur also a painter. He became a pupil of the famous Danish painter Peder Severin Krøyer (1851-1909). The latter painted several works featuring the Benzon's, see here and there. P. S. Krøyer was adopted by his uncle Henrik Nikolai Krøyer, who in turn was ... a Danish zoologist and head of Copenhagen's Natural Museum. It's a small world, they say.

Benzon Jr. produced several marine paintings, like the one here. He was also a good observer and drawer of animals and birds, like many ornithologists. It was he who made also the drawing for the Copenhagen Zoo share.

The Copenhagen Zoo share was printed by I. W. Tegner & Kittendorffs Lith. Inst. The design was made by Alfred Benzon junior.

Alfred Benzon Jr's son, Bøge, undertook several nature expeditions related to nature conservation,  animal protection and the collecting and study of species. In 1952, Bøge Benzon (1891-1976) founded the Alfred Benzon Foundation. He donated his shares in the family business to the foundation.

The Alfred Benzon Foundation supports medical researchers and pharmacists, but also gives the Copenhagen Zoo donations for its research laboratory. Bøge Benzon was the zoo's Director from 1954-1956 and in 1967 its Vice-President.

I have not discussed the coat of arms located at the center of the share certificate. It depicts a shield with the words "Utile Dulci". The shield supports a stag head and is flanked by a bear and a lion. It seems to me that Alfred Benzon Jr., the artist, repeated the stag-lion-bear theme in the large scene at the bottom, be it in a different order. My research was fruitless. Who knows more about this coat of arms ?

This historic share in the Copenhagen Zoo represents the important ties between the zoo and the Benzon family. It was auctioned on 4 May 2019 in Oslo by the Østlandets Aksjebrev Forening. Hammered over three times its start price it was purchased at NOK46000, nearly USD5300, excluding a 15% buyer's premium.

F.L.

Related links

• Zoo. En historie om dyr og mennesker gennem 125 år, by Bent Jørgensen, see here  
• Zoologische Gärten als Kapitalgesellschaften - Geschichtliche Entwicklung und Finanziering, by Armin Schmitz und Arne Metzger, see here 
• Østlandets Aksjebrev Forening, Norsk Selskap for Scripofili, Norwegian scripophily society and publisher of its periodical Scriponytt
• The International Bond & Share Society publishes three times a year Scripophily magazine which, among other topics, reports on auctions in the field 

Over 1000 lots in Archives International Auctions Summer Internet Sale

AIA's 43rd sale features U.S. & worldwide banknotes, scripophily, coins and historic ephemera. The auction includes nearly 800 lots of antique stock and bond certificates largely from the American Bank Note Company Archives. 

For sale are certificates from famous companies like Pizza Hut, Coca-Cola, Procter & Gamble, General Motors and Boeing. Most U.S. themes are represented - automobiles, aviation, mining, navigation, steel, oil, utilities, state & city, and lots more. The railroad section counts over 250 lots. Among China, Canada, Cuba, Israel and other countries, there is an interesting series of Chile scripophily.

Banco Hipotecario de Chile
1000 Pesos, series B 6% specimen bond , early 1900s
printed by the American Bank Note Company
lot 1127 in the auction
click image to enlarge 

Nice engraving work from the American Bank Note Company can be seen on Banco Hipotecario de Chile specimen bonds. Their main vignette show the arms of Chile, which was designed by the Irish-born artist and engineer Charles Chatworthy Wood Taylor (1792 – 1856).  

Charles Wood Tayler emigrated to the United States in 1817. In Boston he earned a living as a landscape painter. The U.S. government hired Wood Taylor in 1819 to embark on a scientific expedition that took him to the coast of Mexico, Ecuador, Peru, and Chile. The following year he accepted the post of Lieutenant of Artillery of the Army of Chile, and was added to the corps of engineers. After taking part in several military activities Wood Taylor was promoted to the rank of Captain of Engineers. He designed the coat of arms of Chile which was adopted in 1834. Wood Taylor also designed the first stamps of Chile. Other Chilean bonds in the auction show variations in the arms.

Auction details

• Date : 18 July 2017
• Locaton : This is an Internet only auction.
• Further info : see here, catalogue there 

F.L.

La Belle France under the hammer

Lot 400 Compagnie Générale des Services Publics de Paris et la France

This 1906 founder's share shows the map of France in the underprint 

surrounded by not less than 10 coats of arms of French cities : Paris, Marseille, 

Toulouse, Bordeaux, Rouen, Nice, Nantes, Lyon, Lille and St. Étienne.

double-click image to enlarge

Next Friday and Saturday, Mario Boone's 55th international auction of antique stocks & bonds will take place in the heart of Brussels (Hotel NH Carrefour de l'Europe). I've announced this event in my previous post. This time, I want to bring to your attention a special collection to be auctioned during the happening.

Lot 368 : Société de Constructions de Levallois-Perret
Certificat nominatif d'actions de 100 Francs, issued 1939
Formed Paris, 1893, as successors to Compagnie des Etablissements Eiffel
Rarity indication R10 (3-5 pieces known)

Société de Constructions de Levallois-Perret
detail from the certificate above
1866 Gustave Eiffel set up his own engineering office
 at 48 Rue Fouquet in Levallois-Perret. The street
was later renamed into Rue Gustave Eiffel.

France, a Walhalla in scripohily
There is no other nation that has left us so many decorative bond and share certificates like France. For many years, I've been studying auction guides, and I don't think that other countries count more artists, engravers or lithographers. I started to believe I had a good idea of what French scripophily could offer. Boy, am I wrong ! Splendour .. amazement .. rarity .. significance .. these are words that instantly crossed my mind when flipping through this collection's catalogue.

Lot 360 : Société de l'Ascenseur de la Terrasse de Saint-Germain-en-Laye
Share of 100 francs, 1899, Paris

Société de l'Ascenseur de la Terrasse de Saint-Germain-en-Laye
detail from the certificate above
design by Ch. Lapierre and engraving by A. Napier
printed by Imprimerie G. Richard

La Belle France
In this special auction 500 French stocks and bonds will be sold separately. The collection was brought together over a period of 25 years by an European collector, wishing to stay anonymous. Auctioneer Mario Boone says : “In my view, the greatest joy that comes with being an auctioneer is the privilege that one gets to see, catalogue and research truly superb collections such as this one. Despite being a leading auctioneer of French scripophily since many years, I have never before come across so many rarities and novelties as in this collection. That we can auction this collection, which has been built and treasured for decades, is deeply honouring.”

Lot 291 : Revillon Frères
500 francs share, Paris 1908
The company had fur shops in Paris, London, New York,
Moscow, Montreal and elsewhere
Only two pieces known according to the auctioneer

Revillon Frères
detail from the certificate above
grandiose design by A. Antigue
printed by Imp. Lahure

À chacun son goût

The collection covers three centuries, all major industries and themes and is also geographically most interesting. It includes not only, as mostly seen, Paris-issued shares, but also many pieces from other French cities and departments. Besides French colonial shares, the auction contains sections with French companies operating in Australasia, Asia, Africa, Europe, Latin and North America including California Gold Rush certificates. 

Lot 171 : Société Anonyme pour l'Amélioration, l'Education et
la Vente des Chevaux de Luxe de Race Française
Action de 1000 Frances à un quatre centième, 1837

Société Anonyme pour l'Amélioration, l'Education et la Vente 
des Chevaux de Luxe de Race Française
detail from the certificate above
Design and lithography by Ferdinand Séré
Printed by C. Adrien from Paris

Practical info 

• Auction date: 30 October & 1 November 2015 
• Place: Brussels, Belgium
• Further info, see here  

Lot 82 : Entreprise de Déchargement des Ports de Paris
100 Francs share, 1924, Paris
printed by Imp. Spéciale pour Titres

100 Words to improve your French scripophily skills

If you start collecting stocks and bonds from France, you need to learn a bit of French. Many words can easily be understood because they are written similarly to the corresponding word in English. Some examples : automobiles, fruits coloniaux (colonial fruit), banque (bank), compagnie (company), edit (edict), funiculaire (funicular) and navigation.

However, other expressions are less obvious to derive. Here is a list of 100 French terms that you will observe sooner or later on those nice papers. You will also find out that the French language often provides words that are pleasant to pronounce, e.g. tuilerie and messagerie fluviale. 

F.L.

Lot 361 : Société Pyrénéenne d'Entreprises
500 Francs share, 1919, Paris
The company was founded in 1919 to make dams,
hydroelectric facilities and bridges in the Pyrenees.
printed by Union des Arts Graphiques

Scrollwork at left

The common use of the term 'scrollwork' in scripophily

In auction catalogues that are written in English, you probably have noticed lot descriptions containing a phrase like 'scrollwork at left'. Such an expression will refer to a whole of ornamental design elements at the left side of a share or bond certificate. The term is an English term and you will often find such design elements on English shares and bonds. An example of scrollwork is printed at the left on the share shown below, hence the expression 'scrollwork at left'. Is there also something like 'scrollwork at right'? Ofcourse, scrollwork can be seen on all possible positions on a certificate. 

The Para Electric Railways and Lighting Company, Limited

Certificate for 5% first debenture stock, 1968

Printed by W.H. Rickinson & Son

left image: detail of the 'scrollwork at left' 
double-click to enlarge images

Origins of the term 'scrollwork'

Scrollwork is an ornamental design element resembling a spiral. The name is derived from the word scroll which is a roll of paper, parchment or papyrus. The edge view of a scroll forms a spiral. 

The term scrollwork is derived from the word scroll, which is a roll of paper. 
The edge view of the paper forms a spiral.
detail from the certificate below

Nouvelle Compagnie de la Ligne Internationale d'Italie
par le Simplon (Chemins de Fer et Navigation)
Bond for 525 Francs, 1868
double-click to enlarge image