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Great Western Railway Company, £1423 debenture stock, 1938, maroon on white. * Maroon print on white paper with handwritten details completed in black ink. Ornate border on left only. £1423 stock numbered 9748, entitled to interest in perpetuity at the rate of 2½ per cent per annum. Dated 14 May 1938. 'CANCELLED' perforated across right hand side. Handwritten alterations all over certificate.
