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Brecon & Merthyr Tydfil Junction Railway Company, £25 4% consolidated fourth preference stock, 1901, black on blue. * Black print on blue paper with handwritten details completed in black and red ink. Ornate border on left only. Embossed company seal on lower left hand corner. £25 stock numbered 25. Dated 17 June 1901. 'CANCELLED' stamped in dots down left hand side. Handwritten alterations all over.
