The Danzig Port and WaterwaysBoard was the governing body for the operation of the Danzig Seaport during the existence of the WMG. It was established by a convention concluded in Paris on November 9, 1920. The Board consisted of two five-member delegations (Polish and Danzig) and a president appointed in agreement by the Polish Government and the WMG Senate. The president of the Council at the time of the 1927 loan issue was Colonel Hugens de Loes.
The loan was issued for $4.5 million, with an interest rate of 6.5% (later reduced to 4.5% as a result of conversion). Repayment was to be made no later than 1952. The purpose of the loan was to expand the port of Gdansk. Initially, the loan was repaid in accordance with the terms, but the final offer to repay the principal and interest due was presented to the holders of these bonds by the PRL authorities on July 12, 1976. The PRL repayment offer did not apply to bonds stamped "Danzig ownership"(Danziger Besitz). These bonds were listed on the New York and Amsterdam stock exchanges.
Bonds of this issue are very rare. The piece in this auction is a circulating $1,000 denomination in the Danziger Besitz overprinted version. Highly recommended!
