Authorised $25,000,000, issued at 92½% by Hallgarten & Co. for development of railway systems, port and river works and repayment of a short term loan of $10,000,000.  Interest and sinking fund went into default 1st July 1933. Scrip issued in lieu of missed interest payments. Offer made 5th June 1941 to exchange bonds for 3% bonds, due 1970 par for par.