Authorised and issued $2,500,000 in October 1926 at 96½ and $1,500,000 in July 1927 at 98, to retire certain external debt and for improvement of railway and highway system. Redeemable in 1946. Interest and Sinking Fund in default from 1st October 1932. Exchangeable for Colombian 3% bonds from 1949 at $1200 new for $1000 old. Most bonds exchanged.