columns on either side of the portrait, but the portrait itself is framed by a wreath rather than a double line oval, as with the Sun Yat-sen stamps. Third issue The third issue became necessary when the fall of Beijing to the Japanese in July 1937 resulted in having printing plates that were behind enemy lines. A new design was required, and it is most easily recognized by the replacement of the Corinthian columns in the side panels with floral scrollwork. The new stamps, first released on 1938-11-11 were printed by the Chung Hwa Book Co., the Dah Tung Book Co. and the Commercial Press, all of Hong Kong. Certain high values were later printed by the Pacheng Printing Co. of Nanping in Fujian Province; these were first released in 1942. This issue continued in use through most of the tumult of the following decade. The resulting varieties in printing methods, design details, secret marks, watermarks and perforations, as well as overprints for regional, occupation and revalued uses make the study of this issue the most complex of the Sun Yat-sen issues. The $5.00 stamp is often found imperf but they were never issued in that format. Such copies were looted from the printing works in Hong Kong during the war. Fourth issue The fourth issue, also known as the "New York print", was recess printed and perforated 12 by the American Banknote Company and appeared on 1941-02-21. The colours in this issue tend to be brighter than in the others. In this issue Sun's picture, which faces slightly to the right, is on a largely unshaded background, and the Western value tablets have been moved to the middle of both sides of the stamp. Sixteen values between ½¢ and $20.00 form this set. One of the rarest and most spectacular varieties in Chinese stamps is the $2 that was printed with the portrait upside down in the frame. It is believed only one sheet was printed like this and only a few stamps from it have turned up. Apart from this, there are no major varieties of this issue, but there are numerous significant overprints. Fifth issue The fifth issue continues many of the design elements of the fourth, but has a much cruder appearance. The portrait of Dr. Sun in this issue is a full bust and faces to the left; the entire background for the portrait is