This delegation bond of 100 francs No. 2.156 of the Sanatorium Frigorifique de Saigon, issued in Paris on 1 July 1898, is a document of very great rarity for collectors of French colonial scripophily. The Sanatorium Frigorifique de Saigon was a public limited company specializing in cold preservation (cold storage, refrigerated warehousing) in Saigon, capital of French Cochinchina. In 1898, industrial refrigeration was still a very recent technology (the first industrial refrigerators date from the 1870s-1880s), and its application in the tropical context of colonial Indochina represented a considerable technical and commercial challenge. This type of company providing essential services (preservation of food, medicine, perishable goods) in a tropical environment was crucial for the economic and public-health life of the colony. The term "Sanatorium" in the name refers to the idea of health preservation through cold. A "bon de délégation" is a certificate representing a delegation on the company's receivables or revenues. A unique document of its kind, it will interest collectors of Indochina and the history of industrial refrigeration.