FINANCIAL HOAX
BOGUS NOTICE IN BOMBAY.
EXPORT OF GOLD AND SILVER.
REPORTED LOSS OF £IOO,OOO TO TRADERS.
(United Press Association—Copyright). (Received This Day, 12.20 p.m.) LONDON, October 21. The Bombay correspondent of “The Times” says That the bullion market has been subjected to the most elaborate hoax in the history of the city, presumably aimed at causing a fluctuation for the benefit of the perpetrators.
By the first post managers of the four local banks and other prominent businessmen, including brokers, received a letter purporting to be signed by an official of the Government’s Commerce Department, accompanied by copies of notices drawn up to appear as an official gazette announcing a duty of 10 per cent, on exports of gold and simultaneously abolishing a duty on the export of silver. Bank managers communicated with the manager of the Reserve Bank, but neither he nor the Customs Department had received information.
Nevertheless the rumour spread to the market, forcing down the price of gold by 12s an ounce and rocketting up silver, before the Government’s denial arrived. It is estimated that traders lost £IOO,OOO.
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Bibliographic details
Ashburton Guardian, Volume 56, Issue 8, 22 October 1935, Page 5
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183FINANCIAL HOAX Ashburton Guardian, Volume 56, Issue 8, 22 October 1935, Page 5
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