INDIAN RUSE.
MARKET HOAXED.
False Report Circulated in Bombay. TRADERS LOSE £100,000. United Press Association. —Copyright. (Received 2 p.m.) LONDON, October 21. "The Times" Bombay correspondent states that tlie bullion market subjected to the most elaborate hoax in the city's history, presumably aimed at causing fluctuation to the benefit of the perpetrators. By the first post the managers of four local banks and other prominent business people, including brokers, received a letter purporting to bo signed by an official of the Government's Commerce Department accompanied by copies of notices drawn up to appear in the ofiicial "Gazette" announcing a 10 per cent duty on exports of gold and simultaneously abolishing the duty on tho export of silver. The bank managers communicated with the manager of the Reserve Bank but neither he nor the Customs had received information. Nevertheless the rumour spread to the market, forcing down the price of gold 12/ per ounce and rocketing up silver before the Government's denial arrived. It is estimated that traders lost £100,000.
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https://paperspast.natlib.govt.nz/newspapers/AS19351022.2.74
Bibliographic details
Auckland Star, Volume LXVI, Issue 250, 22 October 1935, Page 7
Word Count
169
INDIAN RUSE.
Auckland Star, Volume LXVI, Issue 250, 22 October 1935, Page 7
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