ELABORATE HOAX
DUTY ON GOLD EXPORTS. FALSE ANNOUNCEMENT CAUSES MARKET FLUCTUATIONS. BOMBAY BANKERS HOODWINKED (Press Association. —Copyright.) (Received 10.45 a.m.) London, October 21. The Times Bombay correspondent says the bullion market was subjected to the most elaborate hoax in the city’s history, presumably aimed at causing a fluctuation for the benefit of the perpetrators. By the first post the managers of four local banks and other prominent business men, 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 the official Gazette, a'nnouncing a 10 per cent, duty on the exports of gold, and simultaneously abolishing the duty on the export Of silver. . The bank managers communicated with the manager of the Reserve Bank, but neither he nor the Customs Department had received any information. Nevertheless, the rumour spread to the market, forcing down the price of gold 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
King Country Chronicle, Volume XXIX, Issue 4762, 22 October 1935, Page 5
Word Count
174ELABORATE HOAX King Country Chronicle, Volume XXIX, Issue 4762, 22 October 1935, Page 5
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