THE INDIA SPECIE BANK.

Stratford Evening Post, Volume XXXVIII, Issue 91, 8 April 1914, Page 5

THE INDIA SPECIE BANK.

REALISATION COMPLETED, i By Electric Telegraph—Copyright [United Press Association.] (Received 8.4 5a.m.) London, April 7. The silver syndicate which took over three millions from the India Specie Bank in December has completed the realisation of tho stock. The world’s annual output in silver is twenty-four million sterling. Chanilal Saraya, of the Specie Bank, who conceived the idea of cornering the bank, was at one time responsible for six millions sterling, and succeeded in selling throe millions to the India Government, but three minions remained in September, when tho bank closed its doors.

Dividends totalling £152,500 were paid out of capital. It is estimated that the deficiency is £540,000. The realisation removes tho incubus which oppressed the market for five years. The Bombay liquidators report that tho Specie Bank lost silver transactions amounting to £543,000 in 1911. and gained £538,750 in 1912, and that the bank lost £523,000 in 1913, which was concealed by temporarily debiting a largo sum to various people.