For some reason Netherlands Indies stamps over quite a long period are susceptible to this - best not to soak - use a sweat box.
No one has ever explained to me why this should be so, when Netherlands stamps by the same printers do not do this. I surmise that the paper may have been "tropicalised" to combat humidity and the soaking problem is an accidental by-product.
The ink is not exactly water soluble, or it would run line the "sea green" of some older British stamps. Rather, the paper is coated with a chalk-like substance which is not water resistant, or to which the printing ink does not adhere well, and hence flakes off.
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