The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
BOARD OF GOVERNOR* DIVISION O F I N T E R N A T I O N A L F I N A N C E F E D E R A L R E S E R V E SYSTEM August 19, 1964 H. 13 No, 161 CAPITAL MARKET DEVELOPMENTS ABROAD I. II. I. United Kingdom Nine Charts on Financial Developments Abroad United Kingdom: Money and Capital Markets in July 1964 Both the Treasury bill and the gilt-edged markets in the United Kingdomreacted in mid-July to weakness in the spot exchange rate and to the announcement on July 18 of a substantial adverse trade deficit for the month of June. Between July 110 and July 31, the Treasury bill yield increased about 17 basis points, yields on intermediate bonds by about 18 basis points and those on undated bonds by about 6 basis points. (See^Table 1.) During the final week of July, however, both the Treasury bill and gilt-edged yields stabilized. (See Tables 11 and 12.) Prices on industrial stocks rose continuously during the month. Table 1. United Kingdom; Selected Financial Indicators, 1964 (In per cent per annum) MONEY MARKET (3-mo. yields) Treasury bill tender Local authorities deposits (covered) Euro-dollar deposits COVERED ARBITRAGE (favor U.K.) U.K./U.S. Treasury bills SECURITIES PRICES a/ (April 10, 1962=100) Industrial stocks Long-term Government bonds GOVERNMENT BOND YIELDS 5% 1967 5% 1971 5-1/2% 2 0 0 8 - 1 2 3-1/2% War Loan June 19 July 10 July 31 4.44 4.43 4.48 4.41 4.65 4.39 +0.04 -0.02 3.38 3.88 3.88 +0.50 +0.28 +0.36 +0.39 +0.08 +0.03 113.45 104.13 115.10 105.05 116.43 103.88 +1.65 +0.92 . +1.33 -1.17 5.05 5.50 6.12 6.18 5.40 5.68 6.18 6.24 -0.03 +0.02 -0.08 -0.11 +0.35 +0.18 +0.06 +0.06 279.11 -0.53 278.81 -0.67 -0.31 +0.04 -0.30 -0.14 a/ 5.08 5.48 6.20 ' 6.29 EXCHANGE RATES Spot (U.S. cents) 3-month forward discount(-) 279.42 -0.57 Previous Thursdays. Changes July 10June 19July 31 July 10 OFFICIAL USE ONLY (Decontrolled after six months) +0.17 -0.02 OFFICIAL USE ONLY At the end of July, the auction rate on the 3-month Treasury bill had stabilized at around 4.-65 per cent -- about 35 basis points below the Bank of England discount rate. In mid-July > "outside" investors withdrew from the bill market awaiting a rise in Bank rate, and the discount houses were awarded 52 per cent of the Treasury bill tender on July 24 and 43 per cent on July 31 The covered arbitrage in favor of the U. K Treasury bill widened from about 28 basis points in mid-June to 39 basis points at the end of July, but developments in the foreign-exchange and Treasury bill markets do not indicate any significant inflow of funds, The pound weakened continuously during the period under review. The spot rate fell from 279.42 U.S. cents on June 19 to 2 78-81 cents on July 31. (See Table 1.) The discount on the three-month pound also widened. Official reserves declined $28 million in July compared with $56 million in June. The crade deficit widened from £67 million in May to £113 million in June, owing mainly to heavier imports of both basic materials and manufactured goods. New U.S. dollar bond issues in London in July came to $38 million, bringing the total"for the first.seven months of 1964 to $213 million. Offerings of these bonds may begin to show the effects of steps taken by both the Danishrand Japanese authorities to reduce their dollar borrowings in London; borrowers in these two countries accounted for nearly half the total new offerings since January. Money market. Conditions in the money market tightened during the period under review. On June 30, for the first time since January, the discount market had to borrow from the Bank of EnglandThe auction rate for the Treasury bill was at 4.47 per cent at the July 3 and 10 tenders but rose sharply to 4.58 per cent on July 17 and to 4.65 per cent on July 24. (See Table 1.) It remained at this level on July 31 and August 7. In the local authorities funds market, the 90-day deposit rate eased from 5.00 per cent in .June to 4.94 per cent but, with the rise in the Treasury bill-rate, advanced to 5.09 per cent on July 24. (See Table 11 and Chart 3.) With reports of an impending change, in Bank rate, some local authorities sought funds for 6 months or longer, By contrast, yields on Euro-dollar deposits eased after mid-July. The 90-day deposit rate declined from 4.38 per cent on July 17 to 4.25 per cent on July 31 (See Table 11 and. Chart 5) Arbitrage yield spreads. By the end of July, the arbitrage spreads between United States and United Kingdom short-term money rates had declined from mid-July levels even though the uncovered yield spreads had widened. For example, the U.K. Treasury bill was 1.06 per cent above the U.S. bill but the covered yield spread was only 0.39 per cent. (See Table 2.) At the same time, the Euro-dollar rate exceeded the certificate of deposit rate in New York by 0.45 per cent on July 31 compared with 0.53 per cent on June 12. (See Chart 1.) OFFICIAL USE ONLY OFFICIAL USE ONLY Table 2. - 3' - U K . / U S , Short-term Money Market Yields and Yield Spreads (In per cent per annum) 1 9 6 4 12 TIME DEPOSITS (3-month) U.S. dollar: N.Y. - Certf. deposit a/b/ London - Euro-$ Sterling (covered) Local authorities Finance Houses YIELD SPREADS (Favor U.K.) Treasury bills (3-month) c/ Uncovered Covered Euro-$ - N.Y. C/D a/ Euro-$ - Local Authority (covered) a/ b/ c/ June 19 26 6 . July 10 17 24 31 3,85 4.38 3.85 3.85 4 . 38 4 . 3 8 3.85 4.31 3.85 4.38 3.86 4.38 3.88 4.31 3.86 4.25 4.40 4.25 4 43 4.25 4,51 4.25 4.55 4.25 4.41 4.25 4.44 4.25 4.36 4.25 4.39 4,20 .86 .25 .53 .02 .86 .28 .53 .05 .90 .41 .53 .13 .89 .41 .46 .24 .89 .36 .53 .03 1.05 .55 .52 .06 1.07 ,34 .43 .05 1.06 .39 .45 .14 Previous Wednesdays. Secondary market offering rates for negotiable certificates of time deposits, U.S. and U.K. bill rates are shown in Table 11. See also Charts 1 and 3. Bond market. In the last week of June and the first three weeks of July the government bond market recovered from the set-back experienced in early June when sterling came under strong selling pressure. The revived demand was concentrated on the long end of the market. However, in mid-July, yields once again advanced further (See Table 12 and Chart 6). Stock market. The recovery of stock market prices from their mid-June low continued throughout the period under review (see Table 12 and Chart 7), in part because corporate earnings continued favorable. Shares of capital goods industries, steel in particular, were especially buoyant. New issues. New stock and bond issues (net of redemptions) in July totalled £76.2 million in contrast with £55.7 million in May and £50.3 million in June. For the first seven months of 1964, new funds raised were almost double the amount secured in the first half of 1963 (see Table 3). In a major change in policy, all local authorities can now issue 1-year bonds, subject to Bank of England approval of the amount and the timing. Two such groups of bonds issued in July are detailed in Table 4. OFFICIAL USE ONLY - 4 - OFFICIAL USE ONLY Table 3. United Kingdom: Capital Issues, Net of Redemptions, 1963-64 (In millions of pounds) U. Ki borrowers 1/ Public companies Local authorities Overseas borrowers Commonwealth Other countries Total of which Gross issues Gross redemptions 1/ 1963 1963 Jan.-July 1964 429.4 92.5 246.9 33.6 376.5 53.6 15.8 0. 7 533 4 (646.9) (108.5) \ / 1.6 51.9 / 282.1 482,0 (328.3) (46.2) (539.8) (57.8) X May June July 48.9 4.5 34.0 7.1 65.0 10.3 -0.1 V. 0.9 9.2 55.7 50.3 76,2 (65.6) (9.9) (54.6) (4.3) (89.0) (12.8) Excluding government securities. Source: Bank of England. Table 4. U.K. Local Authority Bond Issues, July 1964 No. of Coupon Placed with Discount Houses 1-year bonds 2-year bonds Total 10 1 Issued on the Gilt-Edged Market 1-year and Related Issues 1-year bonds 2-year bond 4-year bond Total Other Stockton-on-Tees 1974-75 Issue price Value 57= 5-1/2% par par £4.5 ran. 2.0 £6.5 ron. 57= 5-1/2% 5-3/4% par par par £5.0 mn. 0.5 1.0 £6.5 mn. 5-3/4% Total Further issues were planned for July, but these issues were postponed owing to deteriorating market conditions. At the end of July, the Bank of England is reported to-have 80 applications on hand for 1-year bond issues. Aside from the 1-year and related issues, Stockton-on-Tees floated a £3 million 5-3/4% 1974-75 bond on July 9 at 97-1/2. It was heavily oversubscribed and was traded at a premium, OFFICIAL USE ONLY OFFICIAL USE ONLY Later in the month, when the bond market deteriorated, the agricultural Mortgage Corporation, Ltd, (owned by nine London clearing banks) £12 million 6-1/4% 1992-94 issue could not be floated at par on July 17 as planned, 59 per cent of the issue was left with the underwriters, and it traded at a 7/8 per cent discount in the following week. Dollar denominated loans The Portugese Government secured a $20 million 5-3/47= 1979-84 loan on July 6 Two days later an $8 million 5-3/4% 15-year bond issue was placed for the Midtkraft Electricity Co. of Denmark, and on July 15 a Japanese corporation, Hitachi, Ltd., floated a 15-year $10 million 6-1/4% bond issue with conversion rights. Table 5 lists the dollar bonds floated in London in 1963 and in the first half of 1964. Table 5, U.S. Dollar Loans Floated in London, 1963-July 1964 Issue date 1963 May June Dec. 1964 January February March April May July Borrowers Coupon 5% Government of Belgium Concessions e Costruzioni Autostrade (Italy) 5 - 1 / 2 % 5-1/4% Government of Belgium Maturity 1966 1978 1966 Value ($ Mns., 20.0 15.0 20.0 15 23 6 17 13 10 24 26 26 Norges Kommunalbank Government of Austria Wofson Clore Mayer Corp (Israel) City of Oslo Copenhagen Telephone Co (Denmark) Teijin Kabushki Kaisha (Japan) Aktieselskabet Tyssefaldene (Norway) C. Itoh and Co. (Japan) Taisho Marine and Fire Insurance Co.(Japan) 1974-84 5-3/4% 1979-84 6% 1983-88 6-1/2% 1979 5-3/4% 1984 5-3/4% 1974-84 6-1/4% 1974-84 6% 1984 6-1/4% (Common Stock) 10.0 18.0 5.0 15.0 12.0 10.0 10.0 10.0 2.0 6 4 11 8 22 6 7 15 Kingdom of Denmark Jutland Telephone Co. (Denmark) Kingdom of Norway Toyo Rryon (Japan) Rautaruuki oy (Finland) Republic of Portugal Midtkraft Electricity (Denmark) Hitachi, Ltd. (Japan) 5-1/2% 5-3/4% 5-1/2% 6-1/4% 6-1/4% 5-3/4% 5-3/4% 6-1/4% 25.0 10.0 25.0 15.0 8.0 20.0 8.0 10.0 1984 .1984 1984 1979 1979 1979-84 1979 1979 Government finance,through National Savings. In the first quarter of the current fiscal year (April through June), the U.K. Treasury raised £48.3 million through non-marketable borrowing from the public -- about four times as much as was raised in April-June 1963 (See Table 6). This reflected the substitution of the 5 per cent National Development Bond for the 4-1/2 per cent Defense Bond and the increase in the limit of premium bonds any one person may hold from £800 to £1,000. ' OFFICIAL USE ONLY OFFICIAL USE ONLY - 6 - (In millions of pounds) Fiscal Year ending March 31 1964 1962 1963 April--June 1964 1963 National savings certificates -88 2 -46.0 -86. 9 -15.3 -17.2 Defense/National development bonds +16.4 +48.6 +17.1 + 4.4 +28.1 Post office and trustee savings 4-31 8 +76.6 +123.5 +15-3 +23.7 Premium savings bonds +43.3 +42.7 +43.8 + 8.4 +13.8 Total + 3.3 +121.9 +97,5 +12.7 +48.3 Source: U.K. Treasury: Bank lending. Advances by the London clearing banks and net deposits rose substantially in the month ending July 15. The significance of the data is uncertain, however, since they were affected by the postal labor dispute which caused delays in clearings and unintended delays in settlement of commercial debts. Advances (seasonally adjusted) rose by £70 million in contrast with an average monthly increase of £42 million for May and June Deposits (also seasonally adjusted) rose by £126 million, which was as much as the cumulative increase from January through June of this year. — Instalment credit. Credit outstanding in May increased by £21 million (See Table 7), mainly due to seasonally high financing of automobile purchases. Department store credit increased by only £1 million, an increase regarded as normal for this rime of the year. Table 7. . United Kingdom: Instalment Credit (end of period) New Credit Extended, Index of value (1957=100) Department stores Finance houses Credit Outstanding (£ millions) Department stores Finance houses Tota 1 Source: 1 9 6 4 March Feb. 1963 Jan, 145 129 110 174 107 . 184 +22 445 +67 -1 +4 +3 - 1 +13 +12 U.K. Board qfJTrade. OFFICIAL USE ONLY April M ^ 105 209 110 236 111 230 - 1 +17 +16—- - 2 420 +18 + 1 +20 +21 Outstanding May 31; 336 688 1,024 / OFFICIAL USE ONLY a : - 7 - Foreign exchange, market. Sterling was under intermittent pressure in July. The spot rate eased gradually from 279,23 cents on July 1 to 279.03 cents on July 15, and to 278-81 cents on July 31 (See Table 11 and Chart 8). The 3-month forward discount widened gradually in July (See Table 11 and Chart 9), The investment dollar.premium dropped from 13 per cent in June to 11-1/4 per cent on July 10 and fluctuated narrowly around this rate during the remainder of the month. ^ The Bank of England has taken steps to block certain illegal investment dollar transactions It is believed that some foreigners, or other temporary residents of the^ U.K., have been selling dollar proceeds from security sales abroad at the investment dollar premium and re-purchasing dollars at the spot rate through so-called "external accounts". Effective July 13, foreigners and temporary residents must secure written permission from the Bank of England in order tc convert, the proceeds of foreign security sales into sterling via the investment dollar pool. Foreign trade. The trade balance deteriorated from £67 million in May to £113 mil Lion in June (See: Table 8). Imports have fluctuated narrowly in the first five months cf this year; but rose by £23 million in June. Exports were down in June, reflecting wide fluctuations in recent months. For May-June of this year, exports were only 4.7 per cent, higher than in May-June 1963 in contrast with the 16.2 per cent growth of imports. -Table 8. U.K. : Foreign Trade, 196.3-64 (Millions of pounds; seasonally adjusted; months or monthly averages) 1963 May June 1 9 6 4 Jan, - Mar. - MayA r Feb. Apr. P - Max Imports, c., i. f. 398 454 454 462 4.57 450 473 Exports, £., c, b. 343 349 355 359 337 370 348 14 12 13 12 12 13 12 -67 -113 Re-exports., £ o. b. Trade ba.1: aT\ce Source: -41 -93 -86 -91 -108 J.K, , Board of Trade. Reserve movements. Gold and foreign exchange reserves fell by $28 million in July as contrasted with a $56 million decline in June (See Table 9). The $1 billion'stand-by arrangement with the International Monetary Fund, which expired on August 8, was renewed for another year. OFFICIAL USE ONLY OFFICIAL USE ONLY Tabic 9. [Ici ted Kingdom: Reserve Position (.In millions of U.S. dollars) Changes: 1963 1 9 6 4 1 II May June July A. B. Gold and convert.ib]e currencies -149 Drawing rights on IMF - J_ 3 To Lai b/ "~195 -t-3 -39 -kL +-1 +4 -38 +48 _-JL +4" -56 4-2 -54 Outstanding July 31, 1964 -28 n. a. n.a. 2,677 a/ 2,441. a/ Jure 30, b/ Total is reduced by $33 million to take' into account the increase in reserves resulting from U.S. operations in sterling. See: Federal Reserve Bulletin, September .196 3 and March 1964. Source.:. Bank cf England and International Monetary Fund. Bullion market. Ihe London gold market was quiet in July, although a moderate demand developed in the last week of the month. The fixing price moved from $35,074 per fire ounce on July 3 to $35-084 per fine ounce on July 31 (See Table 10.. Table 10. London fixing Price for Gold (I; C 5 dollars per fine ounce) 8 15 35.083 35 082 35.081 35.082 19 26 35.071 35.075 B5.076 35.085 July Ba.-.k of. England. Europe Financial Markets Abroad Chat ^-i - 1- ternati j-: ai Money Market Yields for U.S. Dollar Injectors Chare 2 • Interest Arln trage. United States/Canada Chart 3 Irtercsc Arbitrage, New York/London Chart: 4 • 1 r. teres: Arbitrage for German Commercial Banks Char: 5 • Short - rerm Interest Rates ' Chart ^ • L e~ g : c r :> Boed Yie lds Cnarv 7 - I.v.duftrtal Stock Indices Char: 3 3 p c Fxcha ;ge Ra*.ei? - Major Currencies Against U.S. Dollar Chart 9 3 - m . F o r w a r d Exchange Rates OFFIC USE ONLY 3 10 17 24 31 35.074 35.075 35.077 35.080 35.084 - 9 Table I-, United Kingdoms Treasury Bill Yields and Exchange Bates Spot CKV 1963 High Low 196U April May June July 2k 1 1963 High Low 196k "TCpril July ¥ 3-ao, pound!/ 3.# 3,32 3.31 2.85 ,26 .a6 -.03 -1.08 a. 16 a.16 3.a3 3»ai 3.a? 3.a5 3.a5 3.a5 .73 .73 .69 .80 .80 .80 -.76 -.76 -.76 -.77 -.79 a.16 a.25 a.25 . a.25 a.32 a.32 a.32 15 22 1 5 3.a< 12 3.1.6 19 3.a6 26 a.35 3.a5 3 c/a. 3a c/3.a5 10 " a.3a ~ 3 . a 5 17 a.aa 3.39 2h a.50 3.a3 31 a.50 i.aa Table 1.1 . June Difference .87' .06 .86 23 30 7 1U 21 28 h 11 18 25 2 9 16 23 30 United Kingdom: In favor UJC. bill +.23 -.62 -.03 -.03 -.07 + .03 + .01 +.06 +;2i + .2< + .2P -.7a -.66 -.60 -.57 .90 —.a* c/.89 c/-.ae .69 " -.53 1.05 ^.50 1.07 -.73 1.06 ..67 Certified N. Y, noon buying rate y May U.S. + <.ill c/+.ai +.36 +.55 +. 3a + .39 b/ May 29 5.02 k.38 a.76 a.97 a.95 a.95 L.92 a.92 L.90 a.92 a.95 5.08 5.08 5.05 5.05 5.05 5.57 5.57 5.60 5.53 5.60 5.a5 f 6.19 6.19 6.25 6.27 6.29 6.22 ,12 6.10 5.69 6.20 6.20 5.70 5.6; 5*65 5.65 5.68 6.19 6.17 6.20 5.61 5.6 5 5.6% 6.12 6.10 6.10 6.12 6.10 6,15 6.If 6.16 6.15 6.18 6.16 6.18 6.16 6.26 6.18 6.2a 6.1/ a.62 279.97 280.00 279.96 279.92 279.95 279.69 279.53 279.UU 279.U2 279.10 279.12 279.11 278.79 278.8k 278.81 a.19 a.19 5,79 5.81 a.9a 5.00 5.00 f.00 5.00 b/5.00 -5.03 5.00 a:25 a.25 a.19 b,a.25 a. 31 a.38 a.38 5.00 a.38 5.00 5.03 a. 31 a.38 a.38 a.31 a.25 6,18 5.98 5.39 6.0a 6.05 6.08 6.03 6.08 6.08 6.12 6.12 6.13 6.07 6.02 6.02 5.99 6.09 6.06 Share yield Yield gap _ b/ 5.06 a.9a . a.9a 5.09 5.06 a. 31 a.31 a.39 a.ae a.61 a.69 a.73 a.68 a.6a a.65 a.57 a.60 a. Share prices a/ 117.2 a.13 95.6 1.73 1.7a 1.69 1.55 i.a? 1.39 1.39 i.aa i.a9 i.a2 i.a5 1.L2 i.a6 53 a.62 l.hl a.58 i.as Financial Times. Actuaries 500 Share Index (April 10, 196^=100). Difference between yield on 2-1/2 per cent Consols and share yield* 5.38 5.ao a.88 a . 06 3.56 Selected Capital Market Yields 1967 6.00 280.59 279.59 c/ July 6 U,K. Government bond yields 3% 5-1/2.? 3-1/2? 2-1/2% 1965-75 2008-12 War Loan Consols 5;aa London deposit rates Local "TOT (U.S. authority / dollar cents)-x J (3-*o.) 116.8 116.9 115.3 113.a 112.8 ,m.a 110.5 111.9 a 113. 113.3 115.6 115.1 117,3 115.6 116.a INTERNATIONAL MONEY 3-MONTH EURO-DOLLAR W e d n e s d o y I i g u r e «j MARKET DEPOSIT YIELDS FOR U.S. VS.iCERTlFICATE DOLLAR OF INVESTORS! DEPOSIT IP e r e e n i p • ronjtum] YIELDS TURO-DOLLAR DEPOSIT u.s. CERTIFICATE OF D E P O S I T DIFFERENTIAL: U.S. f EW^YORK OFFER RATES ON EURO CERTIFICATE SELECTED TREASURY COMMERCIAL DOLLAR OF 3-MONTH'INVESTMENTS BILLS-jFuHy Hedged! PAPER.Fully U.S. HIRE PURCHASE i __ r> CANADIAN FINANCE COMPANY OVER DEPOSIT U.S. FINANCE COMPANYL Hedged! Chan__2 INTEREST ARBITRAGE, 3-MONTH TRE A S U R Y UNITED B ILL STATES / CANADA RA T ES .CANADA RATE_DIFFERENT1AL — ..J RATE I ! DIFFERENTIAL AND I FORWARD ! WITH I 1 FORWARD CANADIAN 1 I EXCHANGE DOLLAR I ~ COVER N E T I N C E N T I V E IN F A V O R O f C< II N M 1 I i M J S I I I I I I I I I I I I I I I I I I I I I D M 1967 * Thundoy figures 19611962, Friday thereafter J S 1962 ' D M J 1963 . S 0 M U U J 1964 LL7 S D INTEREST ARBITRAGE, NEW YORK/LONDON Ffidoy figures 3-MONTH TREASURY BILL RATES U.K. LOCAL A U T H O R I T Y D E P O S I T S 1 1 1 1 R A 1r . E . P J F F E R E I N T I A L A N D 1 1 1 1 3 - M ( D NTH FORVV A R D STER L I N G - - ) I N FAV 0 8 or L,1 ,r - v—-"i / x v / ' -v. A v v FORWARD RATI ( - 1 1 RATE 1 1 1 1 DIFFERENTIAL 1 1 WITH j 1962i 1 1 1 1 FORWARD 1 I 1 1 EXCHANGE I I 1 1 COVER 1 1 1 I I 1 1 I I I I INTEREST 3-MONTH ARBITRAGE TREASURY EURO-DOLLAR FOR GERMAN BILLS, DEPOSIT COMMERCIAL INTERBANK RATES LENDING 1 DIFFERENTIAL AND FORWARD RATE T GERMAN TREASURY RATE BANKS AND I BILLS DEUTSCHE MARK F O R W A R D RATE D I S O U N T t - INTERBANK LOAN RATE I RATE L_..L DIFFERENTIAL--WTTH NET I N C E N T I V E : I 1 1 FORWARD I _ - -_l EXCHANGE _U COVER IN F A V O R OF F R A N K F U R T < + ) ~ ~ INTERBANK LOAN R A T l / : " \ A 1964 SHORT-TERM INTEREST R A T E S * EURO-DOLLAR - LONDON \ CANADA 1962 "X* 3- month treasury bill rates ou ntrles except Japan (Average rate on bank loans and ducounlsVl LONG-TERM BOND YIELDS v: r Vs\ Vv"' V—v/1-^ SWITZERLAND 1964 \\d INPUStBIAt STOCK INDICES m i = i p i . Kotio «col> f J50. r \U.S. 300 j JSOj 2001 so! SPOT EXCHANGE RATES - M A J O R CURRENCIES AGAINST U.S. DOLLAR A b o v - S W I S S1 FRANC V - - / — b - G E R M A N M ARK y v < ^ Air i V - i i i -1 i i i i: ' 1 1 - t " \ V% U . K . STE'R U N G 1 1 I 1 1 1 l l FRENCH FRANC /VS /\ I DUTCH ^ GUILDER BELGIAN FRANC ITALIAN LIRA CANADIAN DOLLAR J A P A N E S E YEN l l I l - ,1 l por1 3-MONTH FORWARD EXCHANGE RATE Friday figures AGAINST U.S. DOLLARS PREMIUM — SWISS DISCOUNT— AGAINST POUND STERLING - LONDON ' 1 PREiH I U M f - - SWISS FRANC A J1 b u A t ^ . 1 u \ - ' . . . J t — GERMAN MARK 1 1 AGAINST 1 i 1 POUND i 1 1 STERLING 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - LONDON i PREI» I U M + - - i D UTCH G U I l DER \r\ V\r' !Ai • EIG IAN FRAN<:; 1' 'Jl ' VAVW fcjf\ Xv 1 FRANC V 1 1 i i ii 1 1 ..I.J • 01 seeI 0 N T . - 1 L_I 1 I $ 1 1 1 I I I % , , I 1 1 . » f
@FedFRASER