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DIVISION O F I N T E R N A T I O N A L F I N A N C E
'
BOARD OF OOVERNORS
F E D E R A L R E S E R V E SYSTEM
13
December 2 9 , 1961
-Mo^-iiQ
^CAPITAL MARKET DEVELOPMENTS ABROAD
JA% 3 , 1962
OF.tilCI-UvIOND
—jJ
Ic
II.
Switzerland
E i g h t C h a r t s on F i n a n c i a l Markets Abroad
Switzerland;
Money and C a p i t a l Markets d u r i n g November
The money market t i g h t e n e d i n November as many i n s t i t u t i o n s began
t o accumulate cash f o r y e a r - e n d "window-dressing* 1 p u r p o s e s . The demand f o r
f u n d s s u b s i d e d i n t h e second week of December, presumably a s "window-dressi n g " p r e p a r a t i o n s were c o m p l e t e d .
The Swiss money market h a s been v e r y l i q u i d t h r o u g h o u t most of 1961
mainly b e c a u s e of v e r y l a r g e i n f l o w s of c a p i t a l which, from t h e b e g i n n i n g of
t h e y e a r u n t i l mid-December, have been e s t i m a t e d a t about $950 m i l l i o n .
However, t h e f r e e l y - u t i l i z a b l e r e s e r v e s of Swiss banks i n December were n o t
s i g n i f i c a n t l y d i f f e r e n t from what t h e y were a y e a r e a r l i e r , because t h e
c a p i t a l i n f l o w h a s been o f f s e t by such developments a s : a b l o c k i n g of p a r t
of t h e b a n k s ' r e s e r v e g a i n s l a s t March; a Government budget s u r p l u s 5 a r i s e
i n t h e c u r r e n c y c i r c u l a t i o n ; r e c o r d e x p o r t s of p r i v a t e l o n g - t e r m c a p i t a l ;
and a d e f i c i t i n t h e c u r r e n t - a c c o u n t b a l a n c e of payments.
Long-term bond y i e l d s showed s c a r c e l y any n e t change between t h e
end of October and mid-December. In November and e a r l y December, i n d u s t r i a l
s t o c k p r i c e s r e g i s t e r e d a s t r o n g a d v a n c e , and on December 8 t h e i n d e x was
o n l y 2 p e r c e n t below t h e mid-June r e c o r d p e a k . There were d e c l i n e s i n t h e
two weeks ended December 23.
New i s s u e s c o n t i n u e d a t a h i g h l e v e l i n O c t o b e r . According t o
p r e s s r e p o r t s , t h e Swiss F i n a n c e M i n i s t r y i s f e a r f u l t h a t c o n t i n u e d heavy
f o r e i g n l o a n i s s u e s may d r i v e up mortgage r a t e s , whereas t h e Swiss N a t i o n a l
Bank f a v o r s a l i b e r a l c a p i t a l e x p o r t p o l i c y i n o r d e r t o combat e x c e s s i v e
l i q u i d i t y . As a r e s u l t , i t i s r e p o r t e d t h a t t h e program f o r f o r e i g n i s s u e s
f o r t h e f i r s t p a r t of 1962 has n o t y e t been a g r e e d .
The Swiss N a t i o n a l B a n k ' s g o l d and. f o r e i g n exchange r e s e r v e s
d e c l i n e d $36 m i l l i o n i n November, t h e second c o n s e c u t i v e month i n which
r e s e r v e s showed a d e c r e a s e . The d r o p was c a u s e d p r i m a r i l y by covered s h o r t term f o r e i g n i n v e s t m e n t s induced by o p e r a t i o n s i n t h e Swiss f o r w a r d exchange
market f o r t h e account of t h e U.S. T r e a s u r y . R e s e r v e s r o s e $3 m i l l i o n i n
t h e f i r s t h a l f of December. The s p o t d o l l a r and s p o t s t e r l i n g were s t r o n g
i n November b u t weakened i n December, t h e d o l l a r f a l l i n g t o t h e i n t e r v e n t i o n
p o i n t by mid-December. The d i s c o u n t s on t h r e e - m o n t h f o r w a r d d o l l a r s and
s t e r l i n g r o s e i n December, t h e d i s c o u n t on t h e f o r w a r d d o l l a r b e i n g 0 . 5 7 p e r
c e n t a t mid-month compared t o around 0 . 3 p e r c e n t d u r i n g November.
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DECONTROLLED AFTER SIX MONTHS
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-
2
-
Money Market
P r i m a r i l y because of s e a s o n a l f a c t o r s , t h e money market t i g h t e n e d
i n . November. Notwithstanding t h e high degree of l i q u i d i t y p r e v a i l i n g on t h e
market, many i n s t i t u t i o n s began t o accumulate cash f o r y e a r - e n d ••windowd r e s s i n g " p u r p o s e s . As a r e s u l t , r a t e s p a i d . o n three-month d e p o s i t s r o s e
from 1 . 7 5 - 2 . 0 0 p e r c e n t a t t h e end of October t o 2 . 0 0 - 2 . 2 $ p e r c e n t i n midNovember, and were r e p o r t e d t o have reached 2 . 2 5 - 2 . 5 0 p e r c e n t i n t h e f i r s t
week of December. With t h e apparent completion of "window-dressing" p r e p a r a t i o n s , t h e demand f o r funds subsided i n t h e second week of December
d e s p i t e t h e economy's r i s i n g s e a s o n a l demand f o r c u r r e n c y .
Rate on 3-month
d e p o s i t s with l a r g e
banks i n Zurich
Aug.
Sept.
Oct.
Nov.
Nov.
31 ,
30
31
7
15[
11/2-2
1 3 A - 2
1 3A - 2
2
2 - 2 lA
Interbank
c a l l loan
r a t e i n Zurich
1
1
1
1
1
The Swiss money market h a s been v e r y l i q u i d throughout most of 1961,
mainly because of enormous i n f l o w s of s h o r t - t e r m c a p i t a l . The c a p i t a l i n f l o w
f o r t h e y e a r (through mid-December) has been p l a c e d a t n e a r l y $9f>0 m i l l i o n ,
according t o a r e c e n t p r e s s r e p o r t . However, d e s p i t e t h e heavy movement of
f u n d s t o S w i t z e r l a n d , l i q u i d i t y i s n o t g r e a t e r than i t was a y e a r ago. In
e a r l y December, s h o r t - t e r m i n t e r e s t r a t e s were e i t h e r t h e same o r somewhat
h i g h e r t h a n a t t h e same t i m e i n I 9 6 0 , and f r e e l y - u t i l i z a b l e r e s e r v e s of Swiss
banks i n mid-December were n o t s i g n i f i c a n t l y d i f f e r e n t from t h e i r l e v e l of a
y e a r p r e v i o u s . The e f f e c t of t h e c a p i t a l i n f l o w on bank r e s e r v e s has been
o f f s e t by s e v e r a l developments, of which t h e f o l l o w i n g a r e of p a r t i c u l a r
importance.
1 . Blocking of r e s e r v e s . There was an e s p e c i a l l y heavy movement
of f u n d s t o Switzerland™ immediately a f t e r t h e r e v a l u a t i o n s of t h e German
and Dutch c u r r e n c i e s l a s t March. At t h e end of March t h e Swiss National
Bank impounded most of t h e r e s u l t i n g i n c r e a s e i n bank r e s e r v e s by r e q u i r i n g
t h e banks t o p l a c e SF 1,035 m i l l i o n ($21*0 m i l l i o n ) of r e s e r v e s i n t e m p o r a r i l y
blocked a c c o u n t s , which could be used only f o r investments abroad. (None
of t h e s e blocked funds have as y e t been u t i l i z e d f o r t h i s p u r p o s e . )
2. Government s u r p l u s . In 1961, as i n I 9 6 0 , t h e F e d e r a l Government has run a s u b s t a n t i a l s u r p l u s . In t h e . f i r s t n i n e months, f i s c a l r e c e i p t s
of t h e F e d e r a l Government exceeded e x p e n d i t u r e s by more than $100 m i l l i o n ,
and t h e Government's cash balances w i t h t h e c e n t r a l bank have r i s e n as a r e s u l t .
3 . Expansion of currency i n c i r c u l a t i o n . The continued expansion
of t h e Swiss economy has r e q u i r e d an i n c r e a s e i n t h e currency c i r c u l a t i o n , and
t h i s has been a d r a i n on bank r e s e r v e s . Currency i n c i r c u l a t i o n i n December
was $200 m i l l i o n moife t h a n i n December I960.
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lie C a p i t a l exporto Foreign borrowing i n Switzerland has been a t
record l e v e l s i n 1961, In the f i r s t eleven months of t h e y e a r , f o r e i g n
borrowers r a i s e d $210 m i l l i o n from p u b l i c bond f l o t a t i o n s on t h e Swiss market,
compared t o $118 m i l l i o n i n t h e same p e r i o d of I960. Foreign banking c r e d i t s
a u t h o r i z e d by t h e Swiss National Bank i n t h e f i r s t t e n months of t h e y e a r
amounted t o $75 m i l l i o n 0
5 . Current-account d e f i c i t , Switzerland r a n a t r a d e d e f i c i t of
$565 m i l l i o n i n t h e f i r s t t e n months of 1961„ The s u r p l u s on c u r r e n t i n v i s i b l e s
($2114. m i l l i o n i n t h e f i r s t h a l f of t h e y e a r ) did not o f f s e t t h e t r a d e gap, and
f o r the f u l l y e a r 1961 a c u r r e n t - a c c o u n t d e f i c i t of around $230 m i l l i o n i s
expected.
Bond Market
In November and t h e f i r s t h a l f of December t h e market f o r long-term
bonds showed l i t t l e d e p a r t u r e from t h e supply-demand r e l a t i o n s h i p s which r u l e d
a t t h e end of October, The average y i e l d on t h e Swiss Confederation 3 p e r cent
bond of 1967-7U was g e n e r a l l y between 2,96 and 3=01 p e r c e n t , except i n t h e
l a t t e r p a r t of November when i t b r i e f l y r o s e t o 3.07 p e r c e n t . The y i e l d
was 2,98 p e r cent on December 15. In c o n t r a s t t o t h e wider v a r i a t i o n s which
occurred e a r l i e r i n t h e y e a r , s i n c e mid-August t h e y i e l d on t h i s i s s u e has
f l u c t u a t e d w i t h i n a range of 2,9b t o 3®07 p e r c e n t .
Gov't bond y i e l d
Jan,
May
July
Aug,
Oct,
Nov,
Nov,
Nov,
Dec,
Dec,
6
12
lU
18
27
10
17
2li
1
15
3,00
2.83
3.12
3.07
2.96
3.00
3.07
3.06
3o01
2.98
New mortgage r a t e
3.76
3.76
3.76
3.76
3.76
3.76
n„a»
n,a,
n,a„
n„a e
Yields on medium-term d e p o s i t c e r t i f i c a t e s of c a n t o n a l banks showed
another small r i s e i n November, A f t e r d e c l i n i n g throughout t h e f i r s t seven
months of t h i s y e a r , y i e l d s on d e p o s i t c e r t i f i c a t e s of t h e s e banks and on
t h o s e of the f i v e l a r g e banks have s i n c e tended t o r i s e , and on November 15
were 3,3U and 3.27 p e r c e n t , r e s p e c t i v e l y . As shown by t h e f i g u r e s below,
t h e y i e l d s have g e n e r a l l y been somewhat h i g h e r on the c e r t i f i c a t e s i s s u e d by
the c a n t o n a l banks than on t h o s e of t h e f i v e l a r g e banks (Swiss Bank Corporat i o n , Union Bank of S w i t z e r l a n d , Credit S u i s s e , Banque P o p u l a i r e S u i s s e , and
Leu e t C i e ) ,
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1
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- U-
Yields on deposit c e r t i f i c a t e s
12 cantonal banks $ l a r g e banks
Jan.
Feb.
July
Aug.
Sept.
Oct.
Nov.
15
28
31
31
30
31
15
3-33
3.33
3.29
3.30
3.32
3.33
3.31
3.3U
3.29
3.25
3.25
3.25
3.27
3.27
Stock Market
In the most p e r s i s t e n t advance s i n c e l a s t s p r i n g , p r i c e s of
i n d u s t r i a l stocks moved up sharply in November and e a r l y December. There
was a 5 . 5 per cent r i s e i n the i n d u s t r i a l share index i n t h e two weeks ended
November 10 which was a t t r i b u t e d t o both an easing of t e n s i o n over B e r l i n
and f a v o r a b l e r e p o r t s expected from Swiss companies. Further i n c r e a s e s
brought the i n d u s t r i a l share index on December 11 t o 280 (1958=100), only
2 per cent below t h e r e c o r d high s e t i n mid-June. There was a broad d e c l i n e
i n stock p r i c e s i n t h e two weeks ending December 23, which was considered t o
be a t e c h n i c a l r e a c t i o n to t h e previous i n c r e a s e s .
I n d u s t r i a l share index
June
Aug.
Oct.
Nov.
Nov.
Dec.
Dec.
16
25
27
10
2h
1
8
285
232
255
269
272
276
280
New Issues
New money r a i s e d by public i s s u e s of s e c u r i t i e s continued t o run
a t a high l e v e l i n October, amounting t o #61 m i l l i o n . I s s u e s of Swiss bonds
were p a r t i c u l a r l y l a r g e , and, as was t h e case i n t h e t h i r d q u a r t e r , were well
i n excess of t h e volume of f l o t a t i o n s i n the comparable period of i960. Through
October, new money r a i s e d t h i s year from f l o t a t i o n s of Swiss bonds, Swiss
stocks and f o r e i g n bonds came t o $U91 m i l l i o n compared t o $329 m i l l i o n in
January-October I960.
New Public Issues
(new money r a i s e d ; $ m i l l i o n s )
Swiss bonds
I960
1st q t r .
2nd q t r .
3rd q t r .
October
87.8
12.2
20.8
31.5
Swiss stocks
10.0
20.9
9oh
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Foreign bonds
27.5
~~31.li
17.a
30.2
Total
125.3
911.5
li7.6
61.7
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$
-
New P u b l i c I s s u e s ( c o n t . )
Swiss bonds
—~
- 71.9
52.7
58.9
38.3
1961
1st qtr.
2nd q t r .
3rd q t r .
October
—
Swiss s t o c k s
—
U2.9
20.3
3.7
1.2
Foreign bonds
—
77.7
U6.6
55.9
20.9
Total
192.5
119.6
118.6
60.7
New f o r e i g n i s s u e s are s t i l l being w e l l r e c e i v e d on the Swiss m a r k e t ,
t h e l a s t two having been o v e r s u b s c r i b e d . These were a $ 9 . 3 m i l l i o n , k-l/2%
loan i n November r a i s e d by E l e c t r i c and Musical I n d u s t r i e s , a B r i t i s h f i r m ,
and, i n e a r l y December, a f l o t a t i o n by t h e Republic of A u s t r i a of $11.6
m i l l i o n of 1^-year
bonds.
Foreign borrowings i n November-December
November
E l e c t r i c and Musical
I n d u s t r i e s (UK)
December
Republic of A u s t r i a
1/
Amount
( m i l , $)
Term
*™
Coupon
rate
Issue
price
Yield t o
Maturity
9.3
1966-76
lw5
100
U.5
11.6
19761/
5.0
100
5«0
C a l l d a t e , i f any, not y e t r e p o r t e d .
The German e l e c t r o - e n g i n e e r i n g f i r m Siemens-Schuckert had planned
t o r a i s e a $13.9 m i l l i o n loan i n S w i t z e r l a n d , b u t t h i s p l a n has been c a n c e l e d .
A Swiss newspaper has s a i d t h a t c e r t a i n c i r c l e s i n the Swiss machine i n d u s t r y
e x e r t e d s t r o n g p r e s s u r e on t h e government i n o r d e r t o s t o p , a f o r e i g n co i p e t i t o r
from o b t a i n i n g f u n d s on t h e Swiss market. However, The Times of Londor g i v e s ,
as t h e reason f o r t h e c a n c e l l a t i o n , t h e o p p o s i t i o n of t h e M i n i s t r y of P nance.
According t o t h i s s o u r c e , t h e M i n i s t r y of Finance f e a r s t h a t a p o l i c y 01
" u n l i m i t e d f o r e i g n loans* may r e s u l t in a r i s e i n domestic mortgage r a t i 3 i n
t h e n e a r f u t u r e . I t i s f u r t h e r r e p o r t e d t h a t , i n c o n t r a s t t o t h i s view, t h e
Swiss National Bank i s very much i n f a v o r of a c o n t i n u a t i o n of a l i b e r a l
c a p i t a l export p o l i c y f o r t h e purpose of c o u n t e r a c t i n g t h e high degree of
l i q u i d i t y i n t h e economy. According t o The Times, a s a consequence of t h i s
d i f f e r e n c e of opinion t h e program of f o r e i g n i s s u e s f o r t h e f i r s t p a r t of
1962 has not y e t been f i x e d .
Foreign Exchange
The gold and f o r e i g n exchange r e s e r v e s of the Swiss National Bank
d e c l i n e d $36 m i l l i o n i n November, t h e second c o n s e c u t i v e month i n which r e s e r v e s showed a d e c r e a s e . Most of t h e November f a l l , v i z . $28 m i l l i o n ,
occurred i n the f i r s t week. As was r e p o r t e d i n C a p i t a l Market Developments
Abroad f o r December 1 , t h i s was caused p r i m a r i l y by covered s h o r t - t e r m
f o r e i g n investments induced by o p e r a t i o n s i n t h e Swiss forward exchange
market f o r t h e account of t h e U.S. Treasury® In t h e remaining weeks of
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-
6
-
t h e month, when r e s e r v e s f e l l another $8 m i l l i o n , t h e r e were r e p o r t e d i n f l o w s
from Germanys L a t i n America, t h e Middle E a s t , A f r i c a s and France. These
i n f l o w s were s a i d t o have been more than o f f s e t by t h e t r a d e d e f i c i t , comm e r c i a l l o a n s t o f o r e i g n e r s , stock purchases i n t h e United S t a t e s and Canada
by Swiss r e s i d e n t s , and covered s h o r t - t e r m investments abroad of t h e kind
j u s t mentioned. In t h e f i r s t h a l f of December, r e s e r v e s r o s e only $3 m i l l i o n .
On December 15 t h e N a t i o n a l Bank's e x t e r n a l r e s e r v e s were $2,705
m i l l i o n , $75 m i l l i o n l e s s than t h e r e c o r d l e v e l of $2,780 reached on September 23*
Much of t h e d e c l i n e between t h e s e two d a t e s i s a t t r i b u t a b l e t o t h e s h o r t - t e r m
investments abroad induced by t h e o p e r a t i o n s i n support of t h e forward d o l l a r .
The most s i g n i f i c a n t f a c t , of course ,• i s t h a t t h e r e was no l a r g e n e t i n f l o w
of f o r e i g n exchange as had occurred almost continuously from t h e middle of
I960.
Swiss National Bank r e s e r v e s
millions)
Gold
1959
December 31
1960
June 30
Dec. 31
1961
Feb. 28
Mar. 31
Sept.23
Oct. 31
Nov, 7
Nov, 30
Dec. 15
Foreign Exchange
Total
1,931
126
2,060
1,77k
2,185
132
137
1;905
2,322
2,162
138
372
327
21k
20k
196
200
2,165
2,L53
2,525
2,506
2,506
2,506
2,300
2,538
2,780
2,739
2,709
2,702
2,705
Both t h e spot d o l l a r and spot s t e r l i n g were s t r o n g throughput most
of November, t h e d o l l a r r a t e being g e n e r a l l y SF Uo32-ln325 and t h e r a t e f o r
s t e r l i n g SF 12,16-12.17« Beginning i n t h e c l o s i n g days of November t h e d o l l a r
weakened p r o g r e s s i v e l y , and was a t t h e o f f i c i a l support l e v e l of ho31$ on
December 15. Spot s t e r l i n g dropped s h a r p l y a t t h e end of November, and i n
t h e f i r s t h a l f of December t h e r a t e was around SF 12 0 12» The discount on
t h e 3-month d o l l a r i n November was 0 o 3 p e r cent p e r annum, t h e l e v e l t o
which i t had f a l l e n a t t h e end of October, but i n e a r l y December i t r o s e
t o 0«7 p e r cent and was 0.57 p e r c e n t a t mid=»month0 On 3-month s t e r l i n g ,
t h e d i s c o u n t f e l l t o 2.9 per c e n t p e r annum i n t h e middle of November b u t
subsequently r o s e t o 3.36 per cent a t t h e end of t h e month.
Both houses of the Swiss Parliament have approved unanimously
t h e October agreement under which t h e Swiss Government w i l l lend SF 215
m i l l i o n ($50 m i l l i o n ) t o t h e United Kingdomc The proceeds w i l l become
a v a i l a b l e on January 1 , 1962» The l o a n , which i s f o r t h r e e y e a r s 5 cons t i t u t e s a funding of the unpaid balance of S w i t z e r l a n d ' s a s s i s t a n c e t o
t h e UK l a s t March under,^the "Basle agreements. n
NOT FOR PUBLICATION
NOT FOR PUBLICATION
- 7 -
An agreement between Switzerland and Chile w i l l enable a consortium
of Swiss banks t o extend t o t h e C e n t r a l Bank of Chile up t o $H»7 m i l l i o n of
c r e d i t s w i t h a maximum m a t u r i t y of t e n y e a r s . The c r e d i t s are t o be used
t o purchase Swiss c a p i t a l goods f o r t h e r e h a b i l i t a t i o n of the Chilean economy,
which s u f f e r e d s e v e r e earthquake damage i n I960.
European S e c t i o n
II,
Eight Charts on F i n a n c i a l Markets Abroad .
Chart
Chart
Chart
Chart
Chart
Chart
Chart
- I n t e r e s t A r b i t r a g e U,S./Canada
- I n t e r e s t A r b i t r a g e New York/London
~ I n t e r e s t A r b i t r a g e New Y o r k / F r a n k f u r t
- S h o r t - t e r m Bond Y i e l d s
- Long-term Y i e l d s
=> I n d u s t r i a l Stock I n d i c e s
- Major Currencies i n Terms of Spot
United S t a t e s D o l l a r
Chart 8 r 3-month Forward Rate--London Quotations
1
2
3
U
5
6
7
NOT FOR PUBLICATION
INTEREST A R B I T R A G E / UNITED S T A T E S , / C A N A D A
{Thursday
llgur**
T H R E E - M O N T H T R E A S U R Y BILL R A T E S
RATE D I F F E R E N T I A L A N D
F O R W A R D C A N A D I A N DOLLAR
SPhiAD IN FAVOI OF CANADA +
f.S.
RATE D I F F E R E N T I A L W I T H F O R W A R D E X C H A N G E C O V E R
NET INCENTIVE IN FAVOI OF CANADA +
S
INTEREST ARBITRAGE,
NEW
YORK/LONDON
; Friday f i g u n i
3 - M O N T H TREASURY B i l l
- A G A I N S T U. S . DOLLARS1
RATES
yj|0 D Oil A 8 lATE-tONDOW
1
1
1
1
1
1
1
RATE D I F F E R E N T I A L A N D
|
""3-MONTH FORWARD STERLING
|
A G A I N S T P O U N D STERLING - L O N D O N
'
-
V
1
-
-
-
-
A
v y ~
v
^-~.
z
I
1
\
V-'
II
1 1
11
1 1
1 1
1 1
11
1 1
1 1
\
\
\
1 1
RATE D I F F E R E N T I A L WITH
" F O R W A RD EXCHANGE COVER
A G A I N S T P O U N D STERLING . L O N D O N
3
\
-
IN FAVOR OF NEW YOIR
H
-
1 1
1 1
1 l
1 1
1 1
1 1
•Chort3j
INTEREST ARBITRAGE
Friday figure;
3 -MONTH
GERMAN
RATE
DIFFERENTIAL
GERMAN
BILL T a t ES
TREASURY
3-MONTH
FOR
INTERBANK
AND
COMMERCIAL
A N D^,
LOAN
FORWARD
\
RATE
DIFFERENTIAL
WITH
RATES
DEUTSCHE
MARK
INTERBANK
I LOAN
FORWARD
BANKS
RATE
FORWARD
RATE
DISCOUNT
(-)
EXCHANGE
COVER
INTItlANK
\
il
*
Note:
tOAN RATI
I
/
$
"m?
Special forward dollar role' available to German commercial bonki.
:m?
J
*I
S H O R T - T E R M INTEREST RATES *
EUBO-DOtlAB • lOHPON t
-
\<\
I \
CANADA
f
1962
3-month treasury bill rales lor oil counlrlei except Japan (3 month interbank deposit rale) and Switzerland (3-monlh depoiil rale) . j
•^1 3-month rate tor U. S. dollar deposits in London
[.
L O N G - T E R M B O N D YIELDS
GERMANY
r
\J'
SWITZERLAND
INDUSTRIAL
STOCK
INDICES*
GEIEAHY
/
1
\
J
n
y
SWITZERLAND
4,1 1 I I
11 1111
II
1111II
111
i ii
111 r 1 1 1 1
M I N I M I
LLJ
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/
x
T
X
JAtAM y/^
"uT$T
4
L I LL I I
II
II
1 1 II
~M5?
!
{Not*:
II
II
II
1
1960
Jopon: Index of oil »lock« t r a d e d on Tokyo e x c h a n g e
M
II
II
1961
II
II
1
L' M -1 1 11 1 11 JO
1961
\H
M A J O R C U R R E N C I E S I N T E R M S O F THE S P O T U . S . D O L L A R
1961
P
,
\ S
3-WONTH
NEW
FORWARD
RATE
YORK_QU OTATIO
1
jLS_.
GERMAN MARK
-
PREMIUM +
SWISS fRANC V V
-
j 'OUND
^
1
1
LONDON
1
1
1
1
i
i
!
i
i
I
i
QUOTATIONS
1!V\
LONDON
QUOTATIONS
PREMIUM +
FRENCH FRANC A
1961
-
STERl
\J
DISCOUNT-
X
i
I
I
i
i
i
i
i
i
@FedFRASER