The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
S e p t e m b e r 1 2 , 1973 * H-13 R e l e a s e . N o . 1627 Division of International Finance, Statistical & Data Management Unit SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE U.S. W E E K L Y SERIES O F C H A R T S BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM \ H.13 S e p t e m b e r 1 2 , 1973 R e l e a s e No. 627 TABLE OF CONTENTS PART I. EXCHANGE RATES AND GOLD PRICES C h a r t 1A, I B , &1C - Spot Exchange Rates, Major Currencies against U.S. Dollar Chart 2A and B - 3-Month Forward Exchange Rates, Major Currencies against U.S. Dolhr Chart 3A and B - 3-Month Forward Exchange Rates, Major Currencies against U.K. Pound Chart 4 - Gold Price in London PART II. SHORT-TERM INTEREST RATES Chart 5 Chart 6A and B Chart 7A and B Chart 8A and B Chart 9A and B Chart 10A and B Chart 11 Chart 12A and B - Call Money Rates London: Euro-$ Deposit Rates New York - London: Yields on U.S. Dollar Funds London: Covered Yields on U.S. Dollar Funds Interest / -bitrage: United States-United Kingdom Interest Arbitrage: U.S.-Germany and U.S.-Switzerland Interest Arbitrage: United States-Canada Selected Short-term Interest Rates PART III. LONG-TERM INTEREST RATES AND STOCK INDICES Chart 13 Chart 1: - Long-Term Bond Yields - Industrial Stock Indices PART IV. SELECTED CENTRAL E 'NK DISCOUNT RATES AND LATEST FIGURES PLOTTED ON THE CHARTS NOTE: This series is a continuation of the CAPITAL MARKETS DEVELOPMENTS ABROAD, which was published under that title through December 31, 1968. The changes in the format and order of the charts are explained in the Supplement to the series, which accompanied issue dated January 1,1969. All series and their sources are fully described in a Supplement dated January 1, 1972. -3 SPOT EXCHANGE RATES • MAJOR CURRENCIES AGAINST U.S. DOLLAR Weekly averages Per cent 40 30 GERMAN f MARK V I BELGIAN FRANC SWISS FRANC 20 JAPANESE YEN CANADIAN DOLLAR against M J 1972 S D J S 1973 Weekly averages (week e n d i n g on Friday) of daily o f f e r e d rates in the New York market as per cent above or below S m i t h s o n i a n central r a t e s D Chart I B SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR Weekly averages ' Per cent 30 20 FRENCH FRANC DUTCH GUILDER ITALIAN LIRA U.K. POUND S Weekly averages c e n t r a l rates. D Chart 1C SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR Weekly average? Per cent 30 GERMAN MARK SWISS FRANC / JAPANESE YEN FRENCH FRANC BELGIUM FRANC DUTCH GUILDER CANADIAN DOLLAR Per cent above or below parit) prior to float April 1970 \ ITALIAN LIRA U.K. POUND JAN JULY FEB. AUG SEPT 1973 WeeHy averages (week ending on Friday) of daily o f f e r e d rates in the New York market as per cent above or below S m i t h s o n i a n central rates. Chart 2A 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR i i ! | ' 1 1 ' , , 1 . ' 1 ; j ; ! i ' ' i 1 1 1 1 | 1 1 | ! ! | 1 1 PREMIUM + CAN ADIAN DOLLAR A. AI A t \ > y \ \ / V,*,™. j A h ~ • A C.SCOUNT - PRLM IUM + GERMAN MARK v*\ A — ^ A. i - r * 1 1 i - DISCO UNT - j HUM + DUTCH GUILDER r ' \ | DISCOUNT - ! ' M j S D 1970 * M J S 1971 C a n a d i a n D o l l a r Rate not s u p p o r t e d by B a n k of Canada. See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 2-3. : i 1 1 1 1 1 •' 1 i M D 1972 J 1973 ! ! 1 S D 1 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR Weekly averages 1 Per cent per a n n u m 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 : 1 ! • ' ' 1 I • ; : 1 1 ' 1 ' ' ! M ! PREMIUM » FRENCH FRANC 1 I - ^ LV w DISCOUNT — — PREMIUM + SWISS FRANC |aJ\ - DISCOUNT 1 1 1 1 1 1 1 1 1 1 1 M J S D 1 1 i 1 1 1 II M 1970 J 1 1 1 S D II M 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 2-3. 1 1 1 1 1 1 I J S 1972 I II 1 D M 1 1 i 1 1 1 1 1 1 J S 1973 D Chart 3A 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND Friday f i g u r e s Per cent per a n n u m PREMIUM GERMAN MARK U.S. DOLLAR DISCOUNT - I I M J S D 1970 M J S 1971 see DESCRIPTION AND SOURCES OF DATA, j a n u d . y 1. 1 9 / 3 . P J I I I 4 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND Friday figures Per cent per annum SWISS FRANC FRENCH FRANC DISCOUNT - J S D 1970 M J S D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 3. M J 1972 S D M J 1973 S D GOLD PRICE IN LONDON, 12.5 Kg BARS Wee k's average of afternoon fixings 1971 See DESCRIPTION AND SOURCES of DATA, January 1, 1973, p. 4. U S dollar equivalent per f i r e ounce C h a r t 5A CALL MONEY RATES DOLLAR FUNDS Wee kly averages Per cent per a n n u m CALL EURO-DOLLAR 1DEPOSITS X OVERhIlGHT EURO-DOLLAR DEP o s f r s \r f 1 J - x FEDER/ IL Fur MDS DIFFERENTIAL EURO-DOLLAR OVER FEDERAL FUNDS EURO-CURRENCIES Per cent per a n n u m Weekly averages EURO-DM EURO-SWISS FRANC j S D D 1970 V j b L ' M 1971 * C h a n g e d f r o m CALL to OVERNIGHT Euro d o l l a r deposits. May 10, 1971 See DESCRIPTION AND SOURCES OF DATA, January I , 1973, pp 4 6 J 1972 b D D m MJ 1973 \v Chart 5B CALL MONEY RATES SELECTED FOREIGN AND EEC CURRENCIES Friday figures Per cent per inum 8 FRANCE 4 NETHERLANDS 0 8 JAPAN 4 CANADA 0 12 13.25 8 U.K. 4 GERMANY 0 S M 1970 1971 D 1972 Day-to-day Money, Netherlands, Call Money, weekly average; Japan, U n c o n d i t i o n a l M o n e y , nada, Day-to-day l o a n s , weekly average; Germany, Call Money; U.K., 2-day Local Authority Deposits. DESCRIPTION AND SOURCES OF DATA, January 1, 1973 pp 4 6. M S 1973 Q , \n LONDON: EURO-DOLLAR DEPOSIT RATES Friday f i g u r e s Per cent per annum 12 OVERNIGHT 7-DAY jlJlj y 1 \kH \ 10 - v l u . ftj 1-MONTH - M I M m I M J I S 1 1 1 1 1 i 1 1 1 1 1 M D M 1970 J S D 1971 * May 1 2 / 7 1 — c h a n g e d to O v e r n i g h t E u r o - D o l l a r Deposits * • July 1 - c h a n g e d to 7-Day E u r o - D o l l a r See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 6 . n. i i 1 i i 1 i i 1 i i I I I I I I I I I I I M J 1972 S 6 # D M J 1973 S D LONDON: EURO-bOLLAR DEPOSIT RATES Per cent per ar Friday figures 12 10 8 6 4 2 12 10 8 6-MONTH 6 4 J—L I i i 1 i i I I I I I I 1 I I 1 1970 1971 >e DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 6. • I -I 1 I ! • 1972 I ' ' I ' 1 I I 1 I ' I ' 1973 2 I C h a r t 7A NEW YORK-LONDON: YIELDS ON U.S. DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES-SECONDARY MARKET Wednesday figures Per cent per annum EURO DOLLAR DEPOSIT U.S. CERTIFICATE OF DEPOSIT FAVOR EURO-DOLLAR DIFFERENTIAL EURO DOLLAR OVER U.S. CERTIFICATE OF DEPOSIT 1970 1971 See DESCRIPTION AND SOURCESOF DAT*. January 1. 1973, pp 6 / 1972 1973 Chart 7B NEW YORK-LONDON: COST OF U.S. DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES-PRIMARY MARKET Wednesday figures P e r / c e n t per a n n u m EURO DOLLAR DEPOSIT ADJUSTED' A EURO DOLLAR DEPOSIT U.S. CERTIFICATE OF DEPOSIT EURO DOLLAR O V E R — — U S. CERTIFICATE OF DEPOSIT I M J S D 1970 M J S D 1971 * Adjusted for Reserve Requirement * * A d j u s t e d for 10% Marginal Reserve R e q u i r e m e n t * * * A d j u s t e d for 2 0 % M a r g i n a l Reserve R e q u i r e m e n t See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 6-7. ADJUSTED' J 1972 S D M J 1973 S D Chart 8A LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS HIRE PURCHASE/STERLING CD's vs EURO DOLLAR RATES EURO-DOLLAR DEPOSIT HIRE PURCHASE COVERED STERLING CD's COVERED FAVOR STERLING CD's DIFFERENTIAL FAVOR EURO DOLLAR 1970 1971 1972 * Hire Purchase s u s p e n d e d A u g u s t 1 1, 1972 and S t e r l i n g C e r t i f i c a t e s of Deposit begin A u g u s t 11, 1972 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 7 1973 Chart 8 8 LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS LOCAL AUTHORITY AND EURO DOLLAR RATES Friday figures Per cent per annum 12 EURO DOLLAR DEPOSIT LOCAL AUTHORITY DEPOSIT COVERED I 1 I 1 I I I I ! I I I M j M I I I I I 1 I I I I I I 11 1 I 1 1 I 1 I 1 1 1 I I I I I I I I FAVOR LOCAL AUTHORITY - DIFFERENTIAL /Vi/v / iA A Wn aAW V m - V : 1 - FAVOR EURO DOLLAR M 1 I I M 1 I I J 1 I I S D 1 M 1970 1 1 1 1 I 1 1 1 1 1 J S D i M 1 i i 1 I J 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 7-8. i 1 I S 1972 . I M I D 1 I I M 1 1 1 1 1 1 J 1973 S 0 o Chart 9A INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES' Friday f i g u r e s 3-MONTH Per cent per a n n u m , TREASURY BILL RATES U.K. LOCAL AUTHORITY DEPOSITS UNCOVERED NEW YORK LONDON, NEW YORK J S S 1970 D 1971 * P l o t t e d for c o m p a r i s o n purpose^ See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1. 1973, pp 8 - 9 S 1972 s D 1973 D -(Chart 9B [INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES Per cent per a n n u m ; Friday f i g u r e s [PREMIUM RATE DIFFERENTIAL AND 3-(MONTH FORWARD STERLING SPREAD IN FAVOR OF LONDON K / FORWARD RATE DISCOUNT FAVOR LONDON RATE DIFFERENTIAL WF H FORWARD EXCHANGE COVER FAVOR NEW-YORK S D M 1970 S D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 197'3, p p . 8 - 9 . J S 1972 s D 1973 * D C h a r t 10A 3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR-GERMAN MARK I - K A N K I - U K I I I N I L K B A N K L O A N RATE VS. L O N D O N E U R O - D O L L A R RATE W e d n e s d a y rates Per cent per a n n u m GERMAN INTERBANK LOAN RATE EURODOLLAR COVERED n 12 FAVOR FRANKFURT DIFFERENTIAL FAVOR EURO DOLLAR 5 D 1970 S D 1971 See DESCRIPTION.AND SOURCES OF DATA. J a n u a r y 1, 1973, pp. 9 1 0 . No q u o t a t i o n J 1972 S D M S 1973 D / f y 3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR - SWISS FRANC ZURICH DEPOSIT RATE VS. LONDON EURO-DOLLAR RATE Wednesday rates Per c e n t per a n n u m I I | I I | I I | I I I I | I I | I I | I I I I | I I | I I | I I SWISS DEPOSIT RATE X EURODOLLAR COVERED FAVOR ZURICH DIFFERENTIAL FAVOR EURO-DOLLAR I I II 1970 1971 See DFSCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 9-10. 1 1 1 I I I 1 I I 1 I I 1 I I I I I 1972 1973 12 Chart 11 3-MONTH INTEREST ARBITRAGE: CANADA - UNITED STATES Friday f i g u r e s JS Jr a/J Per cent per annum 1 1 1 1 I 1 1 1 1 1 1 - B I L L RATES 1 1 | 1 1 | 1 I | 1 1 1 1 | 1 1 | 1 1 | 1 1 I I 10 | 1 1 | 1 1 | I 1 A * A UNITED STATES TREASURY BILLS CAN. FIN. CO. PAPER V - - CANADIAN TREASURY BILLS 1 1 BILL RATE DIFFERENTIA<L AND FORWARD CANADIAkN DOLLAR 1 1 1 PREMIUM /V : FORWARD RATE M \ - 0 ^ y GROSS SPREAD IN FAVOR OF C/ INADA DISCOUNT i COVERED RATE DIFFERIENTIALS FAVOR CANADA . PRIME FINANCE PAPEF W ¥ \ v V / \ V / • A a * — TREASURY 1JILLS y FAVOR U.S. 111 M M 1 1 1 1 1 1 J S D i i M i i l l i i J 1970 l S i i D 1 1 1 1 1 1 II M 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 10-11. ; ' J 1972 1 II S D 1 1 1 1 1 1 II 1 II M D J S 1973 -Ctiart 12A SELECTED SHORT-TERM INTEREST RATES* Per cent per a n n u m 1 f ] > - J - A - 14 /*' W , L v i r ^'\ J \ \ \ WJ v j i i K I *v GERMANY j H Vy 1 J / f\ v // AJJ u.s. 1 1 i i 1 i i 1 i i 1 1 1 I I 1 I I 1 l 1l 1 1 1 1 1 M i m I 1 1 1 1 1 1 1 1 I1I 11 1I I 1 I I 1 1 M 12 r - 1 L v v i -rfl rS i T H A , U.K. V I I 1 1 1 1 I I 1 1n ! I M I I I I I I f / r J Jy - - U.S. I I 1 I I 1 1 1 1 1i i 11 i i 1 i i 1 i i1 1 1 1 1 1 1 1 1 1 1 JAPAN . MONTHLY 1-1 1 i i i ; i ! i i ! ! 1 ! 1 I 1 i 1 1I I 1 i i ! ! 1 ! ! 1 1 I I 1 1 1 1 1 1 11 11 11 1 1 1 1 ! 1 1 1 1970 1971 1972 1973 1974 3 - m o n t h t r e a s u r y bill rates for all countries except Japan(Average rate on bank loans and d i s c o u n t s ) and G e r m a n y ( i n t e r b a n k loan rate) See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 11-12. v> Chart 12B SELECTED SHORT-TERM INTEREST RATES I. v\. \ y . r h/r 1 / ,1 i'V, V fv \7 12 RO DOLLAR - LONDO "An" L/Viu.s. 11111111111 1 1 1 1 1 1 1 1 1I 1 I 11 I I 1 I I 1 I I 1 1 I I I lii„l 11 111111 - 1 \ - r l U A , tyv V' i V \ \ J / 1 L'V i_ - " u 1 1 1 I 1 1 1 II 1 i 1 r n 1 J U • i i l.i i 1 i i 1 ii I r i i 1 SWITZERLAND M 1 1 1 1 1 1 1 I I 1 I I 1 i i 1 M 11L.I I 1 1 1 1 1 I I - U.S. / A L i r/ V r . W / VvA w\ \ r-' \ V CANADA • i ; ; , ! 1 1 1 i ' i ! i i 1 i i 1 1970 1971 1972 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 11-12 1 i ! 1 I 1 1 1 1 1 1 I I1 11 I I 1 1 I I i I 1973 1974 Chart j 3 LONG-TERM BOND YIELDS Weekly f i g u r e s r ; _ w : Per cent per a n n u m i 9 NETHERLANDS ^ - 6 U.S. SWITZERLAND M 1 1 1 1 M 111 1 1 1 1 11 M 1 1 1 L I 1 I J L1 1 1 J L 1 1 J L I 1 1 1 1 1 1I I 1 I I 1 1 1 1 1 31 11 i U.K. A - 9 M 1111 M 1 M \ r GERMANY^ y CANADA I I 1 I I 1 1 1 1 1I I 1 1 I I 1 1 1 1 I1I 1 1 I I 1 1 1 1 11 11 1 1 1 1 1 1 1 61 1 11 M o n t h l y figures U.S. CORPORATE: DOLLAR EURO-BONIDS N r - 8 AaaBONDS DM EURO-BONDS ii 11 i 11 il 1i I1I I i i ! i 1 ! 11 11 1 M ! 11 I ! I I I 1I 1I 1I 1I 11 i I 1I 1I i1 I Ii I 1 1 1 I II I1 1 I II1 I 11 11 I I I 11 I I I 11 I 11I 11 11 1I I ! 11 11 I I 1I 1 1970 1971 1972 See DESCRIPTION AND SOURCES OF DATA, January 1. 1973, pp 12 15. 1973 1974 p ISTRIAL STOCK INDEXES ale, 1 9 5 8 = 1 0 0 Ratio scale, 1<9 5 8 = 1 0 0 320 UNITED STATES 240 160 1200 960 SWITZERLAND SWITZERLAND 640 480 GERMANY 320 CANADA GERMANY 240 160 1971 1972 1973 September 12, 1973 ] y S E L E C T E D C E N T R A L B A N K DISCOUNT RATES No. 627 Country Current Rate In Effect Since 6.5 A u g u s t 2 . 197: 6.0 J u l v 5 r . 1971 8.5 J u l y JLjl 1223 Previous Rate In Effect Since E.E.C.: Belgium France Germany Italy Netherlands **United Kingdom Switzerland Canada Japan United States 9.5 August 2 , 197: 7.0 June 1 , 1973 6.0 May 3 . 1973 4.0 Apr. 1 0 , 1972 4.5 O c t . 1 4 . 1972 6.5 August 7 . 1973 6.0 July 18, 11.50 1973 J u l y 2 7 , 1973 9.00 J u l v 2 0 . 1973 4.5 J a n . 1 , 1973 3.75 Sept. 6.75 August 7 , 197: 6.25 7.0 7.5 August 2 9 , 1973 August 1 4 , 1 9 7 3 6.0 7.0 1 5 , 197:: June 1 0 . 1973 J u l y 2 , 1973 J u l y 1 , 1973 * * E f f e c t i v e O c t o b e r 1 3 , 1 9 7 2 , t h e Bank o f England r e p l a c e d i t s t r a d i t i o n a l Bank R a t e w i t h a f l u c t u a t i n g "minimum l e n d i n g r a t e " b a s e d on a v e r a g e Treasury b i l l tender r a t e . September 12, 1973 R e l e a s e No. 627 L A T E S T FIGURES P L O T T E D ON THE CHARTS Chart Panel 1 Series Date Rate 1A&1C Swiss franc Sept. 7 27.23 IB & 1C IB & 1C 1A&1C U.K. pound French f r a n c Japanese yen " " " -6.90 19.26 ! 16.05 I 1A & 1C IB & 1C 1A&1C Belgian franc Italian lire Canadian d o l l a r 20.09 2.78 ! | 1A&1C IB & 1C German mark Dutch g u i l d e r 7.34 32.20 1 | Upper German mark U.S. dollar Swiss franc French franc 3A 3B Upper Middle Lower L j ! 58 21.92 Upper | , I Lower 1 Overnight Euro-S deposits Federal Funds Differential Euro-currencies: Euro DM Euro Swiss Fr. Japan, Unconditional Money U.K;, 2-day Local Author. Deps. Canada, Day-to-day Loans France, Day-to-Day Money Germany. Call Money Netherlands Call Money 3.28 5.64 " -4.58 .75 2.45 2.59 ' •I . " 1 6.37 5.37 j 105.49 Sep#. 5 .11-33 10.79 " i | | 9.42 2.50 Sept. 1 "8Aug. 29 j j 8.50 13.25 6.25 Sept. 7 Sept. 7 Aug. 24 ! : 9.12 NA 7.50 a _J ! 0,56 „ Sept. 7 1 : ; \ j 7.84 3.93 II Gold price, U.S. dollar per ounce 4 5A " 1 German mark Swiss franc U.K. pound Dutch guilder Canadian dollar French franc 2A 2B „ J 1 , | » H. 13 September 1 2 , 1973 R e l e a s e No. 627 IV-3 Chart Panel Series 6A Date Euro-$ Overnight Rate 6B Sept. 7 Euro-$ 1-month Rate ii Euro-$ 3-month Rate " Upper Euro-$ 3-month Deposits U.S. Certificate of Deposits 7B Lower Differential Upper Euro-S 3-month Deposits Lower 8A Upper " Differential Euro-$ 3-month Deposits Local Authority Deposits (covered) Differential Lower U.S. Treasury Bill rate 9A 9B Upper i U.K. Treasury Bill rate ' Local Authority Deposit (uncovered) | Spread (+= favor London) 3-month Forward Pound Lower Net Incentive (+- favor London) 10.79 0.77 M || Upper 11.56 „ U.S. Certificate of Deposits (Adj.) Lower 11.09 „ Differential: on Adj. Euro-$ Deposits Euro-S 3-month Deposits 11.06 Sept. 5 „ S t e r l i n g CD's ( c o v e r e d ) 8B 11.09 Euro-$ 3-month Deposits (Adj.) on Unadj. Euro-S Deposits 10.88 „ Euro-$ 6-month Rate 7A Rate 11.56 12.56 11.32 1.24 „ Aug. Aug. Aug. Aug. Aug. Aug. 0.24 11.47 11.56 8.64c 9.62 -2.83 -1.94 17 24 17 24 17 24 Aug. 24 11.56 ,, 9.37 „ Sept. -2.19 8.77 7 10.84 Aug, 3 1 Sept. 14.06 7 2.07 „ -4.55 ; i -2.48 H. 13 September 12, 1973 R e l e a s e No. 627 IV- 4 Chart Panel Series Date 10A Upper Euro-$ Deposits (covered) Sept. 5 German Interbank Loan rate 10B Lower Differential Upper Euro-) Deposits (covered) 11 Differential Upper Canadian Finance Paper '6.30 5.28 4.50 -0.78 Sept. 7 U.S. Treasury Bill rate Canadian Treasury Bill rate 6.04 9.13 Bill rate differential -2.73 Forward Canadian dollar 12A Third Net incentive on bills Bottom Net incentive on Finance Paper Upper U.K. Treasury Bill rate 2.26 -0.47 1.63 10.84 U.S. Treasury Bill rate 8.77 German Interbank Loan rate Lower 12B 14.25 Japanese Average rate July Canadian Treasury Bill rale Sept. 7 U.S. Treasury Bill rate „ Euro-S Deposits Swiss 3-month Deposit rate 8.50 8.77 U.S. Prime Finance paper (not plotted) Second 7.95 14.25 Swiss Deposit rate Lower Rate 7.160 6.04 8.77 11.06 n 4.50 U.S. Treasury Bill rate " 8.77 H. 13 September 12, 1973 R e l e a s e No. 627 IV- 5 Chart Panel Series 13 Upper Netherlands Canada Date Auk. 31 8.39 Aug. 29 7.82 „ * United States Switzerland Middle Germany United Kingdom Lower 14 Upper Middle Lower U.S. Corp. Dollar Euro-bonds Rate Aug. 26 7.26 5.59 Aug. 14 Q.8? Aug. 31 11.37 July 8.58 U.S. Corp. DM Euro-bonds ii 7.60 U.S. Corp. Aaa bonds " 7.45 Switzerland Aug. 3 1 342.0 Germany Aug. 23 269.0 United States Aug. 3 1 231.37 United Kingdom Sept. 7 232.70 Canada Aug. 30 291.80 Sept. 1 836.99 Aug. 31 231.37 ** Japan United States * New — Average y i e l d on s e l e c t e d 10 y e a r c o n s t a n t m a t u r i t y bonds due or c a l l a b l e i n 10 y e a r s . ** Beginning week ended September 5, 1970, the Japanese index plotted is that of all industrial and other stocks on the First Section of the Tokyo Stock Exchange.