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September 13, 1967. H. 13 No. 316 (fAPITAL M A R K E T D E V E L O P M E N T S A B R O A D I. II. I. Ten Charts on Financial Markets Abroad Latest Figures Plotted in H.13 Chart Series, 1967 Ten Charts on Financial Markets Abroad Chart Chart Chart Chart Chart Chart Chart Chart Chart Chart 1 - New York, London, Montreal: Yields for U.S. Dollar Investors on 3-month Funds 2 - London: Yields for U.S. Dollar Investors on 3-month Funds 3 - Interest Arbitrage: Frankfurt/London, Zurich/London 4 - Interest Arbitrage: New York/Canada 5 - Interest Arbitrage: New York/London 6 - Short-term Interest Rates 7 - Long-term Bond Yields 8 - Spot Exchange R a t e s — M a j o r Currencies Against U.S. Dollar 9 - 3-month Forward Exchange Rates 10 - Industrial Stock Indices Europe and British Commonwealth Section. OFFICIAL USE ONLY (Decontrolled after six months) % NEW Y O R K , L O N D O N , M O N T R E A L : YIELDS FOR U.S. DOLLAR INVESTORS O N 3 - M O N T H FUNDS DOLLAR DEPOSIT RATES: NEW Y O R K - L O N D O N EURO-DOLLAR DEPOSIT U . S . C E R T I F I C A T E OF D E P O S I T E U R O D O L L A R OVER U . S . C E R T I F I C A T E OF D E P O S I T F I N A N C E C O . PAPER RATES ( c o v e r e d ) : Q U O T E D IN NEW YORK U . K . HIRE PURCHASE : CANADIAN FINANCE COMPANY A LONDON: YIELDS FOR U . S . DOLLAR INVESTORS O N 3-MONTH FUNDS E U R O - D O L L A R D E P O S I T RATES 30 180 HIRE PURCHASE AND LOCAL AUTHORITY DAY DAY DEPOSIT RATES (covered) HIRE PURCHASE EURO-DOLLAR DEPOSIT DIFFERENTIAL FAVOR HIRE P U R C H A S E FAVOR E U R O D O L L A R EURO-DOLLAR DEPOSIT LOCAL AUTHORITY FAVOR L O C A L A U T H O R I T Y DIFFERENTIAL DEPOSIT FAVOR E U R O - D O L L A R 1966 1967 I INTEREST A R B I T R A G E : FRANKFURT/LONDON, FRANKFURT INTERBANK LOAN RATE V S . L O N D O N ZURICH/LONDON E U R O D O L L A R RATE ( C O V E R E D ) I N TERMS OF D M INTERBANK LOAN RATE EURO-DOLLAR FAVOR F R A N K F U R T DIFFERENTIAL ZURICH DEPOSIT RATE VS. LONDON EURO DOLLAR RATE (COVERED) FAVOR E U R O D O L L A R I N TERMS OF S W I S S F R A N C S EURO-DOLLAR SWISS DEPOSIT RATE FAVOR ZURICH DIFFERENTIAL PRICE OF GOLD IN LONDON U S dollar equivalent per fine ! ' 1965 1966 1967 ! 35.3 i i I I 35.0 INTEREST A R B I T R A G E , Fridoy figures 3-MONTH TREASURY UNI BILL RATES C A N . F I N . CO. P A P E R CANADA UNITED STATES I BILL RATE D I F F E R E N T I A L AND FORWARD CANADIAN ; DOLLAR PREMIUM S P R E A D IN F A V O R OF C A N A D A FORWARD RATE 3-MONTH COVERED RATE D I F F E R E N T I A L S DISCOUNT (NET I N C E N T I V E S ) FAVOR CANADA PRIME FINANCE PAPER FAVOR U.S. FAVOR C A N A D A ~ TRCASttY SILLS 1H4 1115 IMS 1117 CI n-t J INTEREST 3 -MONTH ARBITRAGE, NEW TREASURY BILL YORK/LONDON RATES U.K. LOCAL AUTHORITY LONDON DEPOSITS | NEW YORK RATE DIFFERENTIAL AND 3-MONTH FORWARD STERLING S P R E A D IN F A V O R OF L O N D O N PREMIUM DISCOUNT FORWARD RATE RATE DIFFERENTIAL WITH FORWARD EXCHANGE | COVER (NET INCENTIVE) IN F A V O R OF L O N D O N I 1 M ) S ' D 1964 M J 1965 S D M J 1966 S D M 1967 J S H O R T - T E R M INTEREST RATES * E U R O - D O L L A R - LONDON t U.S. SWITZERLAND GERMANY — ' I 1 - - CANADA : „ 1 . !,„ . J f — ^ i v U.S. / X \ J \ V i 1963 z \ ; i : 1964 1965 • rote on bank loons and due and Germany (interbank Lo 1 n 1966 1 1 ! 1 ! II 1967 1 i i i , L O N G - T E R M B O N D YIELDS NETHERLANDS CANADA SWITZERLAND GERMANY EURO-DOLLAR BONDS 1963 1964 1965 1966 1967 SPOT E X C H A N G E RATES - M A J O R C U R R E N C I E S A G A I N S T U . S . D O L L A R SWISS FRANC U.K. STERLING j i ' ! X Z \ _ _ BELGIAN FRANC/ ^1 : ,: ' j ; FRENCH FRANC \ \ ' 2? \ / ! : y / DUTCH GUILDER j CANADIAN DOLLAR .z-1 ' I T A L I A N LIRA JAPANESE YEN M J 1965 S M J 1966 S D M 1967 J \0 3 - M O N T H F O R W A R D E X C H A N G E RATES A G A I N S T U.S. D O L L A R S — N E W YORK Friday figures SWISS FRANC / GERMAN MARK POUND STERLING DISCOUNT FRENCH FRANC DUTCH GUILDER CANADIAN DOLLAR A G A I N S T P O U N D STERLING — L O N D O N PREMIUM + S W I S S FRANC Fi GERM AN MARK A A a A / \ ^ U . S . DOLLAR . ; . ^ > \A v K x V N - i/ y - r - XW j : . J i DISCOUNTi ; i ' : i 1965 1966 . ; i , 1967 ; i i i I I N D U S T R I A L STOCK I N D I C E S 360 320 280 SWITZERLAND 240 200 GERMANY 160 120 360 320 280 JAPAN 240. 200 CANADA 160 120 1964 1965 1966 1967 September 13, 1967 H. 13 No. 316 II. Upper Panel Latest Figures Plotted la H. 13 Chart Series, 1967 (all figures per cent per annum) Chart 1 (Wednesday, Sept. 6 Euro-$ deposit 5.00 Treasury bills: U.S. certif. of deposit (Aug. 30) 4.85 (Sept. 6) 4.80 Lower Panel (Friday, Sept. 8 4.75 ~57ZmT 4.63 Finance co. paper: U.S. Canada Hire-purchase paper, U.K. Chart 5 (Friday, Sent. 8 ) ) Spread favor U.K. + .87 Forward pound - .81 Net incentive (U.K. +) + .06 Chart 6 (Friday, Sept. 8 ) Chart 2 (Friday, Sept. 8) Treasury bills: Euro-$ deposits: Call 30-day 90-day 4.25 4. 62r ( Sept. lfl-80-day 4.75 (Sept. 8) Hire-purchase paper (Sept. 1) Local-authority deposit (Sept. 1) Chart 3 (Period: Upper Panel Interbank loan rate (German) 3,50 Euro-$ deposit 4.94 5. 53 Zurich 3-month deposit Aug. 15 (Date: Japan composite rate (Date: June 30 Sept. 7 Euro-$ deposit (average) __ Zurich 3-month deposit Chart 4 (Friday, Sept. 8 Treasury bills: Canada U.S. Spread favor Canada 3.25* 35.190 ) 4.26 4.27 - .01 Net incentive (Canada +) -1.04 3.25 ) 7.29 4.87 Sept. 6 6.83 -1.03 3. 75 3.75 3.25 ) Chart 7 U.S. Gov't. (Wed. , Forward Canadian $ * July 23 31 Aug. 7 ] (London) Aug. 15 Price of gold (Friday, Sept. 1 Canadian finance paper 5,14 4.2$ 5.69 __ 3.50 (Date: 4,27 U.S. U.K. Canada 4.94 5.50 Interbank loan (mid-point) Lower Panel 5.14 4.27 U.K. U.S. 5.75 Sept. 8 Swiss Confed. (Fri., ) 6.71 Sept. 1 ) 4.55 Sept. 6 ) 6.04 Netherlands Gov't, perpetual 3% (Friday, Sept. 1 ) 5.63 Euro-$ bonds (Fri., 6.42** Sept. 8 ) For descriptions and sources of data, see special supplement to H.13, Number 239, March 16, 1966. **Revised: June 2 6.37 July 7 6.58 9 16 23 30 6.46 6.43 6.54 6.56 14 21 28 Aug. 4 6.50 6.44 6.46 6.40
@FedFRASER