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SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US. WEEKLY SERIES OF CHARTS BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM H. 13 September 19, 1973 Release No. 628 TABLE OF CONTENTS PART I. EXCHANGE RATES AND GOLD PRICES Chart 1A, IB, & 1C . Spot Exchange Rates, Major Currencies against U.S. Dollar Chart 2A and B - 3-Month Forward Exchange Rates, Major Currencies against U.S. Dollar Chart 3A and B - 3-Month Forward Exchange Rates, Major Currencies against U.K. Pound Chart 4 - Gold Price in London \ PART H. SHORT-TERM INTEREST RATES Chart 5 - Call Money Rates Chart 6A and B - London: Euro-$ Deposit Rates Chart 7A and B - New York - London: Yields on U.S. Dollar Funds Chart 8A and B - London: Covered Yields on U.S. Dollar Funds Chart 9A and B - Interest Arbitrage: United States-United Kingdom Chart 10A and B - Interest Arbitrage: U.S.-Germany and U.S.-Switzerland Chart 11 - Interest Arbitrage: United States-Canada Chart 12 A and B - Selected Short-term Interest Rates PART III. LONG-TERM INTEREST RATES AND STOCK INDICES Chart 13 Chart 14 - Long-Term Bond Yields - Industrial Stock Indices PART IV. SELECTED CENTRAL BANK 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, vtfiich 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 MARK \[L BELGIAN FRANC ; SWISS FRANC 20 JAPANESE YEN CANADIAN DOLLAR prior to float April 1970 against M J 1972 S D M 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 m a r k e t as per cent above or below S m i t h s o n i a n D Chart I B SPOT EXCHANGE RATES • MAJOR CURRENCIES AGAINST U.S. DOLLAR Wee kly averages 30 1 FRENCH FRANC - / . — DUTCH GUILDER J r \J\ ITALIAN LIRA .V Z~ /LL.K. POUND 1 1111111111 1 1111111111 1972 1973 Weekly averages (week e n d i n g on Friday) of daily o f f e r e d rates. in Ihe New York m a r k e t as per cent above or below S m i t h s o n i a n c e n t r a l rates. : Chart 1C SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR Weekly, averager Percent 30 GERMAN MARK SWISS FRANC 20 JAPANESE YEN FRENCH FRANC BELGIUM FRANC DUTCH GUILDER CANADIAN DOLLAR Per cent above or below parity ITALIAN LIRA agam-it U.K. POUND JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. 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 C h a r t 2A 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U S. DOLLAR Week ly a v e r a g e s Per cent per annum PREMIUM + CANADIAN DOLLAR U.K. POUND DISCOUNT - PREMIUM GERMAN MARK DISCOUNT - DUTCH GUILDER DISCOUNT - M S 1970 * D 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 Bank of Canada. See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 2-3. M J 1972 S S 1973 D 1 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR Weekly averages 1 1 1 1 1 Per cent per 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I.I 1 I I 1.1 1 1 I | I I | I I | 1 ! 12 PREMIUM + FRENCH FRANC 8 - - 4 0 • — DISCOUNT - 4 — PREMIUM + SWISS FRANC / 4 ( + 0 \J4r\J DISCOUNT 1 1 1 1 1 1 1 1 1 1 I I M J S D 1 1 1 1 1 I I M 1970 J 1 1 1 S D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 2-3. 1 1 1 1 1 1 1 1 1 I I M J 1972 S 1 D 1 1 1 1 1 1 1 1 1 1 M J 1973 S D 4 C h a r t 3A 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND Per Friday f i g u r e s PREMIUM GERMAN MARK U.S. DOLLAR DISCOUNT - 1970 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, p. 3. 1972 1973 cent Per a n n u m Chart 3B 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND Friday figures Per cent per annum PREMIUM SWISS FRANC FRENCH FRANC DISCOUNT - M J S D M 1970 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 \0 Chart 4 GOLD PRICE IN LONDON, 12.5 Kg BARS W e e k a v e r a g e of afternoon fixings U.S. dollar equivalent per fine ounce 120 90 60 30 S 1971 1972 See DESCRIPTION AND SOURCES of DATA, January 1, 1973, p. 4. D M J 1973 S D CALL MONEY RATES DOLLAR FUNDS Weekly averages Per cent per a n n u m CALL EURO-DOLLAR DEPOSITS OVERNIGHT EURO-DOLLAR DEPOSITS FEDERAL FUNDS EURO-DOLLAR OVER FEDERAL FUNDS EURO-DOLLAR FAVOR M I B I E R A L FUNDS EURO-CURRENCIES Per cent per a n n u m Weekly averages EURO-DM EURO-SWISS FRANC Jj S S D 1970 M J J S S D M M 1971 * C h a n g e d f r o m CALL to OVERNIGHT Euro d o l l a r d e p o s i t s . May 10, 1971. See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 4 6. J JS 1972 US I DV IM J J 1973 s D Chart 5B CALL MONEY RATES SELECTED FOREIGN AND EEC CURRENCIES Friday figures Per cent per annum 12 FRANCE NETHERLANDS V-V-V JAPAN CANADA II 1 1 1 1 1 1 1 1 1 II 1 1 1 1 1 1 1 1 1 II 1 1 1 1 II 1 II. I 1 1 1. 1 J. J. 1 1 1 1 France, Day-to-day Money; Netherlands, Call Money, weekly average; Japan, Unconditional Money; Canada, Day-to-day Loans, weekly average; Germany, Call MoneyMJ.K., 2-day Local Authority Deposits. See DESCRIPTION AND SOURCES |OF DATA, January 1, 1973, pp. 4-6. LONDON: EURO DOLLAR DEPOSIT RATES Per c e n t per a n n u m Friday f i g u r e s OVERNIGHT CALL 7 DAY 12 1-MONTH M J SS DD M M 1970 # J S S D 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 D e p o s i t s * • July 1—changed to 7 - D a y E u r o - D o l l a r See DESCRIPTION AND SOURCES OF DATA, January 1, 1 9 7 3 . p. 6 . M M J J b 1972 S U D M MJ J 1973 s 0 \M Chart 6 8 LONDON: EURO DOLLAR DEPOSIT RATES Friday figures Per cent per annum \ - f J a 3-MONTH • - f — - ,, I I I I I I I I I I I I , , I , , I , , I I 1 I I 1 I I 1 I I \ v v A - \ 6-MONTH vvv A I I 1 I I 1 I I 1 I I P~ r ' / - - 1 1 1 1 1 I 1 1-L L J i i 1970 1 i i 1 i i 1 i i 1 1 1 1 1 1 1 1 1 1 1 1971 1972 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 6. / I 1 1 1 1 1 1 1 1973 1 1 1 \ -/ Chart 7A NEW YORK-LONDON: YIELDS ON U.S. DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES-SECONDARY MARKET Wednesday figures Per cent per annum /' JJ ' - - 17 R \ Y / IEURC) DOLLAR DEPOSIT r - 7 - U S. CERTIFKGATE OF DEPOSIT I I 1 I I 1 I I 1 I I ,, 1 , , 1 , I 1 I L I I 1 I I 1 I I 1 I 1... I I 1 I I 1 I I 1 I I FAVOR EURO-DOLLAR DIFFERENTIAL - - Aj\f HA/ EURO-DOLLLAR OVER U.S. CERTIFIC:ATE OF DEPOSIT I I 1 I I I I I 1 I I J D I I 1 I I 1 I I I I—I— I I 1 I I 1 I I 1 J—I— I I 1 I I I I I 1 I I M J S D M J S D M J S D 1970 1971 See DESCRIPTION ANDSOURCESOF DATA, J a n u a r y 1, 1973, pp. 6-7. 1972 1973 12 Chart 7B NEW YORK-LONDON: COST OF U S. DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES-PRIMARY MARKET Wednesday f i g u r e s Per/cent per a n n u m EURO DOLLAR DEPOSIT ADJUSTED' A EURO DOLLAR DEPOSIT U.S. CERTIFICATE OF DEPOSIT ADJUSTED EURO DOLLAR OVER " U.S. CERTIFICATE OF DEPOSIT ADJUSTED' J S D 1970 J S D 1971 * A d j u s t e d for Reserve Requirement * * Adjusted for 10% Marginal Reserve Requirement * * * A d j u s t e d for 2 0 % Marginal Reserve Requirement See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 6-7. M 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 rriaay ngures Per cent per a n n u m EURO DOLLAR DEPOSIT HIRE PURCHASE COVERED STERLING CD's COVERED „ FAVOR STERLING C D ' s DIFFERENTIAL \ A y .A A k A # r v 1 FAVOR EURO DOLLAR 1 1 M 1 1 1 1 J 1 1 S 1 I I D 1970 1 1 1 1 M 1 t J I I 1 1 1 i S D M 1971 i i i i J i S 1972 * H i r e Purchase s u s p e n d e d A u g u s t 11, 1972 and S t e r l i n g C e r t i f i c a t e s of Deposit b e g i n A u g u s t I I , 1972. See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 7 i i i i D 1 i M 1 1 1 1 1 1 1 1 1 1 J S 1973 Chart 8 8 LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS LOCAL AUTHORITY AND EURO DOLLAR RATES Friday figures Per cent per a n n u m 12 EURO DOLLAR DEPOSIT LOCAL AUTHORITY DEPOSIT COVERED > FAVOR LOCAL AUTHORITY - DIFFERENTIAL Jl A A ' v v v uKa "1 - M i M i i i i J FAVOR EURO-DOLLAR i 11 S II 1 1 1 1 1 1 1 1 1 I I I 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i D M 1970 J S D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 7-8. M J 1972 S D M J 1973 S D \ v " \ C h a r t 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 S S D 1970 0 1971 * P l o t t e d for c o m p a r i s o n p u r p o s e s See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 8 - 9 M J 1972 S D M J 1973 S D jChart INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATFS Friday f i g u r e s Per cent per a n n u m RATE DIFFERENTIAL AND 3-,MONTH FORWARD STERLING PREMIUM SPREAD IN FAVOR OF LONDON FORWARD RATE DISCOUNT RATE DIFFERENTIAL Wr H FORWARD EXCHANGE COVER FAVOR LONDON FAVOR NEW YORK M J S D 1970 M J S D 1971 See DESCRIPTION AND SOURCES OF DATA. January 1, 1973, p p . 8 - f t M J 1972 S M J 1973 s D C h a r t 10A 3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR-GERMAN MARK FRANKFURT INTERBANK LOAN RATE VS. LONDON EURO DOLLAR RATE W e d n e s d a y rates Per, cent per a n n u m : GERMAN INTERBANK LOAN RATE EURO-DOLLAR COVERED FAVOR FRANKFURT DIFFERENTIAL FAVOR EURO-DOLLAR D 1970 J 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 M J 1972 S D M J 1973 S D V C h a r t 10B 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 SWISS DEPOSIT RATE EURODOLLAR COVERED A FAVOR ZURICH DIFFERENTIAL FAVOR EURO DOLLAR M J S S D 1970 M M J S D D M 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 9 - 1 0 . M J 1972 S b D U M M JJ 1973 S D .'Chart 11 3-MOIMTH INTEREST ARBITRAGE: CANADA - UNITED STATES Friday f i g u r e s Per cent per annum 1 1 1 1 1 1 II - B I L L RATES 1 1 1 1 1 | 1 1 | 1 1 | II 1 1 | 1 1 | 1 1 | 1 1 II | II : | 1 1 | 1 1 / UNITED STATES TREASURY BILLS CAN. FIN. CO. PAPER j ZV-A/ . - TREASURYE[ILLS " 1 1 1 BILL RATE DIFFERENTIA LAND FORWARD CANADIA N DOLLAR ' PREMIUM FORWARD RATE y v ^ : : GROSS SPREAD IN FAVOR OF CA NADA DISCOUNT 1 FAVOR CANADA COVERED RATE DIFFERIENTIALS A - . PRIME FINANCE PAPEF ^ -V • \ y W r \ / * \ j ^ •_ TREASURY! SILLS FAVOR U.S. i i 1 i M i 1 i J i 1 i S i I I D 1 I I M 1970 1 1 1 1 1 1 J S 1 D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 1 0 1 1 . 1 1 1 1 1 I I M J 1972 1 1 1 S D 1 1 1 1 1 1 1 f M J 1973 1 1 1 S. D C h a r t 12A SELECTED SHORT-TERM INTEREST RATES* Per cent per a n n u m J j — V ' I 1 L V - * Vi t J ,rXAW \ \ / kj v r. = ; i \ i i \v v\ 14 = // y / / 1 GERMANY - j i f V - V y u.s. 1 1 1 1 1 1 1 1 1 II 1 1111111111 i i 1i i 1i i 1i i 11111111111 11111111111 12 - > i V t \ Th, r\r^ U.K. Vy ii 1 i i 1 ii 1 M / / - / u.s. i i 1 i i 1 i i 1 II I I i I I I I I I I I z 111M1111 M 111111111 M JAPAN __ MONTHLY 1 1 1 1 ! 1 M 1 1I I 1 i I I 1 1 1 ! M i i I i i 1 i i ! i i 1970 1971 i rl i i 1 i i 1 i i i i 1 i i 1 i i 1 i i 1973 * 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 a n d d i s c o u n t s ) a n d G e r m a n y ( i n t e r b a n k loan rate) See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 11-12. C h a r t 12B SELECTED SHORT-TERM INTEREST RATES ti i\/f 12 /vv V\, V-V ,'Vj jN\T x ; VyV vi HV 10 D0LLAR - LONDO - L /V^U.S. 1 1 1 1 1 11111111111111111111111 1 1 1 1 1 1 1 I 1 1 1 1 1 1 1 1 1 1 1 1 M 1 1 1 1 \- V \ J iv i V t V'—I V / I* r i 1 L'V 1 - U.&Y iu i ' 1 1SWITZERLANI 1 1 1 1 1 1 1 1 1 1 1 1 V 1 1 1 1 1 1 1 1 1 1 1 (\ y \ \ r n 1 1 1 1 1 1 1 1 1 1970 1971 i 1 I I I 1 1 I I I 1 1 1 VV \ 111 I I CANADA 1 I I 1 I I 1972 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 11-12. i 1 i i 1 i - V 1 1 1 1 1 1 M i 1 i U.S. , A ^ \ i i ! ii 1 i i I i i i 1 I I 1 1 1 1 1 1 1 1 1 1 1 1973 i i 1 i i 1 M 1974 1 i i LONG-TERM BOND YIELDS Weekly f i g u r e s Per cent per a n n u m 9 - _ w NETHERLANDS ^ v u.s. SWITZERLAND 111111111M M 1 M I M 1 1 I1I 1 1 1 1 I I 1 I I1 11 I I 1 1 1 1 11 11 1 1 1 1 I I 1 1 1 U.K. - • \ r / / A I I 1 I I 1 1 1 1 MI I i u 111111 y GERMANY/^ / - j / CANADA^ I 11 1 1 1 1 1 1I 11 11 1 II 1 1 1 1 II 1 I1 1 1 II 1 1 1 M o n t h l y figures U.S. CORPORATE: DOLLAR EURO-BONDS i M I I I 1 I I I I I I I I I I I I I 1970 1971 I I I I I 1 I I I I I 1972 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 12-15. I I I I I I I I I I 1 1973 I I 1 I 1 1 I I I I I 1974 5 C h i r t 14 INDUSTRIAL STOCK INDEXES Ratio scale, 1 9 5 8 = 1 0 0 Ratio scale. 1958=100 ~ 1 UNITED STATES 32* 240 160 1200 480 JAPAN 960 SWITZERLAND SWITZERLAND! 320 640 240 UNITED KINGDOM JAPAN GERMANY CANADA CANADA GERMANY 240 160 1970 1971 1972 1973 September^ El, 1973 H. 13 IV. S E L E C T E D C E N T R A L BANK DISCOUNT RATES Release No. 628 Country Previous Rate In Effect Since Current Rate In Effect Since 6.5 August 2. 197: 6.0 .Tilly 5,. 1Q71 9.5 August 2, 197: 8.5 July 5 . 1973 E.E.C.: Belgium France Germany Italy Netherlands **United Kingdom 7.0 June 1, 1973 6.0 May 3 . 1973 4.0 Apr. 10. 1972 4.5 Oct. 14. 1972 6.5 August 7. 1973 6.0 July 18. 1973 11.50 July 27, 1973 9.00 July 20. 1973 4.5 Jan. 1, 1973 3.75 Sept. 15. 197 Canada 6.75 August 7, 197; 6.25 Japan 7.0 Switzerland United States 7.5 August 29, 1973 August 14,1973 • 6.0 7.0 June 10. 1973 July 2, 1973 July 1. 1973 * * E f f e c t i v e October 13, 1972, the Bank of England replaced i t s t r a d i t i o n a l Bank Rate with a f l u c t u a t i n g "minimum lending rate" based on average Treasury b i l l tender r a t e . ^v\ IV-2 H. 13 September 19, 1973 Release No. 628 L A T E S T FIGURES P L O T T E D ON T H E CHARTS Chart Panel 1A & 1C I B & 1C I B & 1C 1A&1C 1A & 1C I B & 1C 1A&1C 1A&1C I B & 1C Upper 3A 3B 4 5A Upper Middle Lower 5B Date Swiss franc U.K. pound French franc Japanese yen S e p t . 14 27.23 " -7.31 19.22 15.99 Rate ii " it Belgian franc Italian lire Canadian dollar German mark Dutch guilder 2A 2B Series Upper Lower / " •i " „ German mark Swiss franc U.K. pound Dutch guilder Canadian dollar French franc " u " •i ... " II II German mark U.S. dollar Swiss franc French franc " Gold price, U.S. dollar per ounce it Overnight Euro-5 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 20.16 2.69 7.11 32.08 21.94 " 8.67 4.72 6.54 6.09 » 102.06 S e p t . 12 M " Sept. 14 " Sent. Sept. Sept. Sept. Sept. Sept. 3.33 5.82 -5.25 0.92 2.14 2.49 8 7 14 14 14 7 10.70 10.74 -0.04 7.17 3.08 . 8.50 12.00 6.20 9 95 14.25 8.13 H.13 September 19, 1973 Release No. 628 IV-3 Chart Panel 6A 6B Series Date Euro-) Overnight Rate S e p t . 14 Upper 11.44 Euro-$ 3-month Rate 11.44 Euro-$ 3-month Deposits 11.38 S e p t . 12 U.S. Certificate of Deposits 7B Lower Differential Upper Euro-) 3-month Deposits 0.49 11.44 12.43 U.S. Certificate of Deposits (Adj.) 11.3? Differential: on Adj. Euro-$ Deposits 1.11 on Unadj. Euro-$ Deposits 8A Upper Euro-$ 3-month Deposits 0.12 AUK. 3 1 S t e r l i n g CD's (covered) 8B Lower Differential Upper Euro-$ 3-month Deposits m 9.67 -1.89 S e n t . 14 U.K. Treasury Bill rate Local Authority Deposit (uncovered) 9B Upper Spread (+= favor London) 3-month Forward Pound Lower Net Incentive (+= favor London) n 11.56 Differential U.S. Treasury Bill rate 9A 11-56 -1.45 Local Authority Deposits (covered) Lower 11.44 10.95 Euro-$ 3-month Deposits (Adj.) Lower 10.94 Euro-$ 1-month Rate Euro-$ 6-month Rate 7A Rate 8.75 10.80 Sept.* 7 13.38 S e n t . 14 2.05 -5.49 -3.44 September 19, 1973 Release No. 628 IV-4 Chart Panel 10A Upper Series Euro-* Deposits (covered) Rate Date S e p t . 12 German Interbank Loan rate 10B Lower Differential Upper Euro-* Deposits (covered) 6.33 5.28 Swiss Deposit rate Lower 11 Upper 4.50 Differential Canadian Finance Paper -0.78 S e p t . 14 U.S. Treasury Bill rate 6.25 U.S. Prime Finance paper (not plotted) 9.00 Bill rate differential -2.50 Forward Canadian dollar 12A Third Net incentive on bills Bottom Net incentive on Finance Paper Upper U.K. Treasury Bill rate 2.06 -0.44 1.69 10.80 U.S. Treasury Bill rate 8.75 German Interbank Loan rate Lower Japanese Average rate 14.25 7.160 July Canadian Treasury Bill rate A OS U.S. Treasury Bill rate 12B 8.63 8.75 Canadian Treasury Bill rate Second 7.92 14.25 8.75 Euro-* Deposits " 11.44 Swiss 3-month Deposit rate " 4.50 U.S. Treasury Bill rate „ 8.75 H. 13 September 1 9 , 1973 R e l e a s e No. 628 CP IV-5 Chart Panel Series 13 Upper Netherlands Sept. 7 8.32 Canada S e p t . 14 7.83 Date MJnited States Middle Switzerland Aug. 24 5.59 Germany Sept. 7 9.58 U.S. Corp. Aaa bonds Upper Switzerland Germany United States Middle United Kingdom Canada Lower ii U.S. Corp. Dollar Euro-bonds Series G U.S. Corp. DM Euro-bonds 14 7.19 " United Kingdom Lower Rate ** Japan United States Series G 11.61 8.58 Julv „ 7.60 August 7.68 S e p t . 14 353.60 Sept. 7 270.60 S e p t . 14 236.06 „ 235.95 Sept. 7 294.09 Sept. RSO.Zi.fi 8 S e p t . 14 236.06 * New — Average y i e l d on s l e e 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 o r 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.