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S e p t e m b e r 5 , 1973 R e l e a s e N o . 626 H-13 Division of international Finance, Statistical & Data Management Unit SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US. 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 September 5, 1973 Release No. 626 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 II. SHORT-TERM INTEREST RATES Charts 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 Arbitrage: 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 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, which accompanied issue dated January 1,1969. All series and their sources are fully described in a Supplement dated January 1, 1972. Chart 1A SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR Weekly averages Per cent 40 30 GERMAN MARK > BELGIAN FRANC / N t SWISS FRANC 20 JAPANESE YEN CANADIAN DOLLAR prior to float April M J 1972 S D D D M 1973 . Weekly averages (week ending on Friday) of daily offered rates in the New York market as per cent above or below central rates prior to Smithsonian agreement. Chart IB SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR Weekly averages Per cent 1 - FRENCH FRANC / / - DUTCH GUILDER J J \ J \ ITALIAN LIRA r / . J 1 1 : /U.K. POUND I 1 1 M 1 ! 1 J I 1 1 1972 Weekly averages (week er.d.r.g or, r,.u\>,) uf u'dii, uffeieu rdieb prior to Smithsonian agreement. I i - l S D I i M i l J 1 1 1 1 S 1973 me New York market as per cent above or below central rates D <> Chart 1C SPOT EXCHANGE RATES -_MAJOR CURRENCIES AGAINST U S. DOLLAR Weekly averages Per cent Above - 30 GERMAN MARK SWISS FRANC / 2<f JAPANESE YEN ' / / f FRENCH F/tANC BELGIUM lltANC DUTCH GUILDER CANADIAN DOLLAR Central ITALIAN LIRA U.S. U.K. POUND JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. 1973 Weekly averages (week ending on F r W y ) of daily offered rates in the New York market as per cent above or below central rates prior to Smithsonian agreement 3 MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U S. DOLLAR PREMIUM CANADIAN DOLLAR U.K. POUND DISCOUNT - PREMIUM GERMAN MARK DISCOUNT - PREMIUM + DUTCH GUILDER DISCOUNT - S * D Canadian Dollar Rate "ot supported by Bank of Canada See DESCRIPTION AND SOURCES OF DATA, January I , 1973, pp. 2 3- M S D M J S D 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR Weekly averages Per - ent per a-- 1 1 1 1 1 1 1 1 1 1 I 1 1 1 1 1 1 11 1 1 1 1 | 1 1 1 j ! ' 1 ' ' PREMIUM + FRENCH FRANC Ir - - DISCOUNT — — PREMIUM + -SWISS FRANC ~V\r - - DISCOUNT 1 1 1 1 1 1 1 1 1 1 1 M J S I t 1 1 1 1 1 1 1 1 1 I I D 1970 M J S D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 2-3. M 1 1 1 1 1 1 1 1 1 J 1972 S D i M i i i 11 M J 1973 i S i i D Chart 3A 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND Friday figures Per cent per annum GERMAN MARK U.S. DOLLAR DISCOUNT - J S 1970 J S D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 3. S M 1972 D M J 1973 S D 4 Chart 3B 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND Friday figures Per cent per annum y PREIWIUM + - - - - SWISS FRArtc - r A \ / / v V 1 ff - 1 V FRENCH FRANC - - 1 DISCOlJNT 1 1 1 1 1 1 1 1 1 M J S M D 1 1 1 1 1 1 1 I I M 1970 J S 1 1 1 D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 3. 1 1 1 1 1 1 I I M J S 1972 1 1 1 I I 1 l l M 1 M J 1973 1 1 1 S ID GOLD PRICE IN LONDON, 12.5 Kg BARS Week's average of afternoon fixings U.S. dollar equivalent per fine ounce 120 1971 1972 See DESCRIPTION AND SOURCES of DATA, January 1, 1973, p. 4. 1973 i j Chart 5A CALL MONEY RATES DOLLAR FUNDS Weekly Per cent per annum OVERNIGHT EURO-DOLLAR DEPOSITS CALL EURO-DOLLAR DEPOSITS FEDERAL FUNDS FAVOR EURO DOLLAR EURO-DOLLAR OVER FEDERAL FUNDS DIFFERENTIAL FAVOR "RAL FUNDS Per cent per annum EURO-CURRENCIES Weekly averages EURO-DM EURO-SWISS FRANC 1970 1971 -dollar deposits, May 10, 1971. * Changed from CALL to OVERNIGHT OVERNIGHT^Euro * 1, 1973, PP- 4-6. N AND SOURCES OF DATA. January See DESCRIPTION 1972 1973 Chart SB CALL MONEY RATES SELECTED FOREIGN AND EEC CURRENCIES Friday figures Per cent per 12 8 FRANCE 4 NETHERLANDS 0 8 JAPAN 4 CANADA 0 12 8 UK. 4 GERMANY 0 J S D 1970 J 1971 S 0 M J S 0 1972 , Day-to-day Money; Netherlands, Call Money, weekly average; Japan, Unconditional Money; i, Day-to-day Loans, weekly average; Germany, Call Money; U.K., 2-day Local Authority Deposits. iSCRlPTION AND SOURCES OF DATA, January 1, 1973, pp. 4-6. M J 1973 S D Chart 6A LONDON: EURO DOLLAR DEPOSIT RATES Friday figures Per cent per annum OVERNIGHT CALL 7-DAY 12 1-MONTH S M D M 1970 J S D 1971 M J 1972 S D M J S D 197a * May 12/71—changed to Overnight Euro-Dollar Deposits # # Juiy I - c h a n g e d to 7-Day Euro-Dollar aee DESCRIPTION AND SOURCES OF DATA, January I, 1973, p. 6. "•J >/ Chart 6B LONDON: EURO DOLLAR DEPOSIT RATES Friday figures Fc J \ - v v 1 f e^t per annum i 1 " / 3-MONTH — - i i 1 i i 1 i i 1 i i i i 1 i i 1 i i 1 i i M 1 M 1 n 1 i i V v - V V/ A a \ 6-MONTH jA I I I I l I I I I I I r- / - - i i ! i i I i i 1970 I i i 1 1 f 1 1 1 1 I 1 » 1 1971 See DESCRIPTION AND SOURCES OF DATA, January I , 1973, p. 6. 1 1 1 1 1 1 1 1 1 1 1 1972 i i 1 i i 1 i 1973 i ! i i NEW YORK-LONDON: YIELDS ON U.S. DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES-SECONDARY MARKET Wednesday figures 1 Per cent per annum 12 - 1~ id ' // 10 Vu \ u - A i/i V ) DOLLAR DEPOSIT - - U.S. CERTIFK GATE OF DEPOSIT , , J M 1 1 1 1 1 1 1 1 1 1 1 1 , , 1 , 1 l I 1 I l 1 I l 1 l l 1 i i l i i I i i I i i FAVOR EURO-DOLLAR DIFFERENTIAL j f\ A - - Am, • EURO-DO LLAR OVER U.S. CERTIFK iATE OF DEPOSIT i i 1 i i 1 i i 1 i i ,M J D 1970 1 1 1 I I 1 1 1 1 .L .1.. r i 1 i i 1 i i f i i M J S D h * J S D 1971 See DESCRIPTION AND SOURCESOF DATA, January 1, 1973. pp. 6-7. 1972 i » 1 i w J t 1 t i f i t S 1973 D w" Chart 7B NEW YORK-LONDON: COST OF U S. DOLLAR FUNDS 3 - M O N T H DOLLAR DEPOSIT R A T E S - P R I M A R Y MARKET Wednesday figures Per/cent per annum EURO DOLLAR DEPOSIT ADJUSTED' A EURO DOLLAR DEPOSIT U.S. CERTIFICATE OF DEPOSIT ADJUSTED EURO DOLLAR OVER U S. CERTIFICATE OF DEPOSIT ADJUSTED' M J S D 1970 M J S D 1971 * Adjusted 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, January 1,1973, pp. 6-7. M J 1972 S D J 1973 S D Chart 8A LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS HIRE P U R C H A S E / S T E R L I N G C D ' s vs EURO-DOLLAR RATES Friday figures Per cent per annum 12 1 EURO-DOLLAR DEPOSIT - A H iI iR\ E E n u rPuUnRuCnHnAuS L COVERED V STERLING CD's COVERED 1 1 1 1 1 I __ I I 1 1 1 I I i 1 1 1 1 1 1 I I 1 1 1 1 1 1 1 1 1 I I 1 1 1 1 1 1 1 1 1 1 1 1 FAVOR STERLING CD's DIFFERENTIAL \ .A A V\ / " V y XA/V 1 FAVOR EURO-DOLLAR 1 1 1 1 1 i i : : M I 1 1 1 I I 1 I I 1 I I 1 1 1 1 1 I J 1970 1971 1972 *Hire Purchase suspended August 11, 1972 and Sterling Certificates of Deposit begin August 11, 1972 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 7 1 1 1 1 1 S 1 1 1 I I 1 1 1 1 1 1 D 1973 Chart 8B LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS LOCAL AUTHORITY A N D EURO DOLLAR RATES Friday figures Per cent per annum EURO DOLLAR D E P O S I T LOCAL A U T H O R I T Y DEPOSIT COVERED FAVOR LOCAL AUTHORITY DIFFERENTIAL FAVOR EURO-DOLLAR M J S D M 1970 J S D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 7-8. M J 1972 S D S M 1973 D INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES Per cent per annum Friday figures 3 - M O N T H TREASURY B I L L RATES 14 U.K. L O C A L A U T H O R I T Y D E P O S I T S UNCOVERED NEW Y O R K LONDON, NEW YORK 1970 1971 1972 1973 * Plotted for comparison purpose: See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 8-9 I >0 CharlM INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATFS Friday figures Per cent per annum RATE D I F F E R E N T I A L A N D 3 - M O N T H FORWARD S T E R L I N G PREMIUM S P R E A D I N FAVOR OF L O N D O N FORWARD RATE DISCOUNT RATE DIFFERENTIAL W I T H FORWARD EXCHANGE COVER FAVOR L O N D O N FAVOR NEW YORK M J s D 1970 M J S D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp.8-9. M J 1972 S D M J 1973 S 0 Chart 10A 3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR-GERMAN MARK F R A N K F U R T I N T E R B A N K LOAN RATE VS. L O N D O N EURO-DOLLAR RATE weanesaay rates Per cent per GERMAN INTERBANK LOAN RATE EURO-DOLLAR COVERED FAVOR FRANKFURT DIFFERENTIAL FAVOR EURO-DOLLAR J S S D 1970 D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 9-10. No quotation J 1972 S D M J 1973 S D Chart 10B 3 MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR - SWISS FRANC Z U R I C H DEPOSIT RATE VS. L O N D O N EURO-DOLLAR RATE Wednesday rates Per cent per annum 12 SWISS DEPOSIT RATE EURO-DOLLAR COVERED * FAVOR ZURICH DIFFERENTIAL FAVOR EURO-DOLLAR J 5 S n 1970 M J S S D u 1971 See DESCRIPTION AND SOURCES OF DATA, January 1. 1973, pp. 9-10. M M J 1972 S a u M iw JJ 1973 S D 3-MONTH INTEREST ARBITRAGE: CANADA - UNITED STATES Friday figures i i ! i Per cent per annum i | i I | i i 1 1 | 1 1 | I I | 1 1 1 1 | 1 1 | I I | JJr Mjy 1 1 M - B I L L RATES V _Tv\ UNITED STATES TREASURY BILLS \ CAN. FIN. CO. PAPER | M | 1 1 | 1 1 - CANADIAN TREASURY BILLS 1 1 1 iL A N D FORWARD C A N A D A iN DOLLAR i 1 PREMIUM /Av/ ; w : \ i i FORWARD RATE AV\ \ J \ A ~ A y A / V y V GROSS SPREAD IN FAVOR OF C/INADA \ DISCOUNT I COVERED RATE DIFFER!ENTIALS FAVOR CANADA : ^ 2 . PRIME FINANCE PAPEF w / Vv VM \ y \ V V \ V TREASURY 1BILLS J w FAVOR U.S. I I 1 I M I 1 I J I I S M i i D 1970 1 i M i 1 i i J 1 i S t I I O 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 10-11. 1 1 1 1 1 1 1 1 1 I I 1 1 1 1 1 1 1 I I M J 1972 S D M J 1973 S D . 2>f • Chart 12A SELECTED SHORT-TERM INTEREST RATES* A W - 1x7 GERMANY U.S. r - - .. > 1 /' 1 / vy % r r \ U.K. - ^ / V\Z u.s. 1 II 1 1 1 1 II 1 1 1 II 1 II 1 II 1 1 1 II 1 II 1 II 1 II i i I i i I 11 I M i 111 i 1 i i 1 M JAPAN MONTHLY * i i 1 i i i i i I i i 1 ! ! I 1 1 1 1 1 1 1 1970 1971 U 1 1 i i 1 1 1 1 1 1972 i i ! i i 1 i i 1 i i i i 1 i i 1 i i 1 i i 1973 1974 * 3-month treasury bill rates for all countries except JapanfAverage rate on bank loans and discounts) and Germany(lnterbank Loan Rate) See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 11-12. 1 Chart 12B SELECTED SHORT-TERM INTEREST RATES / X a , /I f VJ , . V / • V A s i \ 1 1 1 1 1 1 1 1 1 ! i i - \ V—i \ r \ V J 1 i Z V i j . S . II 1 II 1 1 M [/ 1 1 1 1 l 1 1 l 1 1 l 1 1 U.SUY Lzx ^ V A r 1111111 i n - v ^ i S / V f I 1 1 1 1 1 1 II M r i i 1 L ' l . 1 i i 1 i i 1 i i 1 M r " L i r h > \ T 1 i i I i i ! V TO D O L L A R - L O N D O 1 1 ! 1 U~] 1 j SWITZERLAND 1 1 1 II 1 II 1J L J J 1 1 I 1 1 1 1 U.S. / 1 1 1 1 1 1 1 1 1 1 1 T\ v - A \\ A Jf r » \ V ^ ^ ^ N A D A 11 I 1 1 i I I 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1970 1971 1 1 1 i 1 1 1 1 1 1 1 1972 r M - 1 1 1 1 1 1 1 1 1 1973 1 1 1 1 1 1 1 1 1 1 1 1974 t - b Chart 13 LONG-TERM BOND YIELDS Weekly figures Per cent per annum - NETHERLANDS - W ^ U.S. SWITZERLAND 1 1 1 1 1 1 . 1 11 11 11 1 1 1 1 1 1 1 1 1 1 1 I I 1 I I 1 1- u1 1 M i M ! I I 1 1 1 I 1 1 I I 1 M ! 1 j /to U.K. \R GERMANY/^ Y 1 1 1 I I 1 M 1 1 111 1 1! 1 I I 1 ! 11 CANADA 1 I 1 1 1 1 1 1 1 1 M 1 II 1 1 1 1 1 1 1 1 1 1 1 1 II 1 II Monthly figures U.S. CORPORATE: - DOLLAR EURO-BONIDS \ r AaaBONDS DM EURO-BONDS 1 1 1 1 1 1 1 i i M 1 1 1 1 1 1 1 i 1 II 1970 1971 1 I 1 II 1 1 1 1 1 1 1972 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 12-15. i i 1 ii 1 ii 1973 1 ii M I i i 1 M 1974 i M Chart 14 INDUSTRIAL STOCK INDEXES 320 UNITED STATES 240 160 1200 JAPAN 960 480 SWITZERLAND SWITZERLAND! 640 320 480 240 UNITED KINGDOM JAPAN1 GERMANY 320 CANADA 160 CANADA GERMANY 240 160 1970 • 1971 1972 1973 v z September 5 , 1973 |y g^LECTED CENTRAL BANK DISCOUNT RATES N o . 626 Country Current Rate In Effect Since Previous Rate In Effect Since E.E.C.: Belgium France Germany Italy August 2. 197! 6.0 Julv 9.5 August 2, 197: 8.5 Jul7.5. 1973 7.0 June 1, 1973 1Q71 May 3. 1973 4.0 Apr. 10, 1972 4.5 Oct. 14. 1972 August 7. 1973 6.0 Julv 18. 1973 11.50 July 27, 1973 9.00 Julv 20. 1973 Jan. 1, 3973 3.75 Sept. 15, 197 August 7, 197; 6.25 Switzerland 4.5 ' 6.0 5, 6.5 Netherlands **United Kingdom 6.5 . Canada Japan United States 6.75 7.0 7.5 August 29, 1973 August 14.1973 • 6.0 7.0 June 10. 1973 July 2, 1973 Julv 1. 1973 **Effective October 13, 1972, the Bank of England replaced its traditional Bank Rate with a fluctuating "minimum lending rate" based on average Treasury bill tender rate. ,V '2 11.13 September Chart Panel 1A Upper Series Date Swiss franc Aug. 31 » U.K. pound Lower IB Upper Lower 2A Rate " -5.60 18.37 Japanese yen " 16.07 „ Belgian franc 19.01 Italian lire " 2.54 Canadian dollar " 7.57 German mark " 30.96 Dutch guilder " 20.53 H German mark Upper 3.82 6.09 -4.51 U.K. pound " Dutch guilder " 1.04 Canadian dollar " 2.57 French franc 2.51 7.60 German mark 3A 3B U.S. dollar " 3.86 Swiss franc " «• 6.21 5.51 French franc Gold price, U.S. dollar per ounce 4 5A Upper Overnight Euro-S deposits N AUK. 105.06 29 Federal Funds Middle Differential Lower Euro-currencies: Euro DM Euro Swiss Fr. 58 Upper Lower - 10.63 10.79 II -0.16 II II 6.53 5.28 Japan, Unconditional Money Aug. 25 7.50 U.K., 2-day Local Author. Deps. Aug. 24 13.50 Canada, Day-to-day Loans " France, Day-to-Day Money Aug. Germany, Call Money / 26.50 French franc Swiss franc 26 5, Release No. L A T E S T FIGURES P L O T T E D ON T H E CHARTS Netherlands, C a l l Money 6.05 31 9.56 24 7.50 NA " Aug. 1973 626 H . 13 September 5, 1973 Release No. 626 IV-3 Chart Panel 6A Series Rate Date Euro-S Overnight Rate Aug. Euro-$ 1-month Rate 6B 7A Upper " Euro-$ 3-month Rate „ Euro-$ 6-month Rate " Euro-$ 3-month Deposits 7B Differential Upper Euro-) 3-month Deposits Lower Upper 8B Euro-$ 3-month Deposits ( A d j . ) ii „ D i f f e r e n t i a l : on A d j . Euro-$ Deposits II 11-06 Euro-$ 3-month Deposits CD's (covered) 1.34 0.34 17 .. Upper Euro-$ 3-month Deposits II L o c a l Authority Deposits (covered) „ U.S. Treasury B i l l rate 11.22 Aug. II Differential 12.56 » Differential 9A L o c a l A u t h o r i t y Deposit (uncovered) Upper Spread (+= favor London) 3-month Forward Pound Lower Net Incentive (+= favor London) 11.47 8.64 -2.83 11.47 „ 8-64 -9.FI! Aug. 31 8.53 Aue. 24 14.25 AUK. 31 U.K. Treasury B i l l rate 9B 11.56 11 S6 Lower Lower 29 „ U.S. C e r t i f i c a t e of Deposits ( A d j . ) Sterling 11-56 11.56 n.sn on Unadj. Euro-S Deposits 8A 10.86 11.44 Aug. U.S. C e r t i f i c a t e of Deposits Lower 31 10.59 2.29 -4.45 -2.16 H.13 J x September 5, 1971 Release No. 626 IV-4 Chart Panel 10A Upper Series Euro-* Deposits (covered) Rate Date A u g . 29 German Interbank Loan rate 10B Lower Differential Upper Euro-* Deposits (covered) 6.03 5.38 Swiss Deposit rate 11 Lower Differential Upper Canadian Finance Paper 4.50 -0.88 Aue. 3 1 U.S. Treasury Bill rate Canadian Treasury Bill rate > || -2.53 Forward Canadian dollar 12A Net incentive on bills Bottom Net incentive on Finance Paper Upper U.K. Treasury Bill rate 2.58 0.05 2.33 10.82 U.S. Treasury Bill rate 8-53 German Interbank Loan rate Lower U.S. Treasury Bill rate 12B 13-75 Japanese Average rate Canadian Treasury Bill rate 7.023 Aue. 31 Euro-$ Deposits „ Swiss 3-month Deposit rate „ U.S. Treasury Bill rate 6.00 9.00 Bill rate differential Third 8.75 8.53 U.S. Prime Finance paper (not plotted) Second 7.72 13.75 " 6.00 « 53 11.56 4.50 8.53 H.13 September 5, 1973 Release No. 626 j i IV- 5 Chart Panel Series 13 Upper Netherlands Canada *United States Switzerland Germany Middle United Kingdom U.S. Cocp. Dollar Euro-bonds Lower U.S. Corp. DM Euro-bonds U.S. Corp. Aaa bonds 14 Switzerland Upper Germany United States Rate Aue. 24 „ Canada ** Japan United States 8.46 7.79 7.33 Aug. 17 5.55 Aug. 15 9.82 Aug. 24 11.33 Julv 8.58 „ 7.45 / 7.60 Aug. 24 353.9 Aug. 23 269.6 Aug. 24 231.37 Aug. 16 291.51 Aug. 25 860.04 A u g . 24 231.37 United Kingdom Middle Lower Date 739.53 * New—Average yield on selected 10 year constant maturity bonds due or callable in 10 years. ** 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. »
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