Markets open in state of anarchy

NO PARKING ent is attempting to reduce £8 and £10 a week. Italian CPer was Pope's go-between CEMENT occupie church in protest ag of their fi Cementos'. point out CURRENCY markets reopen this morning in a situation of almost total anarchy after their record 17-day shut-down.

The system of 'fixed but adjustable parities' has been swept away and in its place practically every main capitalist currency is floating.

Finance Ministers and central bankers meeting in Paris on Friday could find no alternative to the 'floating' regime.

All their efforts to regulate the crisis since breakdown of the 1944 Bretbe out in strength this mornnperial Typewriter works at pport of a fight against wagestrike, which is entering its illows allegations by workers The auto department men, mostly Amalgamated Union of Engineering Workers' members, stopped work after a failure to get talks with the comMost of the factory's workers are in the Transport and General Workers' Union and many are immigrants.

A bonus scheme negotiated last autumn has MORE information has been revealed about the part played by an Italian Communist Party delegation which acted as go-between in carrying peace proposals from Pope Paul to Hanoi in December 1966.

In an interview with the Rome paper 'Il Messaggero' communist deputy, AntonWORKERS have d a residential Seville, Spain, in inst the closure rm 'Andaluza de The 100 workers that there is a ton Woods system in August 1971 have ended in failure.

The adoption of a worldwide float is their admission of failure.

The American delegation at the Paris conference, headed by Treasury Secretary George Schultz, made only the most token gesture towards assisting the other capitalist powers.

The US said it would delay the removal of checks on US capital exports 'until the dollar is stronger' and would intervene 'in principle' to support the dollar if the rate falls against the EEC bloc.

In addition it will join the other 13 participants in 'studying' ways of 'making Imperial Typewriters' workers Typewriter pickets claim wages cut by £10 pushed production of electric machines from 2,000 a week.

The highly-organized auto section clinched the best deal and the highest increases. But in the past couple of months management has been looking for ways of reducing the bonus.

When the wage-cutting began the auto men began ello Trombardori, said he had told the Pope he was available to carry a message to the North Vietnamese government. He did this on instructions from Party secretary Enrico Berlinguer.

Negotiations with the Vatican were conducted through Jesuit priest Father Roberto Tucci and it great shortage of cement in the province, and that if they lose their present jobs, they will never get new. ones. In Seville, factories have been closing down at a rate of one a month. UR FOREIGN EDITOR the Euro-dollar market volatile' These guarantees are so vague as to be meaningless.

The Euro-dollar market consists of those dollars exported from the US since the war. They cannot be redeemed for gold at the US Treasury.

The US government has no intention of taking charge of this immense pool of 'hot' money, which, in any case, is beyond the control of any single government (or group of governments).

The absence of any plan to deal with Euro-dollars makes it certain that there will be further and even more violent upheavals in the currency markets. to clamour for negotiations.

Last Friday 400 workers at one gate signed a petition calling for a works' meeting. It is understood the union has refused the petition.

Benny Pinigar, speaking for the auto men, said his department was first on the firing line on wage-cutting. He called for support from other sections. was from him that Trombardori received the Pope's message just before the delegation left.

He was also sent by the Party to see the Pope in 1969 during a visit to Uganda, with a view to arranging for Cardinal Pignedoli to accompany him to North Vietnam at the Vatican's expense.

CIRCULATION 01-622 Not only will the failure of the Paris meeting fuel the existing lack of confidence in paper money, it will also create intolerable conditions for international trade.

Traders depend on having some guarantee that the different currencies will retain a stable relationship for quite lengthy periods of time.

That is why the six EEC countries, with Sweden and Norway, are trying to hold their currencies within a set of parity bands.

Already this relationship is showing signs of strain and it is not expected to last for very long before collapsing.

The breakdown of the capitalist monetary system must lead directly to a credit collapse on an international scale. rely on their own strength, he adds... but the 'militants will need a lot of realism and a great sense of responsibility.