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policies on June 18. press d 'law are desperand order' order to stampede anti-working-class US BANKER London Stock Exchange had worst week since the November 1967 devaluation crisis.

MR PAUL W. McCRAKEN'S statement of yesterday, as President of Nixon's Council of Economic Advisers, that he anticipated a "brighter end for was made to look decidedly like whistling in the dark in the light of Wall Street's continuing decline.

So far this week : 30 points have been slashed from the Dow Jones Index and the growing confidence crisis in Nixon's ability • to halt the slide has infected world markets.

The slide on the Tokyo exchanges continued yesterday when the index fell 17 points to bring a three day loss totalling around 80 points.

London has had its worst week since the November 1967 sterling devaluation with millions being, wiped off all the leading industrials.

Behind the drop in Wall St share prices is the continuing inflation and the slump in corporate profits. Until both these are tackled by Nixon, there will be no upturn for stocks or a restoration of Related Ultimately share prices are related to dividend levels which, in turn, depend upon the rate of surplus value extracted from the working class.

An enormous quantity of paper shares have been created on the world's stock exchanges throughout the boom which is now competing for a shrinking quantity of surplus value as profits are hit from rising wages on the one hand and tightening credit on the other.

It is on this crucial profits front that the US ruling class faces its most serious crisis.

They are now involved in a desperate attempt to rethe tendency of the profit rate to fall, which Marx showed to be the real source of capitalist crisis.

So far this year American unit labour costs have been accelerating annual HAROLD RATTLE & CO. I:::

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• per cent rate, representing • 7 per cent rise in earnings per hour, combined with a fall in labour productivity as the scale of operations has been cut back in many With prices also continuing to rise at a 7 per cent rate and many crucial wage contracts to be settled in the autumn, there is little prosBarbara Castle announced in the Commons.

The Secretary for Employment and Productivity, who had indicated at the report stage that she would consider bringing these rights within the scope of the Bill, said she now felt it was too late to do this.

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