LET'S CALL THE TORIES BLUFF

again:

Heath holds a special meeting EDWARD HEATH summoned a special summit of 20 ministers at No 10 Downing Street yesterday to discuss the economic crisis. Also at the meeting was Lord Victor Rothschild, head of Heath's 'Think Tank'.

As they were meeting the pound continued to slump on the London foreign exchange markets. Late yesterday it was being quoted at $2.48.80—120 points down on Monday's closing figure.

Shares also fell six points, according to 'Financial Times' index.

Today in the Commons TUC's Victor Feather will be a full-scale debate on the decision to float the pound, thereby effecting a devaluation. The Labour Party will divide the House, but so far have not put a censure motion.

At yesterday's TUC General Council meeting it was decided' to hold talks with the government some time next week.

Asked by reporters what could possibly come of the talks in view of Heath's attack on • wage claims, Feather replied:

'The Industrial Relations Act is getting in the way of a solution to our economic difficulties.

'The effect of the Act is inflationary and the implications should be considered.

"The Chancellor didn't relish the floating of the pound and the threatened dock strike contributed to it.' The Act's continued existence stood in the way of the "productive' talks with the government he added. • The TUC will financially support the Transport and General Workers' Union in resisting the House of Lords appeal by container transport companies.

See p.

dockers. CAUGHT in the grip of an insoluble economic crisis, the Tory government is reduced to what is nothing more than barefaced bluff while they get ready for a General Election.

The devaluation of sterling is described as 'floating' when everyone knows that the exchange rate for the pound is slashed by 3t per cent. Even the most politically interested holiday mak inform the government on this point.

Government spokesmen such as Heath suggest that by 'floating' sterling : they did the best in a bad situation.

The bankers reply by stressing that all the main currencies will be floating in a short period of time. In other words, nothing has been solved.

Meanwhile, the enormous volume of credit upon which world trade is based is lett suspended in mid-air without a single currency being able to replace the dollar to sustain the movement of world trade.

Financial crashes reminiscent of 1929 overshadow many of the banking and trade institutions intimately connected with credit transactions.

The historical parallel for the action of the government is the autumn of 1931, when the newly-elected Tory-MacDonald coalition, the National Government, went off the gold standard and allowed the pound to float.

This was followed by a growth in mass unemployment and years of starvation and poverty for millions of working-class families.

Heath appeals to the rightwing trade union leaders TO E help in formulating a wagefreezing policy when even the most stupid Tory is awate that the time has long since passed for such a measure to be successful, even if Feather were to agree.

SLL PUBLIC MEETING-SUNDAY DEFEND THE DOCKERS' RIGHT TO WORI DEFEND BASIC DEMOCRATIC RIGHTS DEFEND THE VIETNAMESE REVOLUTION MAKE THE TORY GOVERNMENT RESIGN SUNDAY JULY 2 Acton Town Hall Acton High Street, Speakers:

G. HEALY (SLL nati onal s (Lond CLIFF SLAUGHTER (SLL CORIN REDGRAVE LARRY CAVANAGH (Live At the same time the Tories call for lower wage settlements, when every one knows that they have been doing this for the past two years, while the trade unions have been forced to press s ahead with wage claims which, miners' and railwaymen's cases were entirely successful.

Heath can make as appeals as he likes, but w:

cost of living going up a the king class has no ti abandoning the is only one wat can reas from all this empty making and that is the ment is heading for a Election in the near The strenath of the ecretary) on YS secretary)

Central Committee) POLITICA many th the nd up, inte speechgovernGeneral future. working class has forced the Tories back to the wall. If it were not for the cowardice of the Labour and trade union leaders, backed up Tonina and Sealed to Ine 1 UrIES could resign immediately.

We are living virtually in a period of dual power . . . and here lies the great danger.

The Labour leaders have nothing but the old bag of reformist • linies to contest a General uon. The "Tribune'-ite fakeare utterly incapable of wallenging Wilson.

As the economic crisis deteriorates and the Tories make for a General Election at a time of their own choosing, the labour movement is being led to disaster A Labour rovernment which ONLY TWO DAYS TO GO replaces the Tories without a socialist policy would be thrown into a major crisis in a matter of days after taking office.

The campaign waged by the Socialist Labour League to force the Tory government to resign is inseparable from the campaign for a Labour government committed to socialist policies.

In both cases the strength of the working class is decisive. If the working class is strong enough to force the Tories to resign, then it will be strong enough to force a Labour government to carry out socialist policies.

What is vital to both operations is revolutionary leadership.

The campaign which is about to enter its final stage to transform the SLL into a revolutionary party will be a more decisive factor in the next period.