'The rule book has been thrown out of the what Harry Hammond, District Secretary of Number 6 District AUEW (Engineering favour of George Shotton last week. last sun- So just who is George Shotton?
Aycliffe factory of Jonas Woodhead. He first came to local attention about two were being persecuted by communists. the theatre Shotton tempest Steward and has been built by refused nis credentials dedills. him, Shotton -rouna mne oranenes at branch meetings.
Ine aroillary stopped until he had left. More and more That is said on hearing the ruling in unqualified triumph.
Shotton works as an inspector at the years ago, when he claimed in the local press that he and some twenty others The next chapter of this story began was elected to snop District Committee Believing this to be a further sign of the communist plot claim roached the tool room.
Here he met wit cronies -wvnen appeara SKilled worKers proceedings were
€ IS SINKING Currency speculation has been in the news for months now. The English pound and the French franc have been foremost victims of it. The pound has been falling constantly, and the French franc has been hard hit. The Belgian franc, also, has been repeatedly threatened. What is the source of this speculation?
Above all, the speculation reflects the collapse of the international monetary which has been a fact since the dollar ceased to be convertible into gold. But it is also one of the causes of this collapse. Its essential source is the general inauon or all currencies. and une arrerent rates of inflation that characterize these currencies At the moment, the currencies are freefloating. That is. their rate of exchange is determined by the law of supply and demand. When a country has an inflatior rate that is higher than the average, it is going to have a deficit in its balance o payments. That is to say, the supply of stages-would mean the fusion of the European currencies into one, a currency union with the pooled reserves of the nine countries. But as the spread between the inflation •rave: of the various member states of the Common Market widens more and more of them are going to have serious deficits in their balance of pay ments. Therefore, the rich member state (among others, West Germany) more and more hesitate to put their reserves in a pool so that they can be drained by those partners with balance of payments denc its.
Against this background, the perspective of a fusion of the European currencies is Taonne our meres now an accenor to nac an intermediary solution, the tying togeth er or tne currencies or ne mcnest memoer states so that they float together against major the ramous "snake." This is supposed to hasten the interration of thes five countries. ever while for the moment it means shoving the relations"