We show how a spontaneously broken gauge theory of fermions endowed with a
composite scalar multiplet becomes naturally anomaly-free, and yet describes
the correct couplings of the pion to two gauge fields and to leptons: the first
coupling is the same as computed from the chiral anomaly, and the second
identical with that obtained from the `Partially Conserved Axial Current'
hypothesis. For the sake of simplicity, we only study here the abelian case.Comment: 10 pages. Latex file, 5 postscript figures included. Preprint
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