Abstract
An algebra G offlowgraphs or nets is presented It is shown to be a free algebra of a simple equatmnal system F, which is called the laws of flow This holds both for the algebra of fimte nets, and for the algebra of fimte or mfimte nets m which certain mfimte nets may be described by recursmn equatmns To demonstrate this fact, some results concerning categories of continuous algebras, which are explicit or lmphctt m the work of the ADJ group, are presented m a self-contained form. It follows that the algebra of processes (presented m a compamon paper (10)), which satisfies the laws of flow F, is a statable semanUcs for flowgraphs There are, however, many other mterpretatmns of nets, some of wMch wdl be studied m subsequent papers. This paper concludes wtth some simple examples of mfimte nets and informally discusses their possible interpretation

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