TRADE BALANCE STILL IN THE RED GOLD FEVER GRIPS MONEY MARKETS

morning fixing set the pricel of the metal at $11l anI ounce.

This means th at in less than three days the pi rice of gold has gone up over $11 and with dollar-holders all over the world issuing orders to buy gold at any price it could well rise even higher.

At the same time the dollar is in decline against all European currencies and the Nixon administration has been pushed into issuing denials that another devaluation is contemplated.

"The situation is more dangerous than in February,' said the foreign exchange dealer of one US bank. 'The quotes are highly volatile on sometimes very low volume, indicating complete mistrust of the monetary system and the dollar.' Sterling is at its highest level against the dollar since the pound was floated in June last year. This in itself poses great problems for British exports to the crucial US market.

Euphoria

It makes nonsense of Tory attempts to whip up an entirely spurious euphoria on the basis that the April trade deficit is down compared with March figure-which in itself indicates that the Tories are clutching at straws.

The official figures published yesterday by the Department of Trade showed a visible trade deficit of £45m last month compared with a revised deficit of £205m in March.

The Department claimed that exports were up by f77m to a record £954m and imports were down £83m to £999m. Invisible earnings, from shipping, insurance and tourism, were £56m.

The figures come only 24 hours after the announcement of a $10,200m quarterly balance-ofpayments deficit in the United States, caused largely by the rush of dollars out of the country in the monetary crises earlier this year.

The absence of stability in the inner circles of the American government as it reels from scandal to scandal has throughly undermined any remaining confidence in the dollar and destroyed any prospect of restoring the slightest stability to the monetary system.

Any move towards concerted international action to halt the 'Belfast 10' demo planned gold rush can only come from Washington. But with his administration falling about his ears and his own reputation deeply compromised, Nixon is incapable of taking any such action.

Recession

The dissension in the American ruling class and the paralysis in Washington ensure that the gold panic will continue and drive the capitalist world economy towards all-out recession with great speed.

All Trades Unions Alliance Meeting What next after the miners' ballot ? The fight against the Tory government CASTLEFORD TONIGHT, 8 p.m.

Sagar Street Rooms Speaker: G. Healy (SLL national secretary) COMMITTAL proceedings against the 'Belfast 10' will begin at Lambeth magistrates' court on Monday. The ten were arrested following bomb explosions outside the Old Bailey on March 8. One of the defendants is seen waving from a police wagon as It left the court yesterday.

The 'Ten' are: Dolores (22), Marian Magdalen (19), Roisin McNearney William Patrick McLarnon Robert Martin Walsh Gerard Kelley (19), Francis Brady (22), Paul Holmes (25), William Armstrong (29) and Feeney (21).

• THE Belfast Ten Committee is organizing from Clapham Common ton prison on Saturday, off at 2 p.m. pressure up.

(18), (19), (24), Martin Joseph Joseph Hugh i march to Brixmoving BUILDING FUND YESTERDAY'S post brought almost £200 from Socialist Labour League branches: Watford £11.30; Tottenham £8; Paddington £25; Tooting £7; Liverpool (Speke) £10; Jarrow £4.50; Cambridge £28.90; Oxford £25.75; Leicester £10; Glasgow North £19.50; Glasgow South £7.20; Coventry £30. Vauxhall car workers, Luton £5. The Post all donations to:

Party Building Fund 86a Clapham High Street London SW4 TROTSKYISM AND STALINISM—a new series by Michael Banda starts in Monday's copy now 01-622 702