payments figures are $70 million in the red.

The Hon. Dr. David Saul claimed that while figures for the first quarter of 1995 had not yet been compiled, the latest available balance of payment figures for the calendar year 1994 showed a healthy current account surplus of $32 million.

Figures for the first quarter of 1995 would be published by the Bermuda Monetary Authority according to the usual timetable in the Quarterly Notice, he said.

His statement came in response to a Royal Gazette editorial yesterday that said "strong reports in Hamilton'' pointed to a balance of payments deficit of up to $70 million.

Dr. Saul claimed the comments reflected "unfounded speculation''. They were, he said, "irresponsible journalism designed to play on the apprehension of those who are worried about Independence''.

Dr. Saul admitted that over the past four years, there had emerged a pattern of first quarter deficits. But these had consistently translated into current account surpluses for the whole year.

The first quarter deficits, he said, reflected the usual pattern of relatively low tourism figures during the winter and restocking by businesses.

"The Ministry of Finance has no reason to believe that the pattern will be broken this year,'' he said. "An increase in the merchandise import would moreover be a further sign of improving confidence in our retail sector.'' VERDICT EXPECTED TODAY IN TRIAL OF GHANAIAN MAN CTS Verdict expected today in trial of Ghanaian man A verdict is expected later today in the Supreme Court trial of a Ghanaian man accused of smuggling half a million dollars worth of heroin into Bermuda.

Jeffrey Kwasi Osborne finished his testimony yesterday and lawyers began their speeches to the jury.

Osborne, 29 of Accra Ghana, has denied importing and possessing 328.5 grams of diamorphine with a street value of $593,750 between September 17 and 21 last year.

He is represented by lawyer Mr. Archie Warner. Mr. Peter DeJulio appears for the Crown. Puisne Judge Mr. Justice Ground is presiding.