emacs 21.4 and erc 5.3. Error during loading.

[PawelCarqowski]

Hallo Group Members
I have extracted erc to ~/erc-5.3

my ~/.emacs contains only 2 lines:
(add-to-list 'load-path "~/erc-5.3")
(require 'erc)

after running emacs I have following message in *Messages* buffer. M-x erc is 
not available of course.

(/usr/bin/emacs-x)
Loading disp-table...done
Loading tool-bar...done
Loading image...done
Loading tooltip...done
Loading /usr/share/emacs/site-lisp/site-start.d/igrep-init.el (source)...done
Loading /usr/share/emacs/site-lisp/site-start.d/lang-coding-systems-init.el 
(source)...
Loading encoded-kb...done
Loading /usr/share/emacs/site-lisp/site-start.d/lang-coding-systems-init.el 
(source)...done
Loading /usr/share/emacs/site-lisp/site-start.d/php-mode-init.el (source)...done
Loading /usr/share/emacs/site-lisp/site-start.d/po-mode-init.el (source)...done
Loading /usr/share/emacs/site-lisp/site-start.d/psgml-init.el (source)...done
Loading /usr/share/emacs/site-lisp/site-start.d/python-mode-init.el 
(source)...done
Loading /usr/share/emacs/site-lisp/site-start.d/rpm-spec-mode-init.el 
(source)...done
Loading /usr/share/emacs/site-lisp/site-start.d/ruby-mode-init.el 
(source)...done
Loading /usr/share/emacs/site-lisp/site-start.d/tramp-init.el (source)...done
Loading regexp-opt...done
Loading easy-mmode...done
Loading cl-macs...done
ERC: The function `defvaralias' is not bound.  See the NEWS file for variable 
name changes since ERC 5.0.4.


An error has occurred while loading `/home/mkwap/.emacs':

error: "Unknown req `min-colors' with options `(88)'"

To ensure normal operation, you should investigate the cause
of the error in your initialization file and remove it.  Start
Emacs with the `--debug-init' option to view a complete error


Did You experience such problems?

I am running GNU Emacs 21.4.1 (i386-redhat-linux-gnu, X toolkit, Xaw3d scroll 
bars) of 2005-05-18 on decompose.build.redhat.com

Regards,
Pawel