At the turn of the 20th century, tourism in Bermuda was becoming established. The Princess Hotel had been built and named after Queen Victoria’s granddaughter, Princess Louise, who put the island on the map by spending her winters here with her entourage. She was married to the governor-general of Canada and she found the Canadian winters unbearable. In those days, our visitors arrived by steamship. However, Bermuda became a premier tourism destination really with the construction of the airport. This was a huge infrastructure development that today would be not only unaffordable but also environmentally not permissible. But the impetus was the necessity of a mid-Atlantic fortification during the Second World War. Although the cost was borne by the United States Government, Bermuda paid a price as well — 10 per cent of the island was leased for 99 years to the US military.

Out of this development grew great abundance. Hotels and other tourism infrastructure were built. Land prices skyrocketed and labour burgeoned.

At the conclusion of the war, the Americans exerted their hegemony over Europe and the Pacific by rebuilding Germany and Japan. Today, both nations are major economic powers with stable, democratic governments. Much of this development was facilitated by the European Recovery Plan — the Marshall Plan — by the US and the Canadian Commercial Corporation, established in 1946. Hegemony as a political tool is alive and well in the 21st century, as it was in the past. There are some new players, most notably China. China built the national football stadium in San José, Costa Rica, and is in the process of building a railway in Kenya.

The modus operandi is to import all labour and materials required for the project. In exchange for infrastructure development, these nations are expected to be sympathetic to China’s interests in the world forum — the United Nations general assembly.

China also completed airports in Antigua and St Vincent and the Grenadines in exchange for beachfront property there. All of which brings us to today in Bermuda.

A new airport terminal, which is undoubtedly needed to replace the existing one, dating from the last century, is to be facilitated under a government-to-government agreement between Bermuda and the Government of Canada, represented by the CCC.

Bermuda’s existing “financial instructions” do not contemplate this type of arrangement and that such developments be put to “tender” to other governments. In any event, common sense would indicate that the island’s interests are most closely aligned with those of Canada.

With respect to cost, the finance minister has stated that the island will not pay for more terminal than it can afford and only the persons using it will do the paying. The revenue stream to finance the new airport depends on visitor arrivals. If the numbers increase, the Bermuda Government will receive 50 per cent of the profit in excess of the maximum equity returns stipulated in the agreement. Canada will provide its expertise and largesse.

The fates have conspired to drive down oil prices. Airline transportation has therefore never been cheaper, thus reducing the impact of additional airport taxes.

As we celebrate Labour Day in ten days’ time, let us advocate for those jobs provided by the construction of the airport terminal and put in place the needed infrastructure, perhaps, for the rest of this century.

Morgans’s Cloud, which gathers over the island on summer days looking for buried treasure, reminds us that sometimes our treasure is right in front of our eyes and all we need to do is grab it.

• Scott Stewart ran as a parliamentary candidate in Pembroke East (Constituency 15) for the One Bermuda Alliance in the 2012 General Election