LAST Saturday night at Government House, Premier Alex Scott had one of his finer oratory moments.

Sharing a stage with Princess Anne, the Governor and most of the Royal Bermuda Yacht Club senior ranks ? and in front of more than 1,000 sailors ? the Premier delivered a heartfelt and articulate welcome which hit the nail square on the head.

Many of those assembled in the audience were not just mere sailors, but boat skippers and owners: the sort of people who wouldn't understand what all the fuss about a pay rise to $200,000 is all about.

The Premier took to the stage and confidently and gratefully welcomed the throng.

"We welcome you all to Bermuda," he said, the crowd ? and media ? hanging on his every word.

"All our visitors are cherished but you are a special breed. You sail in on yachts and sail out on private jets; so you are welcome any time."

He continued along this theme, constantly making reference to the amount of money that the Newport-Bermuda race ? and the sort of people who sail in it ? mean to the island, and he certainly made no apology for talking in that manner.

And that, Mr. Scott, was a perfectly pitched speech.

His deputy Dr. Brown, in the audience that night, had earlier revealed that the race was the largest sports tourism event in the island's history, worth at least $6 million to Bermuda.

This figure may, after watching the sailors and their wallets in action across the island for the week, prove to be a little low.

It is understood there were 45 private jets parked up along Kindley Field Road and one boat owner apparently was so keen to return to his personal flying machine he actually got dropped somewhere after the St. David's Lighthouse finish line, jetting on to another destination without even bothering to say hello at the RBYC.

But 45 private jets and all that is implied by their presence here is not to be sniffed at and this Government clearly knows that.

And by talking about money, the Premier showed what the race means to Bermuda, and that's not meant with any disrespect.

Although the Newport-Bermuda race is one of the world's pre-eminent yacht races and this was the second largest ocean race of all time ? and the largest in America ? it's appeal across the island is limited.

Anyone who has anything to do with sailing, of course, was interested and the world's sailing community were obsessed with the event but Bermuda, aside from shop and restaurant owners, hoteliers and customs, appeared not to take all that much notice.

Princess Anne ? primarily here for sailing, something she loves ? did break outside the event and perform some charitable functions, and the arrival of the USS Eagle did also give the wider public some sense that something big was going on, but interest on the island remained indifferent at best.

If you had stopped your average man in the street and asked what big sporting event was taking place at the moment, the answer would have been "World Cup" without hesitation.

Although the now-famous Friday night party at RBYC did pull in a remarkably large and diverse crowd, that certainly was more about dark 'n' stormies than about marvelling at the sporting prowess of those taking part.

The Newport-Bermuda race, particularly in its centenary year, really was a tremendous event, featuring a commitment and dedication from the participants that would rival any top-class sport.

The event over the years has turned Bermuda into a hallowed ocean racing destination, brought in countless millions to the island's economy and, by attracting thousands of competitors each time, is comfortably the biggest sports tourism draw going.

The advent of the iBoat tracking system has helped bring the sport to the people, at least allowing "spectators" some measure of interaction with the fleet other than just seeing start pictures and then a mast on the horizon off St. David's.

But for many on the island, races like this are not taken seriously; they are seen as a rich man's hobby and not really a sport at all.

Those who think the race is just a multi-million-dollar injection into the economy are only half right, just speak to any of the sailors who completed the 635-mile Gulf Stream crossing ? or look at the picture of a deliriously happy Sir John Vereker at the prizegiving when it became clear (the boat he sailed on) had won ? and you will realise what a sport ocean sailing is.

More than 2,500 sailors competed in this year's event, not bad for a "rich man's hobby". Will even that many turn out for Shaun Goater's final ever game tonight?