estate market.'' Mr. Alex W. Swan is what some economists would describe as "bullish'', ready, indeed keen, to reassure the listener that now is the time to invest in Bermuda stone.

He says that Bermuda deposit companies are fairly liquid (that is, have ready cash to loan) and insists that real estate has what he describes as "intrinsic value''.

He agrees that the right advice is vital, and accepts that there may well be a glut of apartments to rent this time next year. But the investor that does his homework and arithmetic cannot go wrong if he puts his money into a piece of the rock.

The dark clouds caused by the departure of the personnel at Daniel's Head Canadian Forces Station, and the steady winding-down of both American bases do not worry this ebullient general manager of one of Bermuda's best known real estate companies.

At its height, John W. Swan Limited claimed to be building 40 percent of all new residential units in Bermuda, and although times have shrunk the business somewhat, Mr. Alex Swan is eager to emphasise that the company's liquidity is firm and its equities are strong.

And Alex has some philosophical views about economics, too.

"We are gearing up to transform John W. Swan Ltd to the next economy. The information economy is changing to a bio-economy and we are ready for that.'' Whatever happens to the volatile world economy, Mr Swan is certain that Bermuda is ready to adjust to the new scene.

And the new scene can be radically affected by the 1992 Development Plan, which Mr. Swan sees as being more of an "environment plan'' than any of its predecessors.

Does he feel that the American election will affect Bermuda? "No, not really'' says Mr. Swan, "but I think that once the election is over, then things will pick up here. Personally, I would like Bush to win.'' And unlike some Bermudian political observers, Mr. Swan does not think that George Bush is finished -- not yet, anyway. "Look at the British election,'' he says. "All the opinion polls had Labour to win, and yet Major stayed in power.'' And what of local politics? Here the prudent Mr Swan picks his words carefully, merely saying that he does not think that a change in government will cause a change in the economy of the Island.

He does not even pause to ponder on a likely Bermuda election date and, when pressed, thinks that Independence is something that will only come when the majority of Bermudians are ready and willing to embrace it.

Although the times are lean in the housing market, Mr Swan is certain that the firm that was founded in 1968 will still be growing in the next decade.

And there is no better moment to start than now. "Now is the time, now is the time.'' MR. ALEX SWAN -- `Now is the time to buy.' The John W. Swan building on Victoria Street in Hamilton. The real estate business has been operating since 1968.