Independence for Bermuda is back as an issue -- and international business is considering its potential ramifications. A survey of industry leaders conducted by Business this week found that what concerns most of them is not whether Bermuda goes independent or not, but how the decision is made.

As the emotive subject of Independence sweeps through the Island, international business unites with one voice to state that a stable environment in which to do business is its lifeline.

Most businesses, however, were anxious to distance themselves from the debate, which has suddenly and unexpectedly reared its head. "A subject for the people of Bermuda to decide'', was a recurring comment.

Representatives of most foreign companies wished to express their views anonymously. One prevailing impression was that no clients select Bermuda as a place to do business because of its dependent territory status.

But, there was no doubt that those with a vested interest in Bermuda are watching events unravel with a keen eye.

Yet, one businessman felt unless Independence made an impact, there would be no reaction at all.

And a Bermudian businessman said that although business in Bermuda sticks to its politically neutral stance, it should not be taken for granted that the business community will not intervene.

A number of local professionals, including Mr. John Campbell, senior partner at law firm Appleby, Spurling & Kempe, Mr. Cummings Zuill, chairman of the Bermuda International Business Association, Mr. Anthony Goodfellow, a director at NM Rothschild Services, and Mr. Warren Cabral, a lawyer at Appleby, Spurling & Kempe, stated personal views on the issue, but emphasised their opinions did not represent the collective view of the partnership, association, or company they are associated with. Mr. Campbell said that allegiance to Britain is not "an overriding criteria'' when companies assess where they should direct their business. But he felt business would react to Independence with some apprehension and caution.

"It depends on the means by which the country was led into independence,'' he said. "Given the current circumstances, there would be some concern that Bermuda precipitated down a path that it didn't necessarily wish to follow.

"International business prefers the status quo,'' he said. "It was attracted to Bermuda on that basis in the first place. Independence is not squarely in the focus on anyone's agenda. Ann Cartwright DeCouto was right to say the Independence was not the platform of either party in the lead up to the election.'' Progressive Labour Party Sen. Terry Lister, a partner at accountants Deloitte and Touche, felt it was immoral for the UBP to omit to mention either the issue of foreign exchange reform, or Independence during the lengthy lead up to the October general election.

"These issues were not on the platform during the election, and therefore the Government does not have the mandate to go ahead with reform,'' he said.

"Businessmen react well to conditions that they understand. Confusion is caused by this on and on romance that the Premier has with Independence, an issue that historically has not been supported by his party.

"As a businessman, I would like to see the situation resolved by a definitive statement from the Premier. The business community would react positively to a definitive position.

"From a business point of view, I don't think Independence would make any difference at all. Companies are concerned about stability of the economy and the political situation. As stability is determined by sound policies that political leaders put together, I don't think Independence would change that.'' Mr. Cabral, a lawyer at Appleby, Spurling & Kempe, detected that while international business is indifferent to the issue of independence, it abhors political instability.

"The uncertainty created by the dithering of the Government, and its political jockeying with the opposition will damage business confidence.

Established business will not abandon the island, but is perturbed by the instability created in the meantime,'' he said.

Mr. Zuill requested that more information about the repercussions of Independence be produced -- a view shared by Ms Audette Exel, acting managing director of Bermuda Commercial Bank.

"I do feel that the people of Bermuda have proven to be astute in making strategic decisions for Bermuda,'' said Ms Exel. "I am confident that Bermudians will take the future of the Island into careful consideration in their approach to, and determination of, all the issues.'' "Business comes to Bermuda because of the stable environment,'' said Mr.

Zuill.

"Also, because of the extra security provided by the knowledge that Great Britain's presence exists in the background, and will, if necessary, prevent affairs from going drastically wrong. For example, (it) ensures that the rule of law is upheld -- something that Western businesses understand and value.

"There are many questions that need to be answered, such as: If Bermuda chooses Independence would it remain within the Commonwealth? Would Bermuda have access to the Privy Council? "The history of some of the islands that have chosen Independence shows they have gone downhill. As vague and distant as Britain may be, it acts as a backstop in case a disaster should happen.

"There are international businesses that will leave if Bermuda decided to proceed with Independence, but equally, there could be firms that come to Bermuda as a result,'' he said.

Mr. Goodfellow was concerned by external perceptions of Bermuda changing.

"People will say a number of countries further south made a mess of Independence. We can stand as a tiny island and say we are different, but it is difficult to announce that we are going a different route, and not expect concern,'' he said.

"The fact that Bermuda, as a dependent territory, is a part of the UK means much in the corridors of power elsewhere. Maybe the fact that Bermuda has been under the wing of the UK explains why the island has not been manipulated by drug barons or the mafia.

"Suddenly, that perception of Bermuda could be dangerously changed, and some might feel that it has become ripe for the plucking.'' Sen. Terry Lister Mr. John Campbell Mr. Cummings Zuill.