buying his $1.7 million five-bedroom ocean-side condominium in Bermuda last year he would have saved himself $90,000.

The saving would have happened as a result of the reduction from 20 to 15 percent in the licence fee charged to non-Bermudians buying condos on the Island.

Lord White, 70, who earned his reputation as head of Hanson's American operations, bought a condo at exclusive St. James Court, in Flatts, last summer shortly after marrying his long-time Californian girlfriend Virginia Tucker, who is 40 years his junior, at Hamilton's register office.

With a jacuzzi in every unit, towel rails that cost $300, closets that automatically light up when the door is opened and a spectacular water view, the condos are generally considered to be among the best in Bermuda.

Mrs. Jean Pimm, the agent for St. James Court, would not comment on Lord White's arrival.

But she said that the decrease in condo tax, which was announced in last week's Budget, had already sparked a lot of interest among potential buyers.

This was welcome news after a dramatic slump in condo sales in Bermuda since the tax was increased from 10 to 20 percent in 1991, although the situation at St. James Court had begun to pick up in 1993 with two sales in the first six weeks of the year.

Twenty seven units have been sold since the condos were completed over 1987/88 and there are just seven more remaining.

Prices start at $425,000 for a two bedroom condo and go up to $1.8 million for a five-bedroom penthouse.

While Bermuda's condo market has been ailing over the last few years, the house market for non-Bermudians has been doing reasonably well.

In 1991, nine houses were sold to non-Bermudians for a total of $36.9 million.

The median price was $2.45 million, with the most expensive property changing hands for a massive $15.1 million.

The market slowed last year, with six houses being bought for just $12 million, which partly reflects a 10 to 15 percent fall in local real estate prices.

* * * SQU BERMUDA Squash Racquets Association is recovering from a setback which saw membership drop by 20 percent, partly reflecting the loss of 1,080 work permits on the Island since August, 1989.

A membership drive offering discounts to newcomers has helped increase the number of members by five percent over the last 12 months, although figures are still well down on 1989.

BSRA president Mr. Bob Stewart said: "We lost about 40 members in all, mostly due to so many expats leaving the Island and we currently have a membership of about 300. The situation is looking up again now, though.'' The decline in members had led to a corresponding drop in revenues, both in membership fees and court hire charges, and cost-cutting measures were implemented last year, including the lay-offs of two part-time bar staff in September.

Volunteer members have run the bar, free of charge, since October 1, 1992, and the system has led to the unexpected bonus of an increase in bar takings, said Mr. Stewart.

"Members who serve behind the bar are pulling in their friends to come in for a drink or a game of squash, '' said Mr. Stewart. "The system has worked extremely well.'' New manager Mr. John Manderson, who was also appointed in September, has helped to improve matters, said Mr. Stewart.

The drop in members has not all bad news, though. Unlike a few years ago when it was sometimes difficult to book a court, squash players these days can often pick up a phone on the day they want to play and have no problems getting a court.