percent for the second quarter of 1994 compared to the same period a a year earlier, the Bermuda Monetary Authority (BMA), reported on Monday.

The net balance of $48 million was the difference between money leaving the country -- $309 million in payments -- compared to money coming in -- $357 million in receipts -- for the three months to the end of June, 1994.

Corresponding figures for 1993 were; $46 million, $295 million and $341 million, respectively.

"The economy demonstrated its underlying strength during the second quarter of 1994,'' the BMA's first ever quarterly notice said.

"These numbers are encouraging, there does seem to be an underlying strength in the economy (indicated by the) balance of payments estimates,'' said BMA manager of policy and research Mr. John Hill.

Though the $2 million increase is a healthy one, it pales in comparison to the corresponding 1992 to 1993 period which rose from -- $24 million to $46 million. That was linked to tourism with receipts increasing from $150 million at quarter two 1992 to $172 million at quarter two 1993.

The BMA released its first consolidated Quarterly Notice on Monday for the quarter ended June 30. In the past the BMA released banking and balance of payments' numbers separately as well as announcements. The quarterly notice is expected to become a standard release with the next notice due out in mid-November.

On the receipts side, gross travel increased $9 million, to $181 million, while other goods and services increase $10 million to $33 million.

On the payments side, increases were recorded in investment income, travel and other goods, services and income categories. Resident travel expenditures abroad jumped $2 million to $35 million. The increase of $7 million, up from $12 million, recorded in the payments' investment income category was due to "larger outflows of profits and dividends,'' according to the notice.

Total outflows of foreign currency in the other goods, services and income account increased by $4 million to $50 million and was attributed to a rise in payments abroad for non-merchandise insurance, education and medical.

Meanwhile, the total Net Asset Value of collective investment schemes -- commonly known as mutual funds or unit trusts -- operating in and from Bermuda climbed to $11.4 billion in the period from $8.3 billion in 1993. the total number of mutual funds rose from 327 to 407 while number of unit trusts increased from 51 to 58.

The Island's money supply also grew, rising to $50.3 million worth of coins and notes in circulation from $48 million in 1993.

The BMA's own unaudited assets at the end of the second quarter of 1994 were $70.76 million compared to $68.04 million in 1993. Liabilities were $53.03 million while the general reserve was $17.73 million compared to $50.83 and $17.23 respectively.

The notice also outlined bank and deposit company figures but these were released earlier this year in the Department of Information Services Bermuda Quarterly Bulletin of Statistics.