The town now believed by some to be the oldest continually inhabited settlement in the English-speaking world outside of the British Isles, is set to receive a major face-lift -- thanks to a massive project undertaken by the Bermuda National Trust.

A $1.32 million appeal campaign, "quietly instigated'' some 18 months ago, has already raised nearly 50 percent of the total sum needed to preserve and upgrade some of the most historically important buildings in St. George's.

The appeal takes place amid increasing speculation in historical circles that, because of its preponderance of surviving 17th and early 18th century architecture, St. George's may claim precedence over Jamestown as the oldest colonial town. For although the Virginian settlement had been established a couple of years before the wreck of the Sea Venture , that town fell into disrepair. The Jamestown of today is but a replica of the original, and preserved as a museum rather than a living town. This is also true of Williamsburg, Virginia, visited by millions each year as a perfect example of an early colonial town. It has been meticulously restored -- unlike St.

George's, which remains much the same as when it was built, with people going about their daily lives there much as they have for around the last 375 years.

The Trust's ambitious project initially arose out of concern for the State House, built in 1620, carefully restored during the 1960s and, as the oldest public stone building in Bermuda, also able to lay possible claim as the oldest in the western hemisphere.

Historian Mr. William Zuill comments: "I think it is quite likely that it is indeed the oldest stone building in the English-speaking world outside Europe.

And St. George's may well be the oldest town because, basically, Jamestown fell into the James River, whereas St. George's has been lived in ever since it was built.'' Mr. Daniel Blagg, who was appointed director of the National Trust's fund raising and development resources two years ago, says, "It is the importance of the State House in particular and recognition of the historical significance of St. George's in general, that made the Trust so anxious to preserve the glory of the old town.

"The Trust wants to ensure that the area around the State House is not encroached upon and that it's kept in as pristine condition as possible. The Trust owns a lot of property in St. George's, much of it purchased or given to the Trust specifically to protect the State House,'' he explains.

The strategy of the campaign has been to obtain donations and pledges from its closest supporters during this past 18-month long "silent phase''. Now that this has been successfully completed, with four of the projects already fully funded and commitments received for another two, the appeal will go public. A variety of fund-raising efforts have been planned, one of which will be through the Trust's nine parish sub-committees.

A total of nine National Trust buildings, urgently in need of repair or restoration, are targeted in the appeal.

They include the Globe Hotel and Confederate Museum, the Unfinished Church on the edge of the town, Bridge House, Tucker House, Stewart Hall, Buckingham House, Reeve Court, Samaritans' Lodge, and Fanny Fox's Cottage.

The biggest project of all -- and the one which as yet, has no sponsor, is the old Globe Hotel (now the Confederate Museum).

About $325,000 is urgently needed to save the building, one of the oldest and historically colourful of all the St. George's landmarks. Its importance as the headquarters of Confederate agent Major Norman Walker, during the American Civil War, makes it the most popular mecca for American tourists.

"In those early days, proper foundations were not built. Now a combination of the heavy roof structure is placing undue strain on the walls and the fact that every time a bus or truck goes by, the whole building shakes, places this building in a very grave situation. The Trust is desperately hoping for a financial commitment for the Globe Hotel so that work can begin at once,'' explains Mr. Blagg.

The Trust also hopes to refurbish and redesign the exhibits in the Museum which were last upgraded some 20 years ago.

Probably the most dramatic project is the unfinished church, severely damaged by hurricane Emily when the inside cloisters were blown down, rendering Bermuda's famous Victorian folly unsafe.

Mrs. Walter Jones and family have provided the $250,000 required to completely repair and repaint the stonework.

"One of the gratifying things about this project is that young Bermudian stonemasons are being trained on this job, helping to make sure that this very old craft is preserved,'' says Mr. Blagg.

The Jones family has also donated the money to erect a small stage where the altar would have been, as it is felt that the gothic-like ruin will provide a wonderfully romantic setting to present small concerts and plays.

Bridge House, home of several early Governors and situated directly below the State House, is one of the town's oldest buildings and named for the bridge that once spanned a creek that ran through the town.

AIG's Starr Foundation has donated a quarter of a million dollars to renovate the house.

"It will be mostly things the public won't see, such as plumbing and a new electrical system, but things that have to be done,'' says Mr. Blagg.

The Gurr and Spurling families have created an endowment fund (separate from the appeal) to pro vide for the future maintenance of Bridge House.

Mrs. Collins Outerbridge donated funds to add an archeological museum to the basement of the Tucker House museum on Water Street.

"The rest of the museum is in very fine shape and has been the centre of attention for the last 18 months,'' says Mr. Blagg.

Reeve House, adjacent to the State House, has been adopted to the tune of $100,000 by X.L. Insurance, with the emphasis again on general maintenance.

"Some of the employees actually went down to St. George's, had a look around and decided they liked the look of Reeve House,'' says Mr. Blagg.

Just west of St. Peter's Church is Stewart Hall, built in 1706, and possessing a spectacular cedar staircase. Until recently, it was used as the town library and now needs $150,000 for a total renovation. This project is under "active consideration'' by a major donor.

Beautiful Buckingham House, next to the State House and unique in that this perfect example of early Georgian architecture was never `improved' upon since then, has been well maintained on the exterior, but according to Mr. Blagg, needs drastic attention inside. On the lawn of the property, purchased by the Trust in 1957, is a much-photographed bronze bust of poet Tom Moore.

Fanny Fox's Cottage, rented on a long lease, has been very well cared for, says Mr. Blagg, but $30,000 has been allocated to preserve the kitchen.

"Part of our mission is to preserve and this fireplace is unusual because it has never been altered since it was built. It gives us a wonderful picture of how Bermudians lived and cooked their meals. It's very rare to find something that's completely unchanged and we need to ensure that it's preserved for future generations.'' The Trust is looking for a sponsor to provide $75,000 to preserve the waterside cottages known as Samaritans' Lodge, just below the State House.

"This building is important, as it's the nerve centre of the Trust in St.

George's. The archeological committee use it as an office and also the maintenance crews,'' says Mr. Blagg.

He believes the National Trust is making an enormous commitment to the quality of the visit for tourists visiting St. George's. "The more there is to see and do, the more it will help St. George's to attract visitors and to spend money in the town.'' This sentiment is echoed by Mr. David Rowntree, chairman of the St. George's area of the Chamber of Commerce.

"The business community recognises the important role the Trust plays in the maintenance of our historic buildings and that their project is vitally linked to cultural tourism. We are planning a special fund-raising event and will be calling on the private and business sector to help the Trust in their great venture,'' says Mr. Rowntree.

STATELY HOUSE -- The State House has stood in St. George's since 1620. Now historians are increasingly interested in its international historical significance.

MASTER MASON -- The skill of stone mason Mr. Leslie Barrett will ensure that the restoration of the Unfinished Church will be authentic. He is also training young Bermudians who will carry on the old craft.