victory early on Friday of Britain's pro-business conservative party.

Leaders from all sections of the business community, both local and international, said the win surely signalled the beginning of the end of the recession, not just in Britain but worldwide.

Finance Minister the Hon. David Saul, a personal friend of British Prime Minister John Major, said he was delighted with the victory.

"I think for the world as a whole there is little doubt that this Conservative victory will buoy stock markets in Europe and around the world and will do a world of good for the British economy,'' he said.

"From an economic point of view I am sure this will be one of the benchmarks for the end of recession. John Major won the election for himself, nobody else won it for him. The conservatives went on an American style campaign this time, and a number of people who might have gone with the Liberal Democrats or the Labour Party instead voted for the personality not the party.

"This is good not only for Bermuda business but for international business as well. It shows that sound conservative free enterprise is alive and well.'' In Britain, stock prices posted near record gains and sterling immediately surged upward once the election result was announced.

The re-election of the Tories has removed political uncertainty and boosted consumer confidence in Britain, and has enhanced prospects for the economic recovery long promised by Prime Minister John Major's government.

Dr. Saul said, however, that had the Tories not have won, Bermuda's international company and personal trust business would have increased as individuals sought to shelter their money outside of Britain, where the Labour Party, which held office from 1974-79, is remembered for strikes and high inflation.

Mr. John Collis, a partner at Conyers, Dill & Pearman, said the law firm had seen some activity in private trust fund business from Britain in the lead-up to the election.

He said that had the Labour Party been victorious and announced a reintroduction of exchange control, British individuals and companies would have had enough time to move their money offshore before new laws were passed by Parliament.

While he agreed that Bermuda may well have seen an increase in personal trust business if the Labour Party had taken over, Mr. Collis said it was far better to have the stability of the Conservative Party.

He said that any business that comes to Bermuda now will be coming to stay rather than temporarily and as a direct result of an event at home.

Mr. Andrew Carr, chairman of the international companies division of the Chamber of Commerce, said most of the companies that had set up operation in Bermuda had done so for reasons relating to Bermuda, rather than "to keep them out of someone else's control.'' "I think the business here is independent of shorter term policies,'' he said.

Mr. Carr, also president of captive managers Marsh & McLennan, personally reacted favourably to the news. "I am pleased because it is basically a confirmation that business is staying in control,'' he said.

"A change would have been disastrous, and the recession would have been impossible to get out of. When times are hard, people tend to go for a change, but I'm glad to see that a rational approach can still remain.'' Mr. Louis Mowbray, the next head of the Chamber of Commerce, said the uncertainty caused many to hold off on investments, but added that with the Conservative Party back in power, increased investment will help to revive Britain's economy.

"To have come out of this with a clear mandate can only mean a positive impact for the UK economy because of the uncertainty of a hung parliament,'' he said. "It's a positive sign and I think it will tend to help to begin to lift the world economy as a demonstration of confidence.'' Mr. Malcolm Williams, general manager of the Bermuda Monetary Authority said: "I'm glad that any ongoing uncertainty that would have coincided with a hung parliament has been averted both for the UK and its associated territories.

"The prospects of substantial change seemingly promised by the return of a Labour government would have had worldwide ramifications ... although the attraction of Bermuda as an offshore trust and financial centre may have generated more business for Bermuda from a Labour government rather than a Conservative government.'' In the current economic climate, it is more important than ever that Bermudians use their money wisely and secure high returns on their investments. But it is not an easy task plotting a steady financial path in a depressed local and global market.

In this article, Miss Carolyn Hall, CA, who is a financial advisor with Bermuda-based investment firm First Bermuda Securities, passes on some sound investment tips.

Canadian-born Miss Hall has previously worked for Touche Ross, Merrill Lynch and in the Auditor General's office in Bermuda. She has also assisted Bermuda Police in the investigation of several financial fraud cases.

DR. DAVID SAUL -- "Conservative victory will buoy stock markets in Europe and around the world.''