"outrageous'' rents could scare off international companies.

He said he was "absolutely stunned'' to see rents of $2,000 a month increase to up to $7,000.

He demanded Government take action to control the trend. And he blamed the rent rises on a few dominant real estate firms.

Mr. Lister, an accountant who served as the party's election campaign co-chairman, was speaking to Hamilton Rotarians.

He said he was "totally supportive'' of the international companies sector, which had made the Island one of the world's major financial centres.

It could help black and female Bermudians break through the "glass ceiling'', because it did not have "vested interests'' to protect.

But he warned it needed a fair deal. High rents and "surprise tax increases'' were not part of a fair deal.

Mr. Lister praised recent growth in foreign exchange earnings from the industry.

But he added that "the movement of money throughout the community, touching all aspects of the community, is undoubtedly a goal that we have not yet achieved.'' He urged international companies to call him with job offers for Bermuda's well-educated 22 to 24-year-olds.

And he asked firms to visit primary PTAs to boost parents' understanding of the industry and show them the opportunities available for children.

"In some cases it is intuitively obvious that expertise has to be brought in from foreign markets,'' and that expertise is welcomed.

"However, many of the jobs created are jobs that can be performed by Bermudians and this is providing wonderful new employment opportunities for our Bermudian people.'' Salaries in the sector were higher than those historically paid by local firms, he said. "The redistribution of the economic pie can be very happily accomplished by growing the pie, as Bermudian families will be able to gain without any one grouping being asked to give up anything.'' International firms should play a vital role in removing the glass ceiling, he said.

"I would be more than pleased if I were able to stand here three years from now and discuss how it has been removed thanks to the leadership taken by the international companies.'' By hiring historically disadvantaged people, firms would boost the quality of their workforces.

Mr. Lister condemned what he said was an impression given by Government that international business competed with tourism. In fact, they were complementary -- business visitors boosted tourism by staying in hotels, riding in taxis and eating in restaurants.

But he praised efforts to build the shipping register and establish the Island as an arbitration centre.

If rents continued rising, he said, they would kill the golden goose of international business.

"What is particularly annoying to me is that my understanding of the situation is that these rents are not being driven up by Joe Bermudian, the little man in the street, but by three or four of the major real estate firms that dominate the rental industry.

"I would ask that Government take a very close look at what is happening and ensure that some controls be put in place on these top-end rents to stop this situation.

"I am very surprised that the situation has been allowed to go on for so long without any comment at all from Government.'' On taxation, Mr. Lister said last year the trust company annual licence fee was increased significantly.

His firm, Rawlinson and Hunter, was now paying Government $10,000 a year to do business it had been doing for more than 30 years.

"Prohibitively high'' fees could discourage Bermudians from operating their own trust companies.

Warnings over high rents charged to foreign executives have also been sounded by Mr. Tony Goodfellow, Chamber of Commerce spokesman for international firms, and Mr. Jack Outerbridge, president of LP Gutteridge.