$79 million in the second quarter 1997, an increase of $5 million over the same period last year.

Declines of 32 percent in exports were more than offset by an increase of $36 million, or 27 percent, in earnings generated for the Island by the international company sector compared with second quarter 1996.

On a dismal note tourism receipts dropped $8 million in the second quarter to $157 million, or about five percent, compared with the second quarter 1996.

In the payments side of the ledger current transfers doubled to $20 million during the second quarter 1997 compared with the same period last year. The Bermuda Monetary Authority attributes the rise to increased overseas payments of such items as maintenance of dependants, charitable donations and workers' remittances.

In the capital and financial accounts, direct investment inflows increased by $13 million, or 217 percent, over second quarter 1996 due to overses financing of major construction projects, the BMA stated.

Bermuda's banks and deposit companies had foreign currency reserves of $498 million at the end of the second quarter an increase of about $79 million over the first quarter 1997.

The bank's and deposit companies had total deposit liabilities of $1,966 million at the end of the second quarter and liabilities of $1,605 million.

Bermuda's money supply increased by 1.48 percent over the first six months of 1997 to $2.011 billion.

The BMA approved 363 company registrations in the second quarter 1996 an increase of 73 over those registered in second quarter 1996.