its colonial status and there is no good reason for going it alone either. In the latest in a series of articles on Independence before the August 15 referendum, The Royal Gazette examines the "No'' campaign. Tomorrow: Independence -- a family divided.

There is much to lose and little if anything to gain by going Independent.

That is the view of many of those promoting a `no' vote in the August 15 Independence referendum.

While Bermuda may wish to go Independent one day, now is surely not the time, opponents say.

Not only does the Island have "too much on our plate'', in the words of Government backbencher the Hon. Ann Cartwright DeCouto, but the return of Hong Kong to the Chinese in 1997 offers Bermuda a chance for enhanced status as one of a handful of tiny dependent territories that will remain.

Pro-Independence Ministers have dismissed the notion that Bermudians could be granted the right of abode in Britain and the European Union once concerns about having to extend the same offer to six million Chinese is removed.

But a statement from the United Kingdom Government included in the Green Paper gives encouragement to those who oppose Independence, just as proponents point to it as a reason Bermudians should not wait two years to decide their future.

While a change in status for colonies like Bermuda had not been discussed, the UK says there "may be opportunity for reassessment of UK/Dependent Territory policy'' after 1997.

The prospect of having the right to work in Europe and enjoy Britain's health insurance and other benefits, combined with the fact that Independence was never mentioned in the 1993 general election campaign, leads opponents to question whether Bermuda is being rushed to break its ties with Britain for ulterior motives.

The chairmen of Bermuda's two largest banks, Mr. Eldon Trimingham of the Bank of Bermuda and the Hon. Sir David Gibbons of the Bank of Butterfield, say Bermuda has already lost business due to uncertainty surrounding the Independence debate and the planned referendum. While they have toned down their remarks in recent months and concentrated on urging Bermudians to vote, both men point to perceptions among international business leaders that Independence is associated with instability.

Sir David has noted that most Commonwealth countries had eliminated court appeals to the Privy Council in London which offshore companies value. And he said that offhand remarks by leaders of an Independent country could send businesses scuttling.

Mr. Trimingham, who early in the year engaged in a heated debate with Premier the Hon. Sir John Swan through the front page of The Royal Gazette , said then that the Cayman Islands were "cashing in'' on Bermuda's Independence debate by stressing their contentment as a colony.

And Bermudians should know that "corruption, gross mismanagement, and/or dictatorial Government'' had been associated with Independence elsewhere, he said.

Along with worries about lost business and associated lost revenues, Independence opponents cite concerns about costs.

They are unanimous in decrying Government Independence estimates of about $2 million a year as unrealistic.

United Bermuda Party backbencher Mr. Trevor Moniz, who described the Government cost estimates as "ridiculously low'', cited as an example the stated costs for belonging to the Commonwealth and United Nations.

The Green Paper said it would cost Bermuda $102,000 to join the UN, $305,000 to subscribe to the UN peacekeeping budget, and another $325,000 to join specialised UN agencies.

"The truth is, if Bermuda was a member of the UN, we'd be pressured to give about one percent of our GDP -- $18 million a year in Bermuda terms,'' Mr.

Moniz said.

Independence critics like Tourism Minister the Hon. C.V. (Jim) Woolridge say Government's energies should be turned to much more pressing concerns. They include not only crime, drugs, and education reform, but his own Tourism ministry, where arrival figures continue to slump.

Opponents reject the arguments of those in the pro-Independence camp, particularly the view that Independence would help to bring blacks and whites in Bermuda together.

On the contrary, the debate itself is "emotive, divisive, and unnecessary'', says Mrs. Cartwright DeCouto.

Mr. Moniz said Independence would not solve society's problems, though false expectations that it will solve them could one day lead to anger. "It will only backfire on those who have made the promises,'' he said.

As well as politicians who oppose Independence, the lead-up to the referendum has seen the formation of two anti-Independence citizens' groups -- Bermudians for Continued Stability and Bermuda First.

"I can not see one single solitary asset to Independence for Bermuda,'' said Mrs. Joyce Hall, who describes Bermudians for Continued Stability as "a biracial collection of grassroots common sense people who care''.