before many executives had endured a period of high anxiety the night before when it appeared for a while as if the Progressive Labour Party might unexpectedly sweep into power.

International company bosses had their nerves tested to the full on election night when the PLP rushed into an early lead.

Although in public businessmen like to sit firmly on the political fence, most exempted company executives will jump to one side in private and freely admit that they feared a PLP victory.

But at one stage, that's exactly what it looked like they were going to get.

Most bosses of Bermuda's international companies had automatically assumed the UBP would sail to victory and had barely given the election a serious thought.

But they were shaken from the tops of their expensive hair-cuts to the soles of their Gucci shoes by the PLP's strong showing.

They were forced to sit up and take notice and many switched on a radio or television for regular updates as the results from different constituencies came in.

"It was a tremendous relief when we finally knew the outcome,'' said one insurance company boss. "At one stage, it was looking very dodgy. It suddenly dawned on us that the PLP might get in.

"A group of us were in a bar and just decided the best thing to do was keep drinking. We were disconsolate for a while.'' "It took many of us completely by surprise,'' said one executive. "We had no idea it would be that close.'' He added: "It's not that we have anything against the PLP, but we don't believe its current team is equipped to run the economy properly.

"We are very happy with the UBP. You could not ask for a better-run place of the size Bermuda is.

"For a little island like this, there are a lot of people in Government who know what they're doing.'' Another boss added: "International business was particularly concerned about the PLP's immigration policies and what that would have meant regarding us bringing in expertise from abroad.

"They need to do more to convince us that they really will implement measures that are attractive to exempted companies.

"They must realise that international companies will up and leave at the first sign of trouble.

"None of these firms have to stay in Bermuda. Any number of jurisdictions would fall over backwards to accept them.

"Bermuda needs the international business sector more than the international business sector needs Bermuda.'' International business, of which the largest part is the insurance industry, contributes more than $400 million to the Island's economy.

Recent Government figures have shown the sector brought in more foreign currency than tourism last year.