The chairmen of Bermuda's two largest banks are cooling their Independence rhetoric.

After warning of potentially dire consequences for the Island's economy if an early referendum date was not set, Bank of Butterfield chairman the Hon. Sir David Gibbons delivered a measured speech to members of the Chartered Institute of Bankers on Thursday.

Sir David, a former Bermuda Premier, had said he was "delighted'' that a date for the plebiscite had been set, despite the fact he would have preferred an earlier date.

Speaking at the Royal Bermuda Yacht Club, Sir David urged bankers "not to take public positions'' on Independence.

It was "not appropriate'' to tell people how they should vote, he said.

Big bank chairmen call for careful consideration of Independence issue From Page 1 With large numbers of people both in favour of and opposed to Bermuda cutting its 386-year-old ties with Britain, it would be "rather foolish to take positions and run the risk of losing business,'' he said.

Yesterday, Bank of Bermuda chairman Mr. Eldon Trimingham, who was engaged in a public slanging match over Independence with Premier the Hon. Sir John Swan in early April, said: "I agree with Sir David.

"People have got to give it careful consideration, read everything that's been written, and go for it from there.'' Having made a well-publicised speech to the Hamilton Lions Club in November, Mr. Trimingham said his anti-Independence views had not changed, but, "I've got nothing much new to say.'' Mr. Trimingham said he was "not surprised'' at a recent poll commissioned by The Royal Gazette which showed that support for Independence among Bermudians had dropped to 17 percent, from 26 percent last year.

"Bermudians across the board are pretty well-informed, intelligent people, and I think that showed up in the poll,'' he said.