Outgoing Governor Sir John Vereker discussed perhaps the two crucial challenges for Bermuda in his farewell speech this week.

One rightly concerned race and the community's continuing struggle to come to terms with the legacy of slavery and segregation.

"The scars of Bermuda's social history are not yet all healed," he said. "Even in this small island, the sense of common purpose is not yet universal.

He added: "But small can, and must, embrace diversity. All the colours of the rainbow manage to live together in harmony in a single drop of dew. All the nationalities and all the colours that comprise today's Bermuda can live together in equal harmony — if we manage our affairs carefully.

"That would be an example that would know no boundaries, an achievement that would have no limits. It would be, in William Blake's words, to hold infinity in the palm of our hands. If that cannot be here, in Bermuda, then where?"

Sir John is right in the sense that Bermuda has perhaps the best opportunity of any country in the world to get race relations right. Of course, getting from here to there is another matter and requires hard work, deep and honest discussion and a true willingness to go beyond the colour of people's skin. The other related issue concerns wealth, and to what extent it leads to happiness and social contentment.

Sir John, having noted Bermuda's economic success, said: "It remains now to ensure that all on this island can share in that prosperity. It remains to enrich Bermuda as a society, rather than Bermudians as individuals."

He added: "A rich society values strong institutions, invests effectively in education, preserves its unique environment, protects its reputation as a business centre.

"A rich society provides a structure for young people that engages them rather than excludes them; and steers them away from drugs and criminality. A rich society holds this island, its institutions and its assets in trust for its children and grandchildren."

Wealth cannot simply be measured in monetary terms; it depends on how it is used, who benefits and whether opportunities are open to all.

This is not the same thing as a classic welfare state, in which cradle to grave support can erode enterprise and innovation, and in which a community can come to depend on a government or institutions for everything rather than learning the value of self-reliance and personal achievement.

But a rich society can provide people with the tools they need to succeed and to fulfil their potential. And there are people in any society who need support – the young, the elderly and the sick among them. Bermuda, because of its size and because of its success can accomplish much of this.

But, as with race, it requires a community that is willing to be open and honest enough to work together for common goals. Too often, pride, jealousy and artificial divisions stand in the way of accomplishing those goals.

Sir John, as he departs, has given some timely reminders on these questions, and we would do well to remember them and to work together to build a better society.