Exchange Index down 22.56 points or 2.15 percent in moderate trading last week.

The Index closed at 1,025.83 -- its lowest level since June, 1993 -- on trading of $1 million worth of shares and bonds.

Leading the decline were Bank of Butterfield, off 75 cents or 6.4 percent to $11 on volume of 34,550 while Telco slid $1.50 to close at $36 on volume of 669.

The falls offset gains by Bermuda Home, up 25 cents to $7.50 on volume of 3,562, Bermuda Bakery, which rose 25 cents to $18.50 on volume of 1,005 and Argus, 25 cents higher at $10.75 on volume of 500.

BF&M gained 12.5 cents to close at $6.75 on volume of 7,344 while Bermuda Commercial Bank gained 12.5 cents to close at $10 on volume of 1,000.

Issues trading unchanged were; Bank of Bermuda, $18.625, 10,209, Bank of Bermuda warrants, $3.125, 5,048, Bermuda Home preferred, $11.75, 478, BF&M preferred, $9.625, 199, Bermuda Press Holdings, $8, 9,029 while 200,000 units of Bank of Bermuda 9% sub. US$ Cap. nts. 2001 traded unchanged at 102.50 with a value of $205,000.

Bermuda Aviation Services, which closed unchanged at $2.50 on volume of 350, announced an eight cent dividend to shareholders of record April 28 payable May 12.

THe BSE announced on Friday that Fairhaven International Ltd., a Bermuda-based international company specialising in the oil rig service business, has been removed from the Exchange.

No reason was given for the removal. In November, 1994, a bid was received from a major shareholder for the purchase of all shares in the company.

Share volume for the week was 73,943 worth $808,451.

Total trading value was $1,031,451.

WEEKLY SUMMARY Biggest gain (%):Bermuda Home 3.4% Biggest loss (%):Bank of Butterfield -6.4% Highest Volume (shares): BNTB (34,550) Lowest Volume (shares):BF&M preferred, (199)