The company charged with the development of the former baselands had revenue of about $364,000 and expenses of about $3.32 million during the four-and-a-half months to March 31.

The Bermuda Land Development Co. Ltd. (BLDC) financial reporting date began on November 12, 1996 when the government-supported body was incorporated. The government contributed about $3.59 million to BLDC's operations during the reporting period, according to an audited financial statement by the company.

The money was used to prepare three former military sites for private development. BLDC estimates public funding would be needed for a further five years as the sites generate enough revenues to fund the developments.

BLDC was set up by Government as a private company with a start-up capital of $5 million. The company's shares are held in trust for the benefit of Bermuda.

Government has given the company a lease of 131 years on land at Morgan's Point, Tudor Hill, Daniel's Head and the former US Naval Air Station, now called Southside.

This year BLDC selected UK-based Renaissance Resorts International Ltd. to develop the 250-acre Morgan's Point site as a resort and golf course. BLDC plans on tabling a lease for the property during the spring session of the Legislature by the latest, with development beginning in 1998.

BROWN PLANS TO MOVE BUSINESSESm BUC PLN Brown plans to move businesses Businessman Wendall Brown plans on moving his Sunshine Gas Co. and Triple Crown Racing Ltd. to one location at the former Victoria Diner and Cousins bar at the corner of Victoria and Court streets. Mr. Brown has submitted an application to the Planning Department to renovate the building. He will also set up a take out restaurant at the site. Currently the gas company and the betting shop are located together at Parliament Street.

C&W OFFERS THANKSGIVING SURPRISE BUC C&W offers Thanksgiving surprise Cable & Wireless has applied to the Telecommunications Commission to apply its economy long-distance telephone rates during Thanksgiving holiday from November 27 to November 30. The economy rate of 75 cents per minute to the US is effective from 11 p.m to 7 a.m. normally. Cable & Wireless has also submitted a proposed range of rate reductions to the Commission for review.

DURHAGER IS NEW PRESIDENT, CEO APP Durhager is new president, CEO Peter Durhager, general manager of Millennium International Ltd. subsidiary, Internet (Bermuda) Ltd.), has been promoted to president and CEO of Millennium, assuming operational and strategic responsibility for the Millennium companies in Bermuda and the Bahamas.

The Bermudian said yesterday, "Millennium, through its strategic alliances around the globe, will bring the world to Bermuda and Bermuda to the world, creating a vibrant commercial technological community.''