The time has come to put the Island's "crumbling'' tourism industry under a "professional and objective'' microscope, Bank of Bermuda chairman Eldon Trimingham said yesterday.

Without proper action, Bermuda could become a land of haves -- those in the thriving financial industry -- and have nots -- those who used to take part in a healthy tourist trade, he warned.

Soft Bermuda stock prices, the bank's among them, reflect Government's failure to focus collectively on rebuilding the tourism industry and ultimately investor confidence, he said.

"It is obvious that the problem in the (tourism) industry is much larger than one of successful promotion.

"It is Island-wide, affecting two-thirds of Bermudians and therefore touches upon and encompasses all areas of Government, the community and the economy,'' he said.

"It seems clear that a proper professional and objective analysis of Bermuda, and its shortcomings as a destination, and the causes of those shortcomings together with recommendations for solutions and a plan for bringing them about is urgently required.'' Mr. Trimingham, also president of Trimingham Brothers, made the comments yesterday in his annual address to shareholders.

"The crumbling tourism industry has the danger of creating an unacceptable contrast between those many Bermudians whose welfare depends upon it, and those involved with the visibly thriving Bermuda financial services industry and their clients.'' The bank bridges these communities and recognises that neither can exist alone, he said.

On the bank's depressed share price, Mr. Trimingham said: "The softness in the local marketplace is, of course, the result of several influences.

Initially there was the referendum and the consequences of this upon today's Government which is preoccupied and distracted by what many see as entrenched positions on relative trivialities and private agendas.'' The outcome has a negative effect on the market which sees no overall focus to rebuild this broad-based industry, he said.

Until Bermuda recognises it cannot expect sell Chevrolets at Rolls Royce prices, the market will remain concerned and sceptical about Bermuda's future, he said.