recession, says the president and chief executive officer of the Bank of Butterfield.

In his quarterly letter to shareholders, Mr. Michael Collier took a more optimistic view of the Island's visitor arrival figures than Bank of Bermuda president and CEO Mr. Charles Vaughan-Johnson did in a recent letter to his shareholders.

Citing figures up to June 30, Mr. Collier said in the October 7 letter that estimated visitor spending of $239.1 million showed nearly a 10.3 percent increase over a year earlier.

"In terms of visitor arrival numbers, cruise ship arrivals to 30th June were up by 7.4 percent from last year, and visitor arrivals by air showed a 4.7 percent increase, which would indicate that our predominantly-American visitors are now showing greater spending confidence as the US economy continues to forge robustly ahead,'' Mr. Collier said.

That remark is in stark contrast to Mr. Vaughan-Johnson's comment in an October 13 letter to Bank of Bermuda shareholders.

Citing more recent visitor arrival figures to September 11, Mr.

Vaughan-Johonson said that despite an encouraging start, "air arrivals have been disappointing, with little response to the economic recovery in the United States''.

In Tourism, new action plans were needed "urgently'', he said.

Continuing his generally upbeat tone, Mr. Collier said Bermudians too were showing increased spending confidence, especially when abroad.

"The level of overseas spending in the second quarter showed a 13.5 percent increase year-over-year.'' He also credited local retailers with attempts to make shopping in Bermuda more attractive.

The American and other foreign companies were growing and suggesting a sustained recovery.

Mr. Michael Collier