"watershed'' year in terms of company formations on the Island.

And Dr. Saul said it was not simply the nine or so new, large reinsurance companies which had given him satisfaction.

"While the arrival of these big companies is obviously good news, the really impressive part of this year's statistics is the growth of our bread and butter-type business,'' he said.

"Those are the mutual funds, personal and corporate holdings and `ordinary' insurance companies.'' Since January, the number of international companies and partnerships doing business in Bermuda has increased vy 149 to 7,511.

The rate of new incorporations has increased considerably in the third quarter of the year, between July and September.

"Not only will these companies provide employment in Bermuda and increase Government revenues but, perhaps most importantly of all, their formation is an indication of the confidence they have in the local economy, the Government and the whole atmosphere in Bermuda,'' he said.

"We used to get only about three percent growth per year but the rate is now considerably above that. I believe 1993 if going to mark a watershed in company formations.'' Dr. Saul said Bermuda had be come "the domicile of choice'' for many foreign-owned companies.

Finance Minsiter the Hon. David Saul.