trading on the Bermuda Exchange. The phone company's stock closed at $38, with a volume of 1,123 as the Exchange Index inncreased by 5.60 to 1,048.55 -- its 12th consecutive record high.

Bermuda's other utilities company, Belco, fell by 50 cents per share, to close at $22, with a volume of 1,550.

Bank of Butterfield stock fell for the first time in several months, closing at $26.75, down by 25 cents, with a volume of 1,099.

The resurgent Bank of Bermuda, which has just announced increased half-year profits, went up again, by 50 cents, to $42.50, with a volume of 6,727.

Its eight percent preference stock also traded, but remained unchanged in price at $12.50.

The only other stock to trade was in Bermuda Aviation Services, which was also unchanged at $3.25, with a volume of 6,667. Ten thousand dollars worth of Government bonds were also snapped up.

In all, stocks and bonds worth $425,550 were traded.