its financial future.

The flagship of the old Royal Navy Dockyard can now stay afloat for years, because the cash will be ploughed into an endowment fund.

Officials will invest the cash -- donated by friends of museum director Dr.

Edward Harris -- in high-return mutual funds overseas.

They stressed the bonds would be safe and "conservative''.

And they hope their investments will rake in up to $100,000 each year to cover the director's salary and pay for improvements to the museum.

Paul Leseur, chairman of the museum's board of trustees, said the endowment pledge was "the largest single gift the museum had ever received''.

He also said fundraisers had already notched up $2 million as part of their $3.5 million appeal for the overhaul of Commissioner's House.

Businessmen Mr. Leseur, co-owner of the now-closed Lantana Cottage Colony, said: "This gift has been donated by friends of the museum director, who wish to remain unnamed.

"It has been given to honour the achievements of Dr. Harris over the last 18 years in his roles as director, historian, archaeologist and author.

"His work at the Maritime Museum is a matter of public record, as is his involvement in heritage preservation and archaeological exploration throughout Bermuda. "We are very proud of Dr. Harris' accomplishments as a Bermudian and this gift underscores the confidence which the board of directors has had in Edward over many years.'' He added that the huge cash investment was "a great credit to all of the staff, volunteers, donors and trustees''.

Mr. Leseur said they had now been rewarded for bringing the museum "from a ruined place of little interest to the national institution and major tourist attraction that it is today''.

He said the re-styled Commissioner's House was due to open in 2000 to coincide with the museum's 25th anniversary and Millennium celebrations.

And Community and Cultural Affairs Minister Sen. Yvette Swan hailed the news about the $1 million cash injection as "excellent''.

She said: "The museum has really struck gold with this pledge and it's great that it's going into an endowment fund to be used for different aspects of the Maritime Museum.

"If we keep the principle there, it will go on forever. The Maritime Museum deserves this security with all the work that is being done up there.

"The restoration of Commissioner's House is fantastic and this means they will not have to rely solely on the cost of admissions or small donations.

"Basically, it is something which has put the museum on the map. It's going to safeguard their financial future for many years to come.'' Picture: Page 2