over with quickly, the Hon. Sir David Gibbons said yesterday.

The former Premier, who is also chairman of the Bank of Butterfield, said it should be made clear to Bermudians and international business that Independence for the Country was not a foregone conclusion.

"Reviews of our position regarding full Independence have taken place several times in the last 30 years,'' Sir David said.

Former Premier Sir John Sharpe had presented a Green Paper on Independence in 1977 and Sir David a White Paper on the issue in 1979. Both recommended not proceeding to full Independence.

There was "a fair chance, even a likelihood'', the same thing would happen again with the Commission of Inquiry due to be announced today.

However, "there is a lot of misunderstanding in the international business community,'' he said, as well as Bermudians generally.

The recent slide in the Bermuda Stock Exchange could be tied to the confusion.

"As soon as you create uncertainty...money is very mobile,'' Sir David said.

In fact, "the Commission of Inquiry is simply to establish the advantages, if any, or the disadvantages of a move to full Independence, so that the people of Bermuda will be properly informed to make a decision.'' Government having decided to proceed with the Inquiry and referendum, "I can only hope they will proceed as a matter of urgency and report as quickly as possible''.

While it is understood the referendum could be held by Christmas, "I would certainly hope it would be done before that'', he said.

The information was out there in the form of earlier Cabinet papers and only had to be updated.

Through the Gibbons group and the bank "I come into contact with a lot of customers and clients, both Bermudian and overseas. I'd have to say there is a very deep concern among many Bermudians, and I would suspect the majority of our international business community.

"I think the concern is so deep, that, particularly (international companies) need to be reassured.'' The concerns were about future stability, but they were based on a misunderstanding of what the Inquiry was about. Independence "is not a foregone conclusion'', he said.