restrictive business practices.

In recent weeks Minister of Finance the Hon. David Saul and the chairman of the Bermuda International Business Association Mr. Richard Butterfield have both spoke of removing "protectionist'' policies.

Both pointed out that Bermuda's membership in the Organisation for Economic Co-operation and Development would mean a reduction in barriers to free trade.

And they said Bermuda would have to deregulate some of its controls over foreign exchange and interest rates in order to benefit from membership of the OECD. Other restrictions would have to go to ensure the Island was competitive in the international business sector.

But Sen. Johnson said in the Senate on Friday: "I have no quarrel with these comments because clearly we must review our regulations and no doubt some restrictions must be removed. But, it is important to remember that one man's free trade can be another man's protectionism.'' The president of American International Co. Ltd. added there were advantages of being a member of the OECD and the General Agreement on Trade in Services (GATT).

But he said: "I am aware that all countries when signing these agreements are allowed to list all areas in which they wish to make reservations. But, I have no doubt that some of our regulations, which are fundamental to our social and economic well-being will be viewed by the OECD and GATT as unnecessary restrictions.'' He said: "If Bermuda were to achieve full membership in these two organisations, who will represent our interests at the seemingly never ending meetings and at what cost? "I firmly believe that although we are a dependent territory, much of our success has come about because we have been able to maintain economic control of our domestic institutions. And we have not been subjected to many of the ills brought about by `absentee landlords,' although recent developments in the hotel industry are an obvious cause for concern.

"While we should leave no stone unturned in looking for opportunities for Bermuda, we must be sure that the return will be worth the cost,'' he said.

"As we deliberate on these matters we should not lose sight of the fact that some of Bermuda's success has come about because we have been different.

"This has allowed us to carve out a niche that might not have been possible if we had been governed by the rules of ... the OECD.

He said: "The Minister of Finance and I have a fundamental philosophical difference. He constantly speaks of deregulation, which means abolishment, whereas I prefer to think more conservatively in terms of relaxing or modifying regulations.

"I realise that by raising these concerns I probably will be seen by Dr. Saul as one of those people referred to in his speech as longing for the `Good Old Days,' who must be shunted aside.

"I have no motive other than to urge this Government to apply extreme caution and wisdom as it plies the turbulent waters of International Trade so as to ensure that Bermudians still have economic control of their domestic institutions in the 21st Century.''