receiving two discouraging blows to its future endeavours and economic health.

During a speech to the Hamilton Rotary Club this week, Wedco general manager George Smith announced that the corporation's annual Government grant of $717,000 will ultimately expire on April 1 while the new cruise ship policy continues to daunt the "Dockyard dream''.

The cruise ship scheme advocates the two-port concept, but opposes any weekend visits.

"You probably know that the cruise ship visitor does most of his shopping on the last day of the Bermuda visit,'' Mr. Smith said.

"The decision to allow our new contract ship Horizon to move from Dockyard on Thursday afternoon and spend Friday in Hamilton was a bombshell to all who have worked and invested in the Dockyard dream.'' But despite the blows, Mr. Smith expressed confidence that Wedco would stay on track and proceed with future plans for the Royal Naval Dockyard.

"If you want the rainbow, you must put up with the rain,'' he reminded the Rotarians gathered at La Coquille Restaurant.

"Wedco did not get to where it is today by falling over and playing dead at every reversal of fortune.'' Mr. Smith added: "We are determined to forge ahead with a number of major initiatives in the hope that, in the not too distant future, the cruise ship situation will be resolved and the playing field will be level once again.'' He pointed out that a children's recreational park, a cultural tourism programme and an improved transportation system were among the ideas high on Wedco's list of priorities for the coming year.

"The revitalisation of the Royal Naval Dockyard will continue to be the central feature of the corporation's development programme,'' Mr. Smith concluded.

"It is here that the greatest gains can be made by restoring a priceless and internationally distinguished part of Bermuda's history.''