fears of a cash crisis.

And it is thought the past summer's industrial turmoil may have plunged Bermuda's largest union into even greater difficulties.

The union is portrayed as land rich but cash poor in a financial report acquired by The Royal Gazette .

The audited statement, for October 1, 1990 to September 30, 1991, was presented to the Registrar General.

It put the union's total income at $2,035,134 -- compared with expenditure of $2,120,890.

Fuelling further speculation of money problems, the union had just $9,424 in bank deposits, and ready cash.

It was also faced with paying off an unspecified bank loan of $873,108. And the Liberty Theatre had lost $62,920.

The union's assets came to $8,670,242 -- more than $8 million of it in real estate.

The picture painted mirrors that of the previous year, based on the financial statement ending September, 1990.

Earlier this year Independent MP Mr. Harry Viera, referring to the 1990 report, questioned the BIU's capacity to help workers during a crisis.

He said the union depended too heavily on real estate which could not be quickly converted into cash.

But his allegation was rebutted by the union, which defended the wisdom of investing in hard assets like real estate.

Yesterday, however, Mr. Viera said he stood by the questions he raised.

These included: How many officers are paid by the union? Why the union's funds were invested almost entirely in real estate? How the bank loan was being repaid? How BIU president Mr. Ottiwell Simmons was paid? Whether the Liberty Theatre had ever made money? Said Mr. Viera yesterday: "I stand by what I've said. These questions have not been answered.'' Mr. Viera, who recently questioned the finances of the BIU Members Credit Union, said he was tired of not having answers.

He also called for more up-to-date statements, presenting the BIU's position for 1992.

"What I want to know is whether anything has really changed for the better with the BIU.

"I want to know if the proper Government authorities are satisfied, and if not, why not. And I want to know what they intend to do about it.'' One could only speculate about the impact of the summer industrial turmoil over the Bermuda Forwarders trucking row, he said.

He pointed out lawyer Mr. Julian Hall, who represented the BIU in subsequent Supreme Court hearings, had stated he did not come cheap.

The 1991 financial statement reveals no spending on strike pay or legal fees.

The bulk of expenditure was attributed to management expenses. These included $878,294 in salaries to paid officers.

Allowances to members seeking employment amounted to $47,568, while stationery and printing came to $56,142.

Most of the $2,025,134 income came from contributions paid by members.

These were funnelled into several funds to pay for education, sickness, funerals, and general operating and building costs.

The unemployment and trades disputes fund was topped up by $149,066.

But BIU President, Mr. Ottiwell Simmons said: "I am not going to dignify Mr.

Viera who is simply out to make trouble and distort things.

"The financial statement has been audited. His business has not, neither have any individual hotels or the whole HEB membership.

"If Harry Viera wants his questions answered he should join the union. He was in the union but he simply stopped paying. I am ashamed of Harry.

"I am very happy with the figures. They have been seen by an authorised auditor and have been accepted by the Government.''