yesterday.

In a speech to the Sandys Rotary Club, Mr. J.C. (Kit) Astwood said: "The results of Independence are all cost burdens on our businesses.'' It would change the laws under which Bermudians live and remove a stability factor in the eyes of the business world -- "the protections of the United Kingdom Government'', he said at the Belmont Hotel and Golf Club.

The former West End Development Corporation chairman said he agreed Independence should be on the agenda "as a matter of constitutional reform involving economic subjects which can be discussed over the next two, three, five, ten years''.

He noted that a changed relationship with the UK was possible after Hong Kong was returned to the Chinese in 1997, and said: "What I would like to see for all Bermudians is quite simple. A total integration with the European community, allowing us freedom of movement between all the 12 countries, with the right to spend our money anywhere we want within those 12 countries.

"The right to live and work in any one of them, and at the same time keep our own Immigration laws exactly as they are.'' Bermuda would also keep its own dollar and 60-40 rule for ownership of local companies, he said.

Mr. Astwood said it was important for Bermuda to look towards Europe, because the Island had to remain distinct from its main tourist market of the United States.

"The more Americanised we become, the less interesting we will be to our customers from that area,'' he said.

"We must maintain our position as being the window of Europe to the North and South American continents. This is a fabulous business opportunity that will have all of our peoples, black and white, local or foreign, citizen or non-citizen, learning languages, competing, and prosperous.'' Throughout history, Bermuda had relied on foreign investors, and that was no different today, Mr. Astwood said.

He was happy to hold a British passport and "be a Bermudian first and British second''.

On the issue of the Bases, Mr. Astwood said it was the responsibility of "us as businessmen'' to come forward with proposals to develop the abandoned properties.

"The future use of the Bases is in our hands, not the Bermuda Government, to put our money to profitable use on these properties,'' he said. "If we fail in this area, the Bermuda Government has every authority to look elsewhere for redevelopers.''