Assembly last night.

The Stamp Duties Amendment Act 1993, the Trust Companies Amendment Act 1993, the Government Loans Amendment Act 1993 and the Customs Tariff Amendment Act 1993 were all approved.

PLP and NLP members raised points about the bills but did not object to their passage.

Introducing the first bill the Minister of Finance the Hon. David Saul said that removing stamp duty for registered pension trust funds would encourage both Bermudians and non-Bermudians to acquire property.

Dr. Saul said: "This is a real boon for local trust companies to put them on the same footing as international companies. It could be called the `level playing field amendment.' Under the Trust Companies Amendment Act companies wishing to become trusts will now have to pay $10,000 for a licence, an increase of $9,000. Dr. Saul said that he did not believe the rise would be too onerous for the companies.

But Shadow Finance Minister Mr. Eugene Cox said: "This could be a bad time to raise the fee as we are still in recessionary times. It seems a bit hard to go from $1,000 to $10,000 especially for the small businesses hoping to get involved in trusts.'' Opposition Leader Mr. Freddie Wade agreed and said that small accounting and law firms would not be able to afford to get into the trust business.

Mr. Wade said: "You are making it almost impossible for small businesses to get into trusts. $10,000 a year is a major investment for any small business.'' But Dr. Saul said: "Going into the trust business is a serious responsibility and the consequences of this are such that a company that has a licence, or wishes to have a licence, to go into it has to have capital of $500,000.

"A fee of $10,000 is in keeping with the responsibility and capital that goes with it.'' He said he did not feel the rise was premature but agreed to look at a future sliding scale of costs depending on the size of the business involved.

The main aim of the Government Loans Amendment Act is to pay off Government's public debt.

Dr. Saul said that the Government would up to $100 million with a further $100 million in the next five or seven years, for education.

The bill will lead to the setting up of a borrowing sinking fund so Government can pay back the money at a yearly rate of 2.5 percent, and pay off the complete cost within 20 years.

Mr. Cox agreed with the principle of the sinking fund but suggested that the Government spend the estimated $1.4 million next year on education instead of making cuts. He said the fund should be started in better times.

NLP Leader Mr. Gilbert Darrell asked how much commitment the present Government would pass on to future governments.

Dr. Saul said: "This fund will give credence to Bermuda's standing in the world. It will give confidence to those people willing to loan the money to Bermuda.'' The Customs Tariff Amendment Bill removed certain complications over import duties on certain goods.

Duty was dropped on many items including wood chippings lining animal crates, electric vehicles, components of false teeth, diabetic testers and religious instruction books.

Mr. Wade said: "The reduction in duty does not necessarily mean a reduction in price and I hope the Minister is going to monitor some of these things to make sure they benefit the consumer.''