reorganising Bermuda's national debt -- and save taxpayers up to $1 million every year.

Dr. Gibbons said Eugene Cox could save taxpayers at least $500,000 a year by cutting a quarter or half a percentage point from repayment rates.

He said: "We should refinance while rates are still low. The interest we pay on our debt is now a large chunk of Government expenditure. It's a little over $10 million.

"I should say that's quite small compared to most countries but that's getting up to a moderate-sized ministry or department and I would like to hear from the Minister when he intends to refinance some of this.'' He was speaking in yesterday's Budget debate on the Finance Ministry, estimated to contribute $467 million to total Government revenue of $551 million next year.

The Ministry's departments will also spend just $84 million -- only 15 percent of the total Government outlay.

New Minister Mr. Cox, presenting the Finance finances for the first time, spoke of the need to develop e-commerce, the National Pensions Scheme and better debt collection.

But he also detailed individual Government accounts -- like saying an extra $925,000 was to be spent on health insurance for Government employees to cover dental care.

Mr. Cox said new computer systems would speed up duty collection in a more efficient Customs unit, which will spend just under $9 million in the year ahead but bring in more than $167 million for Government.

And he singled out the Post Office, which has a projected deficit of just over $1 million, saying it will rake in a quarter of a million dollars less this year because of Bermuda's ailing tourist trade.

The Finance Minister gave detailed spending plans for the Statistics and Social Insurance departments, with Bermuda preparing for a census in 2000 and facing a huge increase in foreign medical claims.

And he said the Office of the Tax Commissioner, ready to collect $221 million this year -- up seven percent -- was already prepared to beat the Year 2000 Millennium computer bug.

But Mr. Cox paid special attention to international business and the Registrar of Companies, set to bring in $42 million in taxes for exempt companies, insurance companies and non-resident companies.

He added: "These are major contributors to Bermuda's economy. The Registrar has a responsibility to all of Bermuda for the industry's success.

"The department spends $4 million and brings in $42 million. It's almost ten to one. For every dollar we spend in that department, it earns some $10.'' The Minister reaffirmed Government's commitment to concentrating on the national debt, saying $920,000 would be wiped off long-term interest payments in the year ahead.

Even direct repayment of long-term loans would cost $75,000 less this year, he added.

But Dr. Gibbons, noting that the entire ministry "comes out ahead'' on the balance sheet, urged the PLP's promised refinancing of debts to begin now.

And he criticised Government for "dragging its heels'' over a number of issues, including tax guarantees for exempt firms, a tax review on duty free and hotel occupancy relief for retailers.

He also said soon-to-be-retired Bermudians would suffer because of delays with the National Pensions Scheme, now pushed back to next year.

Dr. Gibbons pushed for more information on Customs drug busts in the previous year and on the speed of local mail delivery.

And turning to international business, he added: "Bermuda faces competition from Dublin, the Caymans and Barbados, so it's important that we are responsive and forward-looking.'' Government St. George's North MP Delaey Robinson , a former high-ranking official within the Finance Ministry, thanked Dr. Gibbons for complimenting his work in that role.

But he added: "That was a former life in a former Bermuda,'' going on to criticise the previous Government for giving "false'' unemployment figures and not fully funding the Contributory Pensions Fund.

New United Bermuda Party MP Allan Marshall said jobless figures were not false, counted the same way in many countries around the world.

He also challenged Mr. Robinson "to find one other country'' which fully funds the CPF.

Former Tourism Minister David Dodwell expressed dismay that Easylink cards could not be used to pay for services at the Post Office, saying all Government departments should accept the cards.

And he asked Mr. Cox when the Immigration Department would be completely computerised, appealing to Government to give hotel occupancy tax relief to retailers.

Ministry of Finance 1999/00 estimates Ministry responsibility: To supervise the economy of Bermuda generally and to provide overall financial management and control of Government activities.

Budget estimate: $76,599,000 (last year $71,053,000) Revenue: $467,058,000 Budget allocations Ministry of Finance HQ $2,400,000 Accountant General $29,798,000 Customs $8,659,000 Post Office $9,784,000 Statistics $1,738,000 Social Insurance $1,189,000 Office of the Tax Commissioner $1,449,000 Registrar of Companies $4,394,000 Computer Systems & Services $3,688,000 Interest on Debt $10,250,000 Sinking Fund $3,250,000