Bank of Butterfield chairman the Hon. Sir David Gibbons yesterday urged Bermuda to rise above petty squabbles over differing views on Independence.

The Island had much more important things to worry about, he told those who attended the Chamber of Commerce's annual general meeting at the Princess Hotel.

The development of competition from shopping malls in the eastern US, the potential fall-out from difficulties in international banking systems, and the referendum were three major problems confronting Bermuda, he said.

And he stressed that Bermuda must "get the answers right''.

Noting that prices in US stores were declining as the number of shopping malls and access from Bermuda to them was increasing, Sir David suggested that local retailers consider merging.

"I would suspect that retailers will have to consider joining together,'' Sir David said, "because I do not think there will be the level of retail trade that now exists.'' He said it was evident that the Barings failure and the recent Japan banking crisis had "a potential effect on all of us''.

However, he said, Bermuda had benefited from "well-managed economic policies over the years and we have come a long way''.

"We have the world's third largest reinsurance business and the potential for growth.'' Sir David said Bermuda had also made "very great progress'' in the area of higher education, with more students furthering their education.

He said he was not aware of any loss of international business due to the upcoming referendum on Independence, he said "personal attacks in the newspapers and vilification of UBP MPs'' were not inspiring confidence in international companies to set up on the Island.

"On August 16 it will be business as usual,'' he said. "But in that run-up period it is vitally important that we conduct ourselves with decorum and do not get involved in shouting matches.'' "I'm very disappointed to see the Independence debate has deteriorated with emotional reaction and personal attacks,'' Sir David said. "Black members of caucus get calls from whites saying they've been sold out and from blacks that they have betrayed their race.'' Instead, he said, more consideration should be given to the cost of Independence, the amount of business lost and deferred due to talk of Independence and moves by several countries toward inter-dependence.