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When most Bahamians are told that Bermuda is again debating Independence, their most likely response is a chuckle, then the question: What are you waiting for? The Bahamas gained its Independence in 1973 and an entire generation has grown up with little or no memory of life under the Union Jack and for them it is not an issue at all.

Nonetheless, it was at the time a divisive and difficult issue which split the country and nearly caused the secession of one of the islands.

On the surface, Bermuda and the Bahamas have much in common. Both are multiracial island chains with economies dependent on tourism and international business.

Compared to much of the rest of the Caribbean -- in which, like Bermuda, the Bahamas resists being included -- the Bahamas is a success, with a high standard of living, a well educated populace and a high degree of political and social stability.

It is also one of the most frequently cited countries to which Bermuda is compared in the debate on Independence -- by supporters and opponents of nationhood.

Supporters point to its stability and economic success, while opponents point up its failures and problems, especially the loss of its offshore insurance industry, its reputation as a centre for money-laundering and allegations of corruption among high government officials including the Prime Minister.

But in the Bahamas, there is little argument about Independence. It is accepted as a fact and few hanker for a return to dependent territory status.

Why the Bahamas became Independent and Bermuda did not has much to do with the different sizes and geographical locations of the island chains.

The Bahamas is spread out over hundreds of miles and its southern end it is within spitting distance of Cuba -- a major security concern throughout the Cold War.

Says Mr. Geoffrey Johnstone, a lawyer who was the last leader of the United Bahamian Party: "In the late 1960s, we were faced with all sorts of problems with fisheries and poaching and to be blunt, the response of the Colonial Office was quite feeble. "There was one guard ship patrolling the whole of the West Indies and that was not a bit of use to us. What help would it be if we had poachers in the southern part of the Bahamas and the Royal Navy frigate was in Trinidad?'' In the event that Cuba attacked the Bahamas, it would be the Americans, not the British, who would have defended the islands and that was not something that changed with Independence.

But, says Mr. Johnstone, while concerns about defence and foreign affairs -- and what role a small country like the Bahamas could have in the world -- were major issues in the debate leading up to Independence, they were not at the centre of the debate.

"Underlying the whole Independence debate was the worry of those opposed to Independence that you might get a party in power which might oppress the white minority and deprive them of their rights,'' he said. "White people were truly apprehensive and a lot of non-PLP blacks were apprehensive that they might be ground into the dust,'' he said. "The feeling was that if you had in power a government which was oppressive -- and there were enough examples of that in the former colonial territories -- it would not matter what kind of Constitution you had.

"It is very interesting now, because the truth is that if that situation arose, the country most likely to stop that and set it right is the US, not Britain.'' Today, says Mr. Johnstone, Independence is not an issue.

"You do not see Bahamians today talking about Independence. No-one knows what the costs of foreign affairs is. It is just an accepted fact.

"I have a lot of sympathy for those who are opposed to Independence but they are fighting the tide. It is an anachronism. I would say that with the passage of time, people have begun to have a certain amount of pride in their own country. You are responsible for your own affairs and you are responsible for making your own destiny -- insofar as you can in this day and age.'' "Is the Country better or worse off because of Independence? I would say it is better off.'' There are costs involved. The External Affairs Ministry's budget in 1994 was $9.7 million and the country maintains embassies or consulates in the New York, Washington, Toronto and London as well as a Ministry in Nassau.

But Sen. Brent Symonette, the Minister of Tourism in the Free National Movement government which took power from the Progressive Liberal Party in 1992 and the son of the last UBP Government leader, says problems that the Bahamas experienced since 1973 cannot be placed at the doorstep of Independence.

Most were mistakes made by the PLP government under Sir Lynden Pindling, such as the insurance law which led to captive insurers fleeing the country.

Today, says Symonette, the effects of Independence have been positive on the whole.

"No-one has lost anything, although there were some people who did not get passports initially. But there was no exodus from the country -- although there was in 1967 when the PLP first came to power.

"Looking back 21 years later, the fears that were there then never materialised,'' he said. "It has benefited the Bahamas. It has given us a sense of identity. We are known as a stable country with a steady political situation.

"I can't think any problem of real importance has been laid at the doorstep of Independence.'' Sir Lynden, who led the Bahamas to Independence and was its only Prime Minister until 1989, says there is no reason why Bermuda cannot be independent.

"There was no compelling reason for going to Independence in the Bahamas,'' he said from his law office. "But at the same time there was no compelling reason why we should not.

"We were already de facto Independent, so why not make it de jure? Bermuda is de facto Independent for that matter.'' "On the question of external security, I have never understood Bermuda's concerns. Your closest neighbours are the United States and then Canada, so what have you got to worry about? "With regard to internal security, an Independent Bermuda could expect to get assistance form the Commonwealth nations in the Caribbean and Canada, assuming it would play some role in the Western Hemisphere and the Commonwealth, because you cannot claim to be a beneficiary of something without also having some obligations.'' Asked if he believed Independence had pulled Bahamians together as a people, he said: "The real question was whether it would pull the Bahamas apart. But people otherwise saw it as a golden opportunity to pull people together.'' And Independence was not the key to securing international business, he said.

That was a question of taxes. Unlike the Bahamas and Barbados, Bermuda and the Cayman islands had never had income tax and this had been to their advantage.

Pindling also dismisses arguments that Bermuda is too small to play a world role.

"It is not a valid argument. It presumes that you think you can play a major world role and that is a bit of a fallacy. Whatever world role you might play would depend entirely on the capacity of the leaders of Bermuda.

"Bermudian leaders would most likely get some kind of world role as part of an international organisation. As part of international organisations, leaders are exposed to a great deal more than would otherwise be the case.'' Like most Bahamians interviewed, Pindling becomes rather vague on the actual cost of Independence, and whether it ended up costing more than expected.

He said the costs were not high, but adds: "I don't think it cost more, but I hasten to add that estimates are never accurate on these kinds of things and I would not be surprised if it was more than originally thought.'' Not all agree on the benefits of Independence. One Bay Street business owner said Bermuda had been wise to avoid it, and said it had hurt the Bahamas.

The Bahamas had slipped, she said, pointing out the general shabbiness of Nassau, while Bermuda had been successful and had also retained its charm.

And Nassau Tribune managing director Mr. Roger Carron said the presence of the Royal Navy would have been a strong deterrent in fighting poaching and dealing with refugees from Haiti and Cuba.

Describing how two Bahamas Defence Force personnel were taken hostage by a Honduran fishing boat trespassing in Bahamian waters last October, he said the Royal Navy guard ship would act as a deterrent where the BDF was having little success.

Another businessman said that a British Governor could have taken action to investigate drug trafficking and corruption allegations against high government officials -- including Pindling -- in the 1980s, just as a Government leader in the Turks and Caicos had been forced out of office.

Instead the allegations had plagued the country and government for years without being resolved.

But on balance, most Bahamians do not regret becoming Independent.

"For all the good colonialism did -- and it did do good -- it is passe and dying,'' says Mr. Johnstone. "You have to face the realities of modern life.

"Bermuda can struggle on a lot longer as a colonial territory because it was not faced with the wrenching problems that we were faced with.

"But colonialism is an anachronism.'' Sir Lynden Pindling