The Chamber of Commerce needs more information before it can reach a consensus about Government plans to relax rules requiring 60 percent Bermudian ownership of local companies.

And Ian Smith, chairman of the Chamber's Visitor Retail Division, said local merchants were also divided on the proposals.

Mr. Smith told Sandys Rotarians on Wednesday night that recent meetings between Finance Minister Eugene Cox and the Chamber of Commerce have helped to shape a mutual understanding between the two, although the talks have yet to yield any concrete ideas from the Chamber.

Mr. Smith said Mr. Cox had asked Chamber members how they would like to be involved in the discussion of the 60/40 ownership issue in the future.

Mr. Cox has proposed a phased dismantling of laws which require that local companies be at least 60 percent owned by Bermudians.

Mr. Smith said: "In a general meeting held last month and a following special meeting called the week after to specifically address this issue there was not true consensus reached between retailers as to the effect of the relaxation of the ruling, as we were just guessing at many possible scenarios.

"Some of the group was concerned that a giant like Wal-Mart may wish to open here and in effect destroy all Bermuda retail, as we know it.

"Others obviously saw this as an opportunity to introduce or involve foreign investment, systems and philosophies to evolve their existing business' to meet the changing demands of today's Bermuda or indeed to get out if so desired.'' But Mr. Cox told them although Government planned to integrate domestic and global economies, the integration was a "brainstorming'' initiative and could change depending on feedback.

Mr. Smith said the talks went well. "I believe this government wants to work with us. They have been willing to work with us and it was the Minister who approached us.

"Retail, as you all know is facing a very uncertain future in the current economy, and whenever we are given the opportunity to address and shape out own future we must grasp it with both hands.

"I believe we can pull through these difficult times and certainly with initiatives already under way.'' Although the Chamber of Commerce remains optimistic, they could not reach an agreement about the 60/40 ownership ruling during the talks.

"In effect, we needed to hear Government's plans before the issue could be addressed with any true degree of certainty.'' Ian Smith