It has already been noted elsewhere that the purchase of SAL by a group of black Bermudians for $21 million is a step forward on the road to economic equality.

The observation is correct, and it is welcome.

It is a fact that there is a wide wealth gap between blacks and whites in Bermuda, and when non-Bermudians are taken out of the equation, the gap narrows, but remains significant. To a great extent, the problems that the Island has with race relations are grounded in this economic disparity, and only when it is gone will Bermuda will have a real hope of solving the race issue.

This purchase shows that black Bermudians have the ability to concentrate capital, presumably along with having access to capital, to make a purchase of this scale. The sight of black businessmen owning and operating successful businesses should encourage others to aspire to do the same.

That is all to the good. Certainly Wendall Brown, whose purchase of BGA and the Phoenix Stores more than five years ago was accompanied with rather more controversy than this one, seems to have shown that he can make these deals work.

It is worth remembering that Bermuda has had successful black businessmen since Emancipation. The Robinson family, with its showpiece Emporium Building on Front Street, is perhaps the most outstanding example, but it is far from the only one.

More recently Sir John Swan and Freddie Yearwood built fortunes from the ground up through real estate.

And today, seven of the Island’s leading local companies — the Banks of Bermuda and Butterfield, Argus, Bermuda Aviation Services, SAL, KeyTech and Stevedoring Services — have black chairmen and/or chief executives. The banks alone have assets in the billions of dollars, while the other companies have a combined market capitalisation of more than $600 million, according to Bermuda Stock Exchange figures.

It is undeniable that that leaves another 12 or so BSX-listed companies who have a chairman and a chief executive who are white. But it is a sign of progress, and a sea change from 20 years ago when an investor might only have found one.

Former Cabinet Minister Renee Webb has asserted that much of this change has occurred due to the accession of the Progressive Labour Party to government and its push for more economic opportunity.

To what extent that is true is hard to say. It is true that there has been a good deal of progress since 1998, although it can also be argued that the beneficiaries of Government policies, such as they are, have been relatively few in number.

But progress has been made. The overall picture is less encouraging with reductions in gaps in salaries, home ownership and small business formations continuing to be fairly glacial.

If the Government deserves some credit for deals like SAL, it must take some responsibility for the stubbornness of the gap in others.

It could be argued that this is part of some kind of white conspiracy, but that seems unlikely. The Government’s failure to improve education standards — the greatest indicator of economic success — has affected black Bermudians more than whites since blacks make up a disproportionate part of the public education system.

Its focus on affordable rental housing and not on encouraging home ownership has also affected blacks unduly while the amount of Government red tape, the burden of Customs duties and the challenges of hiring staff in a tight labour market make running a small business a challenge many people have no desire to take up.

Changes in the above policies would not be directed solely at black Bermudians. But business friendly policies would enable all boats to rise together, and it is reasonable to assume that they would close the income and wealth gap in Bermuda as young and hungry entrepreneurs were given the freedom to succeed.