niggling concern remains: the issue of foreign workers. Neil Roberts explores the feelings in the business community.

Bermuda's businesses had ready-made contingency plans as the 1998 election drew nearer.

They were prepared to make a quick getaway to the Cayman Islands. They would not jeopardise their profit margins in case of political instability.

They would not gamble with their millions on a PLP Government.

At least, that was the talk and rumour before November 9.

But after, not one penny has left Bermuda's shores in the wake of Jennifer Smith's resounding victory.

Neither of Bermuda's two high street banks have reported any shift of capital off the Island.

And the new words from international business are "support'' and "optimism'', now that the 30-year-old United Bermuda Party Government has been displaced.

The Bermuda International Business Association was the first to rally behind the new Government, looking forward to continued economic growth.

Now the International Companies Division of the Chamber of Commerce has promised to "get in the boat and row'' with the Progressive Labour Party.

According to ICD Chairman David Ezekiel, the PLP is just as respected as the UBP.

Businessmen are "cautiously optimistic'', he says. They believe promises that taxes will not be broadened.

They feel secure in the knowledge that Jennifer Smith will not take a wrecking ball to Bermuda's business environment.

But they do still have one worry. What if expatriate workers are stopped from fuelling the finance that runs the Island's 300 international companies? There are 7,000 international firms with a registered office on the Island.

But the 300 figure represents those which actually operate here, spending $740 million in 1997.

And just as they will not ship out simply because of a change of Government, they are not prepared to see a squeeze on senior business talent moving to Bermuda from overseas.

"There weren't a lot of fears,'' says Mr Ezekiel. "A prospective change of government has been a hot issue for the last year.

"It is true that the bigger international companies do have contingency plans. But they are just in terms of corporate planning.

"That usually takes the form of setting up a shelf company in another jurisdiction. Most firms have a back-up jurisdiction, wherever they are domiciled, in case they want to leave somewhere for whatever reason.

"The basic reason is to reduce any sort of time-frame. But companies aren't going to up and leave just because there's a change of government.

"I think we have been given sufficient assurances that in terms of the business environment and in terms of tax, there's going to be pretty much no change.'' Directors of international firms will watch closely to make sure the PLP does not squeeze too tight in any plan to trim the number of expatriate workers, however.

The point has already been made to the new Premier. And she, in turn, has told the international business community that they must do more to promote Bermudians to senior positions.

Mr. Ezekiel says: "We have always said and will continue to say that international businesses are tremendous corporate citizens.

"And they really have no reason to employ a non-Bermudian if there is a Bermudian available in terms of all the factors -- the cost, the dislocation, the amount of time it takes to get someone on board.

"None of that works well for us. If there is any opportunity to get someone locally, it is difficult to see why anyone would choose another option.

"But that's clearly not the perception out there. That's only going to come when people have a much better understanding of what we do and who our competition is.'' That means explaining the expatriate professionals will still be needed in Bermuda, because to compete in the global market means attracting "scarce talent''. And these messages can be relayed to Bermudians when Mr. Ezekiel starts a tour of Bermuda's non-business areas, speaking in clubs about how international commerce can benefit everybody on the Island.

"I want to go to areas where people only see the negatives of international business,'' he adds.

"They see pressure on jobs, pressure on rents...just increased pressure on the infrastructure.

"Some people simply see a bunch of guys making a lot of money, clogging up the roads and clogging up education, while they're wondering: `What's in it for me'? "We are also seeking meetings with the new ministers. That means Paula Cox, the Immigration Minister, and Eugene Cox, the Finance Minister.

Ezekiel seeks meeting with Paula Cox "I had a meeting with Jennifer Smith three weeks ago when we discussed all these issues.

"Our strength is going to be working very closely with the people in the various departments that deal with us, so they can understand what we do and we can get on with business.'' He agrees with outgoing Premier Pamela Gordon that this election may have put an end to "racial politics'', with the parties no longer appearing to be divided along race lines in future polls.

For Mr. Ezekiel, the change does not have to mean a change in the attitude of the Island's international businesses.

It is a view shared by the Presidents of both the Bank of Bermuda and the Bank of Butterfield.

Butterfield's Calum Johnston says: "We have seen no signs of any capital movement at all.

"I have been on the lookout for it but there's been nothing whatsoever. There is no reason to think that the PLP won't form a responsible government.'' Henry Smith, of the Bank of Bermuda, adds: "The Bank is not at all surprised by the expressions of confidence in the PLP that we are hearing from throughout the international business community.

"We are all anxious to give the PLP every opportunity to demonstrate what they have been saying all along: that they will support business -- be it local or international.'' The business community is not ready to clear its filing cabinets just yet.

David Ezekiel Henry Smith Calum Johnston