company operations at the start of 1995, marking the completion of the transfer of computer files from the Bank of Bermuda.

Since the beginning of September, Bermuda Home has been transferring customer accounts and information to their own computers. The merger of mortgage, real estate and deposit-taking operations of the bank and L.P. Gutteridge was first announced in March. Final agreements were signed in June.

Just last week the transfer of 90-day call deposit accounts was completed and the company is still transferring fixed-term deposit accounts on a quarterly-interest-date basis, which should be completed by next month.

By early December all the customer accounts involving mortgages and deposits will have been moved over to the company's LPG Building location.

No consumer loans have been transferred from the bank's Par-La-Ville office and that should be started by December. They may be on-line by January.

While a lot of the labour out of the employee base of 76, has been spent on the merger activities, the company is still trying to move all the staff to the LPG building and re-working the office lay-outs. The second floor should finally be in place by next month.

Bermuda Home's share price yesterday dropped back to $6.50, the same price as it was issued at earlier this year.

President Mr. Arthur Haycock, said, "Our shares did move up quite well initially, but the entire exchange is slower. The whole exchange has moved back because of the slowness and because a lot of money has been taken out of the hands of investors through the various share issues this summer.

"I think part of it is a liquidity problem, even though there still is plenty of liquidity in terms of bank deposits and deposit companies. A lot of people who had allocated their money for investment purposes have used it for the various rights issues.'' The company intends to pay $0.40 annually per share, a 5.93 percent yield, at least for the first year. The first financial statements will be issued after the first full year. And while quarterly newsletters will be sent out, financial information is expected to be released in the future on a half yearly basis.

The company estimates that they have 42 percent of the market in mortgage money and deposits. Like other companies, they are monitoring the interest rate movements, and some fluctuation may soon be expected.

Mr. Haycock said there has been a significant improvement in the real estate market.

"We certainly have seen an improvement this year. Our real estate people have seen a better year in terms of sales activity than last year and hopefully that will be good for the local economy.''