community by "surprise''.

The claim was made yesterday by Bermuda International Business Association chairman Glenn Titterton.

His comments come after Acting Opposition Leader Grant Gibbons described the January 4 holiday as a "costly exercise in vanity''.

Dr. Gibbons, also Shadow Finance Minister, predicted the total cost of the day off could be as high as $10 million.

He declared: "There is a cost for this lost day -- we must realise, as most of us do, that someone has to pay for a lost day. That someone is the taxpayer.'' And president of the Bermuda Chamber of Commerce Michael Smith has already pointed out that the new holiday fell during a traditionally festive -- but slow -- time of the year for business.

"Effectively people end up with a four-day holiday,'' he said.

"The Island is generally slow at that time -- generally business is slow,'' he continued. "The impact will be as little as it could possibly be.'' BIBA yesterday released a Press statement on the controversy.

"From the business perspective, this like all other unexpected developments, will have to be managed,'' Mr. Titterton said.

"Approaches will vary amongst individual companies according to the nature of their business.'' "Some businesses may be unable to close, for example, businesses trading on international markets.

"In many other businesses, specific areas will be required to be operational, while other areas can close with little negative impact aside from the cost of lost business hours.'' He said businesses would have to assess the impact on their individual operations and "make logistical and management arrangements accordingly''.

"This should ultimately mean that Bermuda's international business community will be open for business in the areas where this is essential.'' Dr. Gibbons said: "Unless this particular day can be justified, it looks like a costly exercise in vanity.'' Dr. Gibbons predicted the extra long weekend caused by the day off would also hit the retail sector hard.

He hit out last week after he delivered in the House of Assembly the United Bermuda Party's first-ever Opposition statement on the new Government's plans for the year.

Finance Minister Eugene Cox, however, defended the holiday -- and pointed out Premier Jennifer Smith had pledged a celebration day in her party's first hours of Government.

The holiday was announced on November 25 by Premier Jennifer Smith. The surprise move honoured a promise she made in a speech just hours after the final ballot count on November 9.

She said the holiday would honour the voters who had secured the PLP victory.

Governor Thorold Masefield approved Ms Smith's request which raises next year's total number of public holidays to 11.

Glenn Titterton