special service was held at the Anglican Cathedral, followed by lunch at Government House, and an evening reception at Camden, the Premier's official residence.

The Governor of the Bank of England, Mr. Eddie George, is on the Island to take part in the celebrations and will deliver a speech at the Chartered Institute of Bankers dinner tonight. Mr. George is known to advocate the creation of an independent central bank in Britain.

He argues that a central bank would help the country secure price stability and boost the economy.

Stability was vital for Britain in order to achieve employment growth and avoid a boom-and-bust economy, he said in a recent television interview. * * * BUC THE heads of insurance regulators seem to roll frequently these days.

Now, the authorities in the Cayman Islands have formally charged Mr. Gilbert C. Connolly, the domicile's former chief insurance regulator, with four counts of corruption, and one count of conspiracy in connection with the regulation of Olympus Fire & Casualty Ltd., formerly known as ReCo Ltd.

Mr. Connolly was suspended as insurance superintendent in August, 1993. The recent charges allege Mr. Connolly received about $50,000 in loans and financial benefits from Mr. Anthony J. Damoulis, principal of Olympus, and also from the company's resident manager, in exchange for failing to perform regulatory duties with respect to Olympus.

Olympus is now in liquidation and the subject of a US investigation. Mr.

Connolly was freed on $10,950 Cayman ($13,688) bail.

* * * TAX A NEW tax consultancy niche has been created by last Monday's Budget.

One local accountant, Mr. George Holmes, a partner at Cooper & Lines, has been quick to keep clients apace with the tax implications of the Budget.

International companies will have to decide whether to reveal their payroll to Government, and be taxed in the same fashion as local companies, or instead retain the former system, which bases payroll taxation on a notional annual salary of about $52,000 per employee.

Although many of his clients feel equipped to make the decision for themselves, Mr. Holmes fears that some international companies in Bermuda may not have not have focused on the Budget's small print.

* * * BUC HAWAII has the highest car insurance costs in the US, followed by New Jersey, Connecticut, Massachusetts and Rhode Island.

The Insurance Information Institute, which compiles the rankings, said the five states have densely populated areas with traffic congestion and higher accident rates.

In Hawaii, where nearly 90 percent of the population lives in urban areas, the average cost of a no-fault claim is $6,568, about twice the national average.

Less urbanised states such as North Dakota, South Dakota, Nebraska, Wyoming and Iowa have the lowest premiums.

* * * SUR A RECENT survey has pried into a rather unsavoury subject -- the bathroom habits of Americans.

Apparently, two-thirds of Americans read, and top of the list is the daily newspaper. Business Diary wonders whether The Royal Gazette would tops the polls in Bermuda? The second most popular choice is the condensed novels in Reader's Digest, followed by Sports Illustrated, Time, People and Better Homes and Gardens.

Other popular activities include talking on the phone and homework. So who would be so interested in what people are doing in the bathroom? Toilet paper maker James River Corp. commissioned the survey.