Bank of Bermuda is now on sale in Bermuda.

`First, One Thousand Miles...' is a 242-page hardback book written by former Times of London journalist Mr. Gordon Phillips.

It was commissioned by the Bank of Bermuda and covers the bank's history from the late 1800s to the present day, set against a background of local business in general.

The book was launched on Monday at a reception attended by some of Bermuda's top political figures, including Premier the Hon. Sir John Swan, and leading officers and directors of the bank.

At the request of the bank, the book premiered in Bermuda prior to an international distribution scheduled for 1993.

"We're delighted to debut the book in Bermuda because it's for and about Bermudians,'' said Mr. Donald Lines, the bank's president and CEO.

"Initial reaction to the book is enthusiastic. The publishers have issued trade copies in England and the reviews are excellent.

"The book has been a labour of love and we believe it will be well received in Bermuda and internationally.'' `First, One Thousand Miles...' features people, places and enterprises responsible for turning Bermuda into a leading financial and tourism centre.

The book's name was derived from the fact that 1,000 was the maximum comfortable cruising range of the old sloops and schooners used by Bermuda's early privateers and sailors.

"The book is a legitimate and important chronicle about businesses which have made a significant and historic contribution to Bermuda,'' said Mr. Lines.

`First, One Thousand Miles...' is now available in local stores for a recommended retail price of $39.95.

"While it is being sold through retail outlets, the bank does not realise a profit,'' said Mr. Lines.

"In fact, the sale of the book offers Bermudian merchants a fair profit margin.'' He added: "It is the type of book that every Bermudian will enjoy. It's thorough, entertaining and provides an interesting perspective on business and the Bank from past to present.

"As well, most people will know many of the people and places featured. We're confident that it is a history that will become an heirloom.'' A review of `First, One Thousand Miles...' will be carried in the business section of The Royal Gazette next week.

BOOK LAUNCH -- Bank of Bermuda president and CEO Mr. Donald Lines (left) unveils `First, One Thousand Miles', with publisher Ms Stephanie Zarach and author Mr. Gordon Phillips (right).