year ended September 30, 1991, the first time in several years the Chamber has made a profit.

Net income for the 12-month period was $16,547, with an $11,119 accumulated surplus at the close of the year. The Chamber started the new financial year in October 1990 with a deficit of $5,428, after a total loss of $13,892 the previous year.

Mr. Thomas Dickinson, former Chamber president who this week handed over the reins to Mr. Louis Mowbray, said he was happy to leave the Chamber dramatically changed from when he took over as president two years ago.

He said the Chamber had made every attempt to become more efficient and innovative. For example, he said the Chamber's 84th annual report was produced in-house for less than $1,500 compared to approximately $8,500 to have it printed.

And Mr. Dickinson said the Chamber was now in the process of selling the Craft Market in Dockyard to the artisans and vendors who work there. "That in particular is indicative of the professionalism the Chamber has taken on,'' he said. "The demands that we now have are such that we can no longer afford to maintain the Craft Market.'' In the president's message, Mr. Dickinson said considerable progress had been made in the past year in the restructuring of the Chamber.

"The impact of recession on the Bermuda economy has underscored the need for the Chamber to focus its energy on the development and promotion of business and industry,'' he said. "The economic downturn has forced businesses to cut expenses, increase productivity, and at the same time seek creative new ways of gaining business.

"It has fast become a priority of the Chamber to meet the changing demands of the business community and to become a stronger representative voice.'' He said the Chamber had not only placed a greater emphasis on boosting tourism and joined hands with the Bermuda Hotel Association, but had also established a closer working relationship with the Bermuda Employers' Council.

"During the year several joint projects were undertaken and met with great success, such as the small business initiative, community seminars, and a joint representation to the Premier for changes to existing labour legislation,'' Mr. Dickinson said.

"As labour relationships will continue to be a key to the Island's economic well-being there will be a greater need for the Bermuda Employers' Council and the Bermuda Hotel Association to work together in the future.'' The bulk of the income for the year came from members' dues which totalled $374,359, compared with $353,015 the previous year. Income from seminars totalled $15,397, while the Chamber made an additional $26,812.

The Visitors' Service Bureau, which is owned by the Chamber, earned a total of $233,189, but that included a subsidy of $197,314.

The Craft Market contributed just $799 to earnings, down significantly from the previous year's earnings of more than $6,000.

Costs for the year totalled slightly more than $634,000, including wages, rent and taxes, utilities and cleaning, printing materials, advertising and development for both the Chamber itself and the Visitors' Service Bureau.