style executive businessman's club in Bermuda have been scuppered -- partly by the esteemed gentlemen who run the Royal Bermuda Yacht Club.

The RBYC, which is considered to be harder to join than the masons, was not amused when news of the upstart Darby's ambitious plans reached them over a few G&Ts at their water side HQ in Hamilton.

A quiet word in the flamboyant Darby's ear left him in no doubt that the RBYC would try to strangle his venture at birth by starting an executive club of their own to protect their existing business.

The said ear duly bent, Darby did some quick mental arithmetic, realised he was backing a loser and placed his plans on hold.

"You can't really blame the Yacht Club,'' he told the Business Diary . "They obviously considered my club a threat to their restaurant and bar trade and took action accordingly.'' Astronaut Bill Readdy and one of the richest men in America, John Kluge, who are both members of the RBYC, were exactly the sort of people Darby was hoping would join his select group.

Darby had wanted to attract Bermuda's finest and top-salaried businessmen, who would pay between $300 and $400 a year for membership.

On top of that, they would have been obligated to spend at least $100 a month on meals and drinks at his club, which was, according to sources, to have been based at the Harbourfront Restaurant, in Hamilton.

His decision to delay his venture was not solely based on the reaction of the Yacht Club, however.

Restaurateurs who advertise with Darby's weekly newsletter for tourists also told him they could do without any extra competition for their increasingly shrinking trade.

"I got a feeling from some of them that I was best left to publishing and not dabbling in their world,'' he said.

"They said they wouldn't appreciate another rival and I took that friendly advice to heart.'' He added: "All things considered, I didn't think my business club would be the immediate success I had hoped for. After thinking it through, I decided to put it on hold.'' He remains convinced, though, that the idea is a good one and promises to take another look at forming a business club next year.

*** Banker Martin Lancaster, who runs the Bank of Bermuda's Hong Kong branch, reflected on the excitement of working in Southeast Asia while he was in Bermuda this week for a series of meetings.

When China announced it was opening a stock market in Shenzen, half a million Chinese clutching their savings poured into the area and had to be fought off by police.

"It was absolutely incredible,'' said Mr. Lancaster. "Nobody knew the extent of personal savings in China and it has exceeded all expectations.

"They have been hoarding their cash under their beds or wherever for years because they have had nothing to invest in.'' Anyone who knows anything about the Chinese people understands that they love nothing better than a good gamble.

"It's in their nature,'' said Mr. Lancaster. "They're inveterate gamblers so they plunged right into the stock market.'' They're also not the world's most loyal staff, with a reputation for clearing off at a moment's notice at the first sign of extra money in a rival firm.

"Staff turnover for most companies in the financial services sector is about 25 percent per annum,'' he said.

As Hong Kong turns away from manufacturing and concentrates more on financial services, the situation is not about to improve.

"The economy has not had time to retrain people,'' he said. "Given the difference between demand for people and the lack of supply, it is not surprising that salary inflation runs about two percentage points above general inflation.'' And all this without the help of the BIU!