When the Bermuda National Trust, which oversees the Island's natural and architectural heritage, embarked on its first-ever capital campaign three years ago, the conditions for a major fundraising venture could hardly have been described as ideal.

In 1992, Bermuda was in the grip of a stinging economic recession, the Maritime Museum and King Edward VII Memorial Hospital had just wrapped up their own campaigns and the Anglican Cathedral in Hamilton was still in the middle of a major one.

Nonetheless, those who administer the Trust came to realise the long-range economic forecast for the organisation was by no means good, meaning that some sort of action was of tantamount importance.

"We realised that our annual appeals, which mainly go toward operating costs, were not enough to ensure the long-term integrity of many of our properties,'' Mr. Dan Blagg, the National Trust's director of fundraising and development, said on Wednesday, a little more than three weeks before the campaign's closing date of July 15.

Mr. Joe Johnson, president and chief executive officer of the American International Company Ltd. and the fundraising campaign's chairman, added: "The main objective was to put together a capital fund to ensure that the properties and art that are held in trust by the Trust would be maintained in a manner that would benefit future generations.'' And indeed, the Trust would seem to have succeeded in that goal.

A mere $500,000 shy of its original $5-million objective, the organisation has already earmarked funds for a major refurbishment of its properties, which include, among others, Verdmont in Smith's Parish, Waterville in Paget and Tucker House in St. George's.

At Bridge House in Smith's, for example, the Trust has already committed some of the money that was acquired during the campaign to a complete overhaul of the historic home's plumbing and electrical system, an improvement that will mean a higher rent for the Trust and thereby strengthen its foundation.

"The Trust,'' said Mr. Blagg, "is highly dependent on its rents. Not only do these projects (plans are also afoot to improve Buckingham House in Southampton and create a high-tech historical display in the old Globe Hotel in St. George) improve these places aesthetically, but they also relieve the Trust's operating budget of a major burden. They were very necessary.'' For Mr. Blagg and Mr. Johnson, the overwhelming success of the campaign was a direct result of the tireless efforts of Trust volunteers, many of whom hosted cocktail parties at their own expense to secure public donations and the obvious generosity of Bermudian households and businesses who, they were quick to point out, had none of the incentives of American-style tax breaks.

One volunteer in particular, former ACE Insurance head Mr. Walter Scott, undertook to raise some $1 million through his contacts in the insurance community, the Trust officials noted, adding the community quickly came through.

"It really astounds us,'' Mr. Blagg said of such efforts, "to have that kind of support come to us. It's not at all easy asking for money.'' Even so, the National Trust did ask -- and the money came, in large part because it was able to convince those who regularly contribute during its annual appeals to give just a little bit more for capital.

"It has raised the profile of the Trust,'' Mr. Johnson, who replaced Mr.

David L. White as chairman after the latter was elevated to the Trust's presidency, said of the campaign's strategy. "And in a positive way. What I really like about this campaign is that it was a multi-faceted one. It was about more than just bricks and mortar.'' While "bricks and mortar'' will, of course, take up a significant portion of the money raised, donors can also feel secure in the knowledge that many of their contributions will also be applied to the maintenance of the art and open space of Bermuda.

As for the National Trust, meanwhile, it discovered that it had a few more supporters than it previously knew.

"We thought,'' said Mr. Blagg, "that we had touched all bases in the past, but we've discovered many more friends during this campaign.

"A campaign, I think, has that benefit -- the sharing and acquiring of new information. I therefore think that the Trust has been enriched by this -- not only financially, but in the network of friends that it's established.'' So where, then, does the Trust, a charity that courts as much controversy as it does plaudits, go from here? In these last three weeks of the campaign, a "final push'' will be made to achieve the initial cash goal of $5 million, said Mr. Blagg, who in turn will be replaced by Mrs. Dace Ground after he leaves the Trust for a teaching job next month.

After that, Mr. Johnson told Community, the charity will continue its drive to meet its financial and organisational commitments.

"There will always be capital fund needs for the Trust,'' the chairman pointed out, "so if any individual or company wants to contribute ... we hope they do.'' WATERVILLE -- National Trust headquarters in Paget