is moving toward it, the president of the Chamber of Commerce said yesterday.

Mr. Louis Mowbray made his comments as he released preliminary results of a membership survey on Independence.

More than 80 percent said they thought Bermuda was already facing too many significant issues to consider Independence now, Mr. Mowbray told The Royal Gazette .

A similar majority thought Independence would have a negative effect on future business and the economy in general.

The cost of Independence was the major worry, "particularly when it's viewed against additional costs which will come about as a result of taking on the Airport, and the fact the economy as a whole has been hit to a greater or lesser extent in the recession, and is just coming out of that.

"The money will have to come from somewhere and if history is any guide Government will turn to the business community for it.'' Business was also worried that Independence would shake confidence in Bermuda, he said. "Whether those fears are real or imagined isn't the point. Those are concerns which will have to be satisfied during the debate which will be coming up over the next few months.'' Following a Commission of Inquiry, a referendum on Independence is slated to be held by the end of this year.

Government has said it is not moving toward Independence, only considering the pros and cons of the status quo or a possible change. But Mr. Mowbray said most business people believed otherwise.

"Particularly under the circumstances, when the subject has more or less appeared out of the blue, not having been discussed in a serious way in the recent election,'' he said. "I think it increases the feelings of suspicion.'' Of 415 questionnaires sent out, the Chamber had received 200 replies and responses were still coming in.

Businesses also wanted the Chamber to play an active role in the Independence debate, particularly in gathering information on how such a change would affect them.

The main Independence question was: In light of the many issues currently facing Bermuda, do you think it is appropriate that Bermuda is considering Independence at this time?'' The two-part survey also asked businesses if exchange controls should be lifted.

Mr. Mowbray said results so far showed 70 to 80 percent favoured a phased removal of controls, as announced by Finance Minister the Hon. David Saul in his Budget on Monday.

Meanwhile, the Bermuda International Business Association yesterday said change and uncertainty damaged international business, and it was pleased "a decision about Independence will be made within the framework of a timetable, based on facts and not simply emotion.'' Chairman Mr. Cummings Zuill said that while the Independence debate had dominated the local media, "many of BIBA's overseas clients had expressed concern about the possibility of future economic and political stability in Bermuda, should the on-Island debate be protracted and without direction.'' The less time the issue was on "the front burner,'' the better, he said.

"The very specific time period allotted to the Commission of Inquiry's activities and the holding of a referendum allows us to assure our clients that they will continue to receive the very best service, and that it is `business as usual' in Bermuda,'' Mr. Zuill said.