increased more than $5 million over the same period last year, it was announced yesterday.

And a few Hamilton businesses surveyed by The Royal Gazette yesterday said that locals and tourists were spending more money this year for the holiday although they are more careful.

Bobby Rego, former Chamber of Commerce president and general manager at the Knick Knack, said spending has been consistent with last year.

"We haven't had a great increase but it seems to be steady,'' he said.

"People seem to be in a very positive frame of mind but I think people are just being more careful.'' Mr. Rego said the flow of money in the economy and the softness of the tourism industry were contributing factors to the spending trends Bermudians were generally exhibiting.

"There is no real incentive to spend money because they are not sure that it will be coming back.'' Meanwhile Stuart Joblin and Douglas Patterson owners of Makin Waves on Front Street, said Cup Match is always the best time of year for their store.

"We are perceived as a summer store and Cup Match is the culmination of all that is summer,'' Mr. Joblin said.

"Our feeling is that so far this will be better than last year because then we had the referendum which really put a damper on spending.'' Similarly at HA&E Smith vice president Alfred Spearing said sales have been a little stronger than last year.

"I think generally it has been stronger even with the news that there are many Bermudians who are going overseas over the Cup Match holiday,'' he said.

"People are a little more relaxed in their spending although they are more cautious.'' The Bermuda Monetary Authority released figures that show there was $64.77 million circulating yesterday compared with $59.08 million recorded over the same period last year -- a difference of $5.69 million.