not want to make too much of this at an early stage when talks are exploratory at best but it does seem that Britain is taking a much greater interest in the way the remaining dependencies make their living than it has since the Second World War.

It may be that there is pressure on Britain from its partners in the European Union to prevent the dependent territories from having tax laws which attract international business. In other words, to prevent competition for Britain and Europe from companies which seek some advantages by locating in Bermuda, Cayman, the British Virgin Islands and other dependencies. Europe has little interest in whether or not the British dependencies are internally successful and prosperous and Britain may fear that the dependencies embarrass her in front of her European partners.

The Premier is in London at the moment where she appears to be representing all of the dependent territories in talks which are preliminary to a major meeting of the Overseas Territories with the British Foreign Office next month. The British White Paper on relations with Bermuda and the others has been delayed and the Premier will want to be sure that there is nothing in the paper which will upset Bermuda's economy.

Since the White Paper has yet to be tabled in Westminster we may be tilting at windmills but it is clear that Bermuda could not agree to anything which damages or diminishes its international company business. We are an internally self-governing country which would see restrictions suggested by London as internal interference of an unacceptable kind.

However, Bermudians should not be under any mistaken impression. Britain could say, "take it or leave it''. That would deprive us of the suggested benefits of United Kingdom passports and the huge advantages those would bestow on our people. It would also mean that we might well have to go Independent in order to preserve our tax structure and our international company advantages.

There are other aspects. We might have to abolish capital and corporal punishment about which Britain, and especially the British Labour Party, seems to have a fixation. We do not believe it would be sensible for Bermuda to make any major moves in order to preserve punishments which it does not use.

International companies domiciled in Bermuda are keen to maintain the ability to appeal major legal matters from local courts to the Privy Council in London. That should not be a problem because any number of independent countries have retained that right of appeal in the past.

The fact is that Bermuda has very little to bargain with. We may be an embarrassment to Britain which is no longer in the colony business and which does not mind if we go independent. Our staying as a dependent territory has no advantages for London. The best Bermuda can do is hope that we will be treated fairly.