Yacht Britannia , which arrived in Hamilton yesterday.

The ship, which will be tied up alongside Front Street until tomorrow, has been ordered to cut her 250-member crew by 10 percent.

And increasingly, the 412-foot yacht has become less a seagoing castle for the Queen and her siblings and more of a "floating trade centre'' aimed at enticing investors to the economically-depressed United Kingdom.

Commander Nick Wright, secretary to Commanding Officer Rear Admiral Robert Woodard, said Buckingham Palace arranges for UK businessmen to meet international investors aboard Britannia at various ports around the world.

The "trade days'' are at the request of a Government ministry but hosted by the Master of the Royal Household, Commander Wright said yesterday.

Because of its prestige, the Britannia "normally attracts the chairmen of companies, rather than the presidents or vice-presidents,'' he said. "This is an increasing role for the yacht and one that we are very keen to push, because not all the press comment about the yacht is favourable at the moment.'' And as the United Kingdom cuts its defence budget, "the Royal Yacht will take its share,'' Commander Wright told The Royal Gazette as Lord Waddington and Hamilton Mayor the Wor. Cecil Dismont dined aboard.

"We must lose 10 percent of our complement within a year, which will make life a bit more difficult...Everyone will have to work that much harder.'' While the cuts may partly be intended to appease the same sentiments in Britain that recently forced the Queen to pay income tax, they did not go over well with royalists who were attracted to the yacht on Front Street yesterday.

"I think it's a damn shame,'' said Mr. Ken Richardson of Vancouver, Canada.

"Britain is such a wonderful country,'' said his wife Lily. "It's a unique country, and it's because of the Throne.'' Ed and Elaine Thoma, also from Vancouver, felt the same way. "If they could give me a reasonable explanation of what they're going to do with the money they save, I might listen,'' Mr. Thoma said. "But they're going to spend it on something a lot more stupid.'' Even before any cuts are made, Commander Wright insisted the Britannia is not as luxurious as many might think.

There is no swimming pool on the 40-year-old vessel, and "all the apartments are functional, but not excessive,'' he said. "They're really not large at all.'' While the Britannia has been refurbished and well-maintained over the years, "by any ship standard, she's getting on''.

When she leaves Bermuda tomorrow, the yacht will be met at sea by a frigate which will escort her to Mexico to collect the Prince of Wales on February 18.

The Britannia will take Prince Charles to Jamaica for an official reception before the Prince flies home to the UK.

The Royal Yacht will then pick up the Duke of Edinburgh, who is on an official tour of the Windward and Leeward Islands.

Britannia returns to Bermuda in late March, but only for fuel.

FREE CONCERT -- Capt. David Coles of a Royal Marines Band directs 26 musicians during a concert in front of City Hall yesterday. The band was aboard the Royal Yacht Britannia (below), which is in Hamilton until Saturday.