Chichester's Venetian themed season continues to go great guns with Gale Edwards' elegant and thoughtful production of The Merchant of Venice.This is not one of those in-your face Merchants, challenging the audience to confront its own prejudices, but rather a dark fantasy set in a fairy tale Rialto, reminiscent, in Alison Chitty's brilliant design conception, of all those black and white, 1930s' Astaire and Rodgers flicks.

Chitty sets the play on an ever-changing series of platforms over a watery stage, suggesting the canals of Venice. Chris Ellis' magical lighting design evokes a soft, dream-like effect, particularly in the romantic scenes, played in a never-land of twilight with twinkling shafts of light reflecting off the water.

Those who want to find anti-Semitism in Shakespeare's dark comedy of loyalty, friendship, ethnic animosity and money, can no doubt do so, in spades, yet Desmond Barrit's chilling portrayal of the Jew, also manages to convey, not only the anger which provides motivation for Shylock's clamour for blood-justice, but also the underlying reason for it. Barrit's taunting 'I'll have my bond', is met with an equally matched barb from Robert Swann's commanding Duke of Venice: 'We expect a gentle answer- Jew' with the word 'Jew' spat out like a sour grape. Thus is hatred spawned.

It is interesting to contrast Barrit's obdurate moneylender with Michael Feast's Nathan the Wise at the adjoining Minerva Studio. Both are Semitic usurers (as the gentiles would have it) and are regarded as outsiders; but while Shylock attracts scorn and contempt even from those who are obliged to do business with him, Nathan's judgement is widely admired. Nathan's loss of his daughter to a gentile attracts audience sympathy, Shylock's predicament only results in audience revulsion and disgust.

Niamh Cusack's sensible yet skittish Portia comes into her own in the second act, with a courtroom plea, as committed as one could want. Her comedic talents, partnered by Patrick Robinson's Bassanio, are shown to the full in her playful banter with him in the final unravelling of suppressed identity and misunderstood infidelity. Robinson is a fine lothario, although he is sometimes less in command of the undulating verse than the part demands.

This is yet another fine ensemble piece from Chichester's new artistic directors and among the other players, Ed Stoppard is stand-out as a passionate Lorenzo. Philip Quast's eponymous merchant, Antonio, is quietly resigned to his fate, much as a Richard Branson whose stock market bubble has burst, and gives a performance of quiet, integrity. Also outstanding in the smaller role of Gratiano, is the energetic and ultra- cool Geoffrey Streatfield.

Ultimately, though, this is Barrit and Cussacks' evening, and yet another jewel in Chichester's crown.

- Stephen Gilchrist