
<TABLE> <S> <C>


<ARTICLE>                     5
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                              AUG-31-1997
<PERIOD-END>                                   AUG-31-1997
<CASH>                                         402,211
<SECURITIES>                                   7,998,324
<RECEIVABLES>                                  0
<ALLOWANCES>                                   0
<INVENTORY>                                    0
<CURRENT-ASSETS>                               6,401,443
<PP&E>                                         0
<DEPRECIATION>                                 0
<TOTAL-ASSETS>                                 8,400,535
<CURRENT-LIABILITIES>                          282,431
<BONDS>                                        0
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    1
<COMMON>                                       10,560
<OTHER-SE>                                     6,507,543
<TOTAL-LIABILITY-AND-EQUITY>                   8,400,535
<SALES>                                        0
<TOTAL-REVENUES>                               0
<CGS>                                          0
<TOTAL-COSTS>                                  0
<OTHER-EXPENSES>                               38,920
<LOSS-PROVISION>                               0
<INTEREST-EXPENSE>                             0
<INCOME-PRETAX>                                0
<INCOME-TAX>                                   0
<INCOME-CONTINUING>                            0
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   (38,920)
<EPS-PRIMARY>                                  (.33)
<EPS-DILUTED>                                  0
        



</TABLE>
