EXHIBIT 12.1



                    RATIO OF EARNINGS TO FIXED CHARGES

                                                    
The following table sets forth the ratio of earnings to fixed charges for the
periods indicated:


                                                       6 months
                                                         ended  
1992      1993       1994        1995       1996        1/31/97 
- ----      ----       ----        ----       ----       ---------
28.5      23.6       17.0         8.1        4.9          3.8   




     To date, the Trust has not issued any preferred shares; therefore, the
ratio of earnings to combined fixed charges and preferred share dividends
are unchanged from the ratios presented in this section.  For purposes of
computing these ratios, earnings have been calculated by adding fixed
charges (excluding capitalized interest) to income (loss) before income
taxes and extraordinary items.  Fixed charges consist of interest costs,
whether expensed or capitalized, the interest component of rental expense,
if any, and amortization of debt discounts and issue costs, whether
expensed or capitalized.