<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from
the Statement of Financial Condition at March 31, 1996 (Unaudited) and
the Statement of Income for the six months ended March 31, 1996 (Unaudited)
and is qualified in its entirety by reference to such financial
Statements.
</LEGEND>
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1996
<PERIOD-END>                               MAR-31-1997
<CASH>                                       1,730,124
<SECURITIES>                                         0
<RECEIVABLES>                                  104,333
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             1,847,023
<PP&E>                                          15,185
<DEPRECIATION>                                   3,685
<TOTAL-ASSETS>                               6,492,652
<CURRENT-LIABILITIES>                           34,869
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       133,191
<OTHER-SE>                                   6,324,592
<TOTAL-LIABILITY-AND-EQUITY>                         0
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                  731,280
<OTHER-EXPENSES>                                 (167)
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               1,042
<INCOME-PRETAX>                              (732,155)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          (732,155)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (1,071,768)
<EPS-PRIMARY>                                   (0.06)
<EPS-DILUTED>                                   (0.06)