<ARTICLE> 5
<LEGEND>
THIS  SCHEDULE  CONTAINS  SUMMARY  FINANCIAL   INFORMATION  EXTRACTED  FROM  THE
FINANCIAL  STATEMENTS OF BERNARD HALDANE  ASSOCIATES,  INC. FOR THE THREE MONTHS
ENDED AUGUST 31, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1

                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          MAY-31-1997
<PERIOD-START>                             JUN-01-1996
<PERIOD-END>                               AUG-31-1996
<CASH>                                       1,671,830 
<SECURITIES>                                    53,716 
<RECEIVABLES>                                  491,348 
<ALLOWANCES>                                   200,000 
<INVENTORY>                                          0 
<CURRENT-ASSETS>                             2,299,866 
<PP&E>                                          39,580 
<DEPRECIATION>                                  19,494 
<TOTAL-ASSETS>                               3,542,798 
<CURRENT-LIABILITIES>                          430,537 
<BONDS>                                              0 
<PREFERRED-MANDATORY>                                0 
<PREFERRED>                                          0 
<COMMON>                                            12 
<OTHER-SE>                                   2,567,011 
<TOTAL-LIABILITY-AND-EQUITY>                 3,542,798 
<SALES>                                              0 
<TOTAL-REVENUES>                               649,981 
<CGS>                                                0 
<TOTAL-COSTS>                                        0 
<OTHER-EXPENSES>                               369,723  
<LOSS-PROVISION>                                     0 
<INTEREST-EXPENSE>                              15,259 
<INCOME-PRETAX>                                264,999 
<INCOME-TAX>                                   106,000 
<INCOME-CONTINUING>                            158,999  
<DISCONTINUED>                                  10,241
<EXTRAORDINARY>                                      0 
<CHANGES>                                            0 
<NET-INCOME>                                   148,758 
<EPS-PRIMARY>                                      .15 
<EPS-DILUTED>                                      .15