<ARTICLE> 5
       
                                                  
<PERIOD-TYPE>                   3-MOS                   3-MOS
<FISCAL-YEAR-END>                          JUN-30-1997             JUN-30-1996
<PERIOD-START>                             JUL-01-1996             JUL-01-1995
<PERIOD-END>                               MAR-31-1997             MAR-31-1996
<CASH>                                       1,766,854               2,700,298
<SECURITIES>                                 6,628,794               4,950,769
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<DEPRECIATION>                                       0                       0
<TOTAL-ASSETS>                              15,411,012              12,023,903
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<OTHER-SE>                                  11,080,213               9,476,270
<TOTAL-LIABILITY-AND-EQUITY>                15,411,012              12,023,903
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<TOTAL-REVENUES>                             6,092,369               3,681,011
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<TOTAL-COSTS>                                        0                       0
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<LOSS-PROVISION>                                     0                       0
<INTEREST-EXPENSE>                            (25,687)                (57,182)
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<EPS-PRIMARY>                                      .05                     .02
<EPS-DILUTED>                                        0                       0