SOUTH SEAS PROPERTIES COMPANY LIMITED PARTNERSHIP
CALCULATION OF WEIGHTED AVERAGE UNITS OUTSTANDING
The weighted average number of partnership units used in the computation of
 earnings per unit is as follows:

                                                     Three Months
                                             Ended June 30     
                                                   1995         1996 
                                                          
  Actual number of units
   outstanding at the beginning of the
      period                                        4,237,194   4,308,568

     Weighted average number of units issued
       during the period                               23,791             22,667

     Weighted average number of units 
      outstanding during the period                             4,260,985   4,331,235