SOUTH SEAS PROPERTIES COMPANY LIMITED PARTNERSHIP
CALCULATION OF WEIGHTED AVERAGE UNITS OUTSTANDING
                                                             EXHIBIT 99

The weighted average number of partnership units used in the 
computation of earnings per unit is as follows:

                                                    Three Months
                                           Ended March 31
                                                     1996         1997 
                                                          
  Actual number of units
   outstanding at the beginning of the
      period                                        4,308,568   4,426,568

     Weighted average number of units issued
       during the period                                    0           0

     Weighted average number of units 
      outstanding during the period                  4,308,568   4,426,568