SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549
                                
                                
                           FORM 10-QSB
                                
       Quarterly Report Pursuant to Section 13 or 15(d) of
               The Securities Exchange Act of 1934
                                
         For the quarterly period ended:  March 31, 1998
                                
                          GS TELECOM LIMITED
     (Exact name of registrant as specified in its charter)
                                

          TELECONFERENCING SYSTEMS INTERNATIONAL, INC.
                         (Former name)

     Colorado            0-13313                  36-3296861
(State or other          (Commission              IRS Employer
jurisdiction  of         File Number)             Identification No.)
incorporation)



33 Great James Street, London, England                 WC1N 3HB
(Address of principal executive offices)               (Zip Code)

Registrant's telephone number, including area code 44-171-404-9442

Indicate  by check mark whether the registrant (1) has filed  all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the registrant was required  to
file  such  reports),  and (2) has been  subject  to  the  filing
requirements for at least the past 90 days.

                         Yes  X        No   ____

As of March 31, 1998, there were 14,778,220 shares of common
stock, no par value, outstanding.


<PAGE>

GS TELECOM LIMITED
Condensed Consolidated Balance Sheet
                                         March 31,1998  June 30, 1997
                                        
                                           (Unaudited)
ASSETS                                                               
CURRENT ASSETS                                                       
Cash                                          $136,375           $204
Accounts Receivable                             43,352              -
Inventories                                     34,303              -
Prepaid Value Added Tax                         15,190              -
Total Current Assets                           229,220            204

PROPERTY AND EQUIPMENT, less of                 37,900              -
accumulated depreciation of $11,089

OTHER ASSETS                                                        -
Goodwill, less accumulated                     
amortization of $6,530                         687,738              -
Other                                           10,356              -
                                               698,094              -
                                              $965,214           $204

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES                                                  
Accounts payable                              $781,774              -
Convertible notes payable                      587,860              -
Accrued interest payable                        14,523              -
Total current liabilities                    1,384,157              -

STOCKHOLDERS' EQUITY (DEFICIT)                                       
Common stock, no par value per share;                                
authorized 100,000,000 shares; issued
and outstanding 14,778,220 and 278,220
shares, respectively
Additional paid-in capital                   1,116,857        966,857
Common stock issuable, 2,050,000 shares         20,500              -
Accumulated deficit                        (1,560,831)      (966,653)
Foreign currency translation adjustments         4,531              -
Total stockholders' (deficit)                (418,943)            204
                                              $965,214           $204
See Accompanying Notes


<PAGE>
[CAPTION]
<TABLE>

GS TELECOM LIMITED
Condensed Consolidated Statement of Operations
(Unaudited)
<S>                          <C>          <C>     <C>          <C>

                          Three Months Ended          Nine Months Ended
                               March 31                   March 31

                                   1998      1997       1998       1997

NET SALES                       $37,237        $-    $65,714     $5,779

COST OF SALES                     8,068         -     26,840          -

GROSS PROFIT                     29,169         -     38,874      5,779

SELLING, GENERAL AND            384,688     4,279    633,052     14,550
ADMINISTRATIVE

OPERATING LOSS                (355,519)   (4,279)  (594,178)    (8,771)

OTHER INCOME (EXPENSE)                -         -          -          -

LOSS BEFORE EXTRAORDINARY     (355,519)   (4,279)  (594,178)    (8,771)
ITEM                        

EXTRAORDINARY ITEM -                  -         -          -      1,930
SETTLEMENT AND
EXTINGUISHMENT OF TRADE
PAYABLES

NET LOSS                     $(355,519)   (4,279) $(594,178)   $(6,841)
                                                                     
BASIC AND DILUTIVE NET LOSS                                          
PER COMMON SHARE:

BEFORE EXTRAORDINARY ITEM        $(.02)    $(.02)     $(.07)     $(.03)

EXTRAORDINARY ITEM                    -         -          -        .01

NET INCOME (LOSS)                $(.02)    $(.02)     $(.07)     $(.02)

WEIGHTED AVERAGE SHARES      16,828,220   278,220  8,492,818    278,220
</TABLE>



See Accompanying Notes


<PAGE>

GS TELECOM LIMITED
Condensed Consolidated Statement of Cash Flows
(Unaudited)
                                      Nine Months        Nine Months 
                                         Ended              Ended
                                       March 31,           March 31,
                                            1998                1997
CASH FLOWS FROM OPERATING                                            
ACTIVITIES

Net income (loss)                      $(594,178)            $(6,841)

Adjustments to reconcile net                                         
income (loss) to net cash
provided by operating activities:

Common stock issuable for                  20,500                   -
services

Depreciation and amortization              12,064                   -

Changes in operating assets and                                      
liabilities:

Receivables                                30,039                 531

Inventories                              (26,902)               1,604

Prepaid value added tax                     7,958                   -

Accounts payable                         (78,713)             (7,799)

Payable to related parties                134,083              11,796

Accrued interest payable                   14,523                   -

Other                                         857                 117

                                        (479,769)               (592)


CASH FLOWS FROM INVESTING                                            
ACTIVITIES

Cash of subsidiary at date of              36,173                   -
business acquisition

Purchase of equipment                     (7,905)                   -

Purchase of intangibles                     (188)                   -

                                           28,080                   -


CASH FLOWS FROM FINANCING                                            
ACTIVITIES

Issuance of convertible notes             587,860                   -
payable
                                          587,860                   -

NET INCREASE (DECREASE) IN CASH           136,171               (592)

CASH - BEGINNING OF PERIOD                    204                 840

CASH - END OF PERIOD                     $136,375                $248


See accompanying notes.


<PAGE>
[CAPTION]
<TABLE>

GS TELECOM LIMITED
Condensed Consolidated Statement of Changes in Stockholder's Equity 
(Deficit)

                   Common   Common   Additional   Common    Accumulated   Other
                   Stock    Stock    Paid-in      Stock     Defict
                   Shares   Amount   Capital      Issuable
                             

<S>               <C>           <C>   <C>          <C>      <C>           <C>

Balances,            278,220     -      $966,857         -    $(966,653)      $-
July 1, 1997       

 Conversion of    14,500,000     -       150,000         -             -       -
  note payable    
     issued to
  stockholders
   of acquired
    subsidiary

 Stock issuable            -     -             -    20,500             -       -
  for services
    (2,050,000
       shares)

   Currency                -     -             -         -             -   4,531
   translation                                             
   adjustments

   Net loss                -     -             -         -     (594,178)       -
   (unaudited)                                      

Balances, March   14,778,220    $-    $1,116,857   $20,500  $(1,560,831)  $4,531   
31, 1998
(Unaudited)

</TABLE>

See accompanying notes


<PAGE>

GS TELECOM LIMITED
Notes to Condensed Consolidated Financial Statements
(Unaudited)


Note A - General

     GS    Telecom   Limited,   formerly   Teleconferencing    Systems
     International,   Inc.   (the  "Company")  was   incorporated   in
     Colorado on December 19, 1983.

     Activities  of  the  company since June 30, 1995  until  November
     15,  1997,  were  primarily liquidation of operating  assets  and
     settlement   of  obligations  to  creditors  and   employees   as
     previously   reported.   On  November  15,  1997,   the   Company
     acquired   an  Isle  of  Man  Company,  also  named  GS   Telecom
     Limited,  by  issuance  of a $150,000 convertible  note  payable.
     The   acquired  subsidiary  had  net  liabilities  of   $544,268.
     The   note  payable  was  subsequently  converted  to  14,500,000
     shares  of  common  stock,  which  was  issued  to  the  acquired
     company   stockholders.    The  subsidiary's   business   is   to
     design  and  market  energy saving and home  management  systems.
     The  assets  of  the  subsidiary also includes  Associated  Power
     Industries  Limited  ("API"),  a  designer  and  manufacturer  of
     energy  savings  systems.  The subsidiary owns  50%  of  API  and
     has   an   option   to  acquire  the  remaining   50%   ownership
     interest   for   three  years.   Substantially  all  intercompany
     transactions   have   been   eliminated   in   the   accompanying
     consolidated financial statements.

     On   January  6,  1998,  the  board  of  directors  changed   the
     corporations  name  to GS Telecom Limited  and  approved  a  150-
     to  one  reverse  split  of  the issued  and  outstanding  common
     shares  of  the  Company.  All share and per share  amounts  have
     been   retroactively  restated  in  the  accompanying   financial
     statements to reflect the effect of the reverse stock split.

     The   accompanying   unaudited  condensed  financial   statements
     have  been  prepared  in  accordance  with  the  instructions  to
     Form  10-QSB  and  do  not  include all of  the  information  and
     notes   required  by  generally  accepted  accounting  principles
     for   complete   financial  statements.   In   the   opinion   of
     management,   all  material  adjustments,  consisting   of   only
     normal  recurring  adjustments considered necessary  for  a  fair
     presentation,  have  been  included.   These  statements   should
     be   read  in  conjunction  with  the  financial  statements  and
     notes  thereto  included in the Company's  Form  10-KSB  for  the
     year ended June 30, 1997.

     The  results  of  operations  for the  nine  months  ended  March
     31,  1998,  are  not necessarily indicative of  the  results  for
     the remainder of fiscal 1998.

Note B - Earnings (Loss) Per Share

     Earnings  (loss)  per share of common stock  are  computed  using
     the   weighted  average  number  of  shares  outstanding   during
     each  period.   All  share information and per  share  data  have
     been   retroactively  restated  for  all  periods  presented   to
     reflect reverse stock splits.



<PAGE>

ITEM 2.

Management's  Discussion  and  Analysis  of  Financial  Condition  and
Results of Operations.

Results  of  Operations  for the three month period  ended  March  31,
1998 compared to same period ended March 31, 1997

       For  the  quarter  ended  March  31,  1998,  the  Company   had
revenues  of  $37,237,  and gross profit of  $29,169.   For  the  same
period  in  1997, the net sales were $0 with no cost of  sales  for  a
gross profit of $0.

      The  principal  reasons  for  the increases  in  operations  for
the  three  months  ended March 31, 1998, over 1997  are  due  to  the
operations  of  the  newly acquired subsidiary  GS  Telecom,  an  Isle
of   Man  company  which  sells  computerized  energy  saving  heating
controls in Great Britain.

       In   quarter  ended  March  31,  1998,  the  Company   incurred
selling,    general   and   administrative   expenses   of    $384,688
resulting  in  an  operating  loss  of  ($355,519).   For   the   same
period  in  1997  the  company incurred $4,279  of  such  costs  which
resulted in an operating loss of ($4,279).

      The  Company  lost  ($.02) per share in the three  month  period
compared to a nominal loss per share in the same period in 1997.

      RESULTS  OF  OPERATIONS FOR NINE MONTH PERIOD  ENDED  MARCH  31,
1998 TO SAME PERIOD IN 1997.

Nine months ended March 31, 1998 compared to same period in 1997.

      Sales  for  the nine months ended March 31, 1998,  increased  to
$65,714  over  the  $5,779  recorded  during  the  nine  months  ended
March  31,  1997.   The  principal reason for  the  increase  was  the
acquisition   of  GS  Telecom  Limited  as  an  operating  subsidiary.
In  the  nine  month  period  in 1998, GS Telecom  Limited's  cost  of
sales,  selling,  general and administrative  expenses  were  $633,052
for   a   net  operating  loss  of  ($594,178)  compared  to   similar
expenses  of  $14,550  in  1997  which resulted  in  a  net  operating
loss of ($6,841).

Liquidity and Capital Resources

      At  period  end,  the  Company had  $136,375  cash  capital  and
current  assets  of  $92,845 and total assets (including  goodwill  of
$687,738)  of  $965,214.   The  Company  had  $1,384,157  in   current
liabilities  at  period  end.  In light of the deficit  ($877,461)  in
current  assets  and  operating capital, the Company  will  be  forced
to   either   borrow   against  or  sell  assets   or   make   private
placements   of   stock   or   debt  in  order   to   fund   continued
operations.    No  assurance  exists  as  to  the  ability   to   make
private placements of stock or borrow funds.




<PAGE>

PART II
                       OTHER INFORMATION

Item 1.   Legal Proceedings - None.

Item 2.   Changes in securities - None.

Item 3.   Defaults upon senior securities - None.

Item 4.   Submission of matters to a vote of security holders -

                         Reverse Split

      Pursuant  to  an  Information Statement and  Notice  of  Special
Meeting   of   Shareholders  on  January  5,  1998,  the  shareholders
approved  up  to  a  150  to  1  reverse  split  of  the  issued   and
outstanding common shares.

                          Name Change

      Further,  the shareholders approved the change of  name  of  the
corporation to GS Telecom Limited.

       GS   Telecom   Limited,   formerly   Teleconferencing   Systems
International  Inc.  announce that their first  Private  Placement  of
8%  Convertible  Loan  Notes, due September 30, 2000,  was  closed  in
December  1997.   The  sum raised was $376,500 which  was  subject  to
Finder's  Fees  and  Sales Commission of 10%.  An  additional  $63,500
has   been   subscribed   but   not   paid.    The   transaction   was
accomplished to foreign investors pursuant to Regulation S.

      The  Holders  of  these Notes shall have the option  to  convert
one  hundred  percent  (100%)  of the  original  principal  amount  of
the  Note  issued  to  the  Holder at any time  after  the  120th  day
following  the  date  of issue, into shares of  the  Company's  Common
Stock  at  a  conversion price equal to the lower of $2 per  share  or
at  twenty  five  percent  (25%) less than  the  average  closing  bid
price  of  the  Company's Common Stock for the  five  (5)  consecutive
trading  days  ending  on  the trading day immediately  preceding  the
date   thereof.    Notwithstanding  the  foregoing,  if,   after   the
effectiveness  of  the Registration Statement or if  an  exemption  is
available   from   registration,  the  closing  bid   price   of   the
Company's  Common  Stock  reaches  four  dollars  for  the  five   (5)
consecutive  trading  days  ending  on  the  trading  day  immediately
preceding  the  date  thereof, the Company shall have  the  option  of
forcing   conversion  up  to  Fifty  Percent  (50%)  of  the  original
principal  amount  of  the  Notes originally  issued  to  the  Holder,
and  if,  after  such  effectiveness, the closing  bid  price  of  the
Company's  Common  Stock  reaches eight  dollars,  the  Company  shall
thereafter  have  the  option  of  forcing  conversion   up   to   One
Hundred  Percent  (100%)  of  the original  principal  amount  of  the
Notes issued to the Holder.


Item 5.   Other information - None.



<PAGE>

Item 6.   Exhibits and reports on Form 8-K

         (a)   The  following  are filed  as  Exhibits  to
               this  Quarterly  Report.   The  numbers  refer  to  the
               Exhibit Table of Item 601 of Regulation S-K: None.

         (b)   Reports  on  Form  8-K  filed  during  the
               three   months  ended  March  31,  1998.  (incorporated
               by reference):

                    January 15, 1998
                    January 24, 1998

                           Signatures

      Pursuant  to  the  requirements of the Securities  Exchange  Act
of  1934,  the  registrant has duly caused this report  to  be  signed
on its behalf of the undersigned thereunto duly authorized.

Dated:    May 13, 1998

                    GS TELECOM LIMITED


                    by:/s/David Innes
                          David Innes, President