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:  December 31, 1997
                                
                          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  December 31, 1997, there were 14,778,220 shares of common
stock, no par value, outstanding.


<PAGE>

GS TELECOM LIMITED
Condensed Consolidated Balance Sheet
                                          December 31,  June 30, 1997
                                                  1997
                                           (Unaudited)
ASSETS                                                               

CURRENT ASSETS                                                       

Cash                                           $45,647           $204

Accounts Receivable                             83,048              -

Inventories                                     30,835              -

Prepaid Value Added Tax                         39,454              -

Total Current Assets                           198,984            204

PROPERTY AND EQUIPMENT, less of                 32,704              -
accumulated depreciation of $8,380

OTHER ASSETS                                                        -

Goodwill, less accumulated                     692,648              -
amortization of $1,620

Other                                           11,180              -
                                               703,828              -
                                              $935,516           $204
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)

CURRENT LIABILITIES                                                  

Accounts payable                              $621,208              -

Convertible notes payable                      376,500              -

Accrued interest payable                         2,766              -

Total current liabilities                    1,000,474              -

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                20,500              -
shares

Accumulated deficit                        (1,205,315)      (966,653)

Foreign currency translation                     3,000              -
adjustments

Total stockholders' (deficit)                 (64,958)            204
                                              $935,516           $204
See Accompanying Notes


<PAGE>
<TABLE>
<CAPTION>

GS TELECOM LIMITED
Condensed Consolidated Statement of Operations
(Unaudited)

                                Three Months        Six Months Ended
                                   Ended               December 31
                                December 31
                              
<S>                          <C>          <C>     <C>         <C>       
                                   1997      1996       1997      1996

NET SALES                       $28,477      $781    $28,477    $5,779

COST OF SALES                    18,744         -     18,744         -

GROSS PROFIT                      9,733       781      9,733     5,779

SELLING, GENERAL AND            248,395    10,079    248,395    10,271
ADMINISTRATIVE

OPERATING LOSS                (238,662)   (9,298)  (238,662)   (4,492)
                                                         
LOSS BEFORE EXTRAORDINARY     (238,662)   (9,298)  (238,662)   (4,492)
ITEM                                

EXTRAORDINARY ITEM -                  -      (60)          -     1,930
SETTLEMENT AND
EXTINGUISHMENT OF TRADE
PAYABLES

NET LOSS                     $(238,662)   (9,358) $(238,662)  $(2,562)
                                                                     
INCOME (LOSS) PER COMMON                                             
SHARE:

BEFORE EXTRAORDINARY ITEM        $(.03)         -     $(.06)         -

EXTRAORDINARY ITEM                    -         -          -         -

NET INCOME (LOSS)                $(.03)         -     $(.06)         -

WEIGHTED AVERAGE SHARES       8,553,220   278,220  4,315,720   278,220
OUTSTANDING
</TABLE>


See Accompanying Notes


<PAGE>

GS TELECOM LIMITED
Consolidated Statement of Cash Flows
(Unaudited)

                                       Six Months    Six Months Ended
                                          Ended        December 31,
                                     December 31,
 
                                             1997                1996

CASH FLOWS FROM OPERATING                                            
ACTIVITIES

Net income (loss)                      $(238,662)            $(2,562)

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

Common stock issuable for                  20,500                   -
services

Depreciation and amortization               2,947                   -

Changes in operating assets and                                      
liabilities:

Receivables                               (9,657)             (1,974)

Inventories                              (23,434)               1,604

Prepaid value added tax                  (16,306)                   -

Accounts payable                        (239,279)             (2,809)

Payable to related parties                134,083               4,880

Accrued interest payable                    2,766                   -

Other                                           -                 117
                                        (367,042)               (744)

CASH FLOWS FROM INVESTING                                            
ACTIVITIES

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

Purchase of intangibles                     (188)                   -
                                           35,985                   -

CASH FLOWS FROM FINANCING                                           -
ACTIVITIES

Issuance of convertible notes             376,500                   -
payable
                                          376,500                   -

NET INCREASE (DECREASE) IN CASH            45,443                   -

CASH - BEGINNING OF PERIOD                    204                 840

CASH - END OF PERIOD                      $45,647                $840

Noncash Investing and Financing Activities:


On November 15, 1997, the Company acquired GS Telecom Limited, an Isle
of  Man  company, and for which it also issued a $150,000  convertible
note.   The note was subsequently converted to 14.5 million shares  of
common stock.  The combination has been accounted for as a purchase as
follows:

     Net liabilities of subsidiary assumed        $544,268
     Issuance of common stock                      150,000
     Goodwill                                     $694,268


<PAGE>
<TABLE>
<CAPTION>

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


                Common  Common   Addi-   Common   Accumu-  Other  Total
                 Stock  Stock    tional  Stock    lated     
                Shares  Amount   Paid-in Issuable Deficit
                                 Capital                              
<S>      <C>        <C>     <C>        <C>     <C>          <C>    <C>


Balances,   278,220    $278   $966,579       -  $(966,653)      $-      $204
July 1, 
1997         

Conver-
sion     14,500,000  14,500    135,500       -           -       -   150,000  
of note 
payable 
issued to
stockholders
of acquired
subsidiary

Stock             -       -          -  20,500           -       -    20,500
issuable 
for                              
services
(2,050,000
shares)
      
Currency          -       -          -       -           -   3,000     3,000
translation                                             
adjustments

Net loss          -       -          -       -    (238,662)      - (238,662)
(unaudited)                                   

Balances,14,778,220 $14,778 $1,102,079 $20,500 $(1,205,315) $3,000 $(64,958)
December 
31, 1997     
(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"),  who   design   and   manufacture
     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 six  months  ended  December
     31,  1997,  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.



<PAGE>

ITEM 2.

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

Results  of  Operations  for  the three month  period  ended  December
31, 1997, compared to same period ended December 31, 1996

      For  the  quarter  ended  December 31,  1997,  the  Company  had
revenues  of  $28,477,  and gross profit  of  $9,733.   For  the  same
period  in  1996, the net sales were $781 with no cost  of  sales  for
a gross profit of $781.

      The  principal  reasons  for  the increases  in  operations  for
the  three  months  ended December 31, 1997,  over  1996  are  due  to
the  operations  of  the  newly acquired  subsidiary  GS  Telecom,  an
Isle   of   Man   company  which  sells  energy  saving   computerized
heating controls in Great Britain.

      In  quarter  ended  December  31,  1997,  the  Company  incurred
general  and  administrative  expenses  of  $248,395  resulting  in  a
net  loss  of  ($238,662).  For the same period in 1996  were  $10,079
in  selling,  general,  and  administrative  expenses  which  produced
operating  loss  of  ($9,298) and with the  extraordinary  items,  net
income of ($9,358).

      The  Company  lost  ($.03) per share in the three  month  period
compared to a nominal loss per share in the same period in 1996.

      RESULTS  OF  OPERATIONS  FOR  SIX MONTH  PERIOD  ENDED  DECEMBER
31, 1997 TO SAME PERIOD IN 1996.

Six months  ended  December 31, 1997 compared to same period in 1996.

      Sales  for  the  six months ended December 31,  1997,  increased
to  $28,477  over  the  $5,779 recorded during the  six  months  ended
December  31,  1996.  The principal reason for the  increase  was  the
acquisition   of  GS  Telecom  Limited  as  an  operating  subsidiary.
The  acquisition  also  resulted  in an  increase  of  liabilities  of
$544,268.   In  the  six  month period in  1997,  GS  Telecom  Limited
cost   of   sales   were  $248,395  for  a  net  operating   loss   of
($238,662)   compared  to  $10,271  in  general   and   administrative
expenses  in  the  same  period  in 1996  for  an  operating  loss  of
($4,492).

Liquidity and Capital Resources

      At  period  end,  the  Company  had  $45,647  cash  capital  and
current  assets  of  $198,984  and total  assets  (including  goodwill
of  $692,648)  of  $935,516.  The Company had  $1,000,474  in  current
liabilities  at  period end.  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.

      To  take  advantage of an opportunity to expand  its  operations


<PAGE>

into  computerized  heating  controls, the  Company,  on  October  28,
1997,   acquired  GS  Telecom  Limited  for  $694,268  in  notes   and
assumption  of  debts,  and the notes were subsequently  converted  to
14,500,000  shares  of common stock.  To finance  operations  of  this
acquisition,  the  Company incurred debt of  $376,500  in  convertible
debentures.   As  a  result of this financing,  the  Company  acquired
operations  of  GS  Telecom  Limited, as a  wholly  owned  subsidiary.
Management  is  of  the  opinion that more funds  will  be  needed  to
meet  the  Company's  anticipated  needs  during  the  ensuing  twelve
months.

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 - None.

Item 5.   Other information -

       GS  Telecom  Limited,  (the  "Company"),  designs  and  markets
proven   hi-tech,   low  cost,  energy  saving  and  home   management
systems.

      The  Company  owns  100%  of  Guardian  Smart  Systems  Limited,
which   was   formed  in  August  1996  to  develop  low   cost   home
management   systems,   and   50%  of  Associated   Power   Industries
Limited  ("API")  which it acquired on August  31,  1997.   API  is  a
new  company  which  was formed to facilitate the acquisition  of  the
business   of   Total  Energy  Control  Systems  from   the   original
proprietors,  a  partnership.  The company holds  options  to  acquire
the  remaining  50% of API which can be exercised  as  to  12.5%  from
August  1998  and  the  balance 12 months later,  the  exercise  price
being  based  upon  a  price earnings ratio  of  7  times.   API  does
business   as   Total  Energy  Controls  ("TEC").   Its  systems   are
unique,   environmentally  friendly,  energy  saving  systems,   which
have  been  developed  over a period of nearly  20  years.   They  can
reduce  central  heating energy usage and cost and  CO2  emissions  by
25%  or  more  (a  high of 51% has been recorded).   The  efficacy  of
the  TEC  systems  is supported by a study currently  being  completed
by  Glasgow  and  Glamorgan  Universities.   There  are  14.5  million
homes  and  about  2 million commercial operations  with  gas  or  oil
fired   central  heating  systems  in  the  UK  alone.   The   Company
estimates  that  in  the  western world there  are  over  200  million
such  systems.   There are over 15,000 systems in use,  many  of  them
with   blue   chip   companies   who   have   provided   letters    of
satisfaction.   TEC  systems  are  equipped  to  manage  the  smallest
domestic  boiler  up  to  the very largest of commercial  boilers  and
warm air systems.

       Although  many  systems  have  been  sold,  sales  were  mainly
through   dealers  and  the  original  proprietors  did  not   benefit
materially  from  these  sales  and  they  lacked  the  financial  and
other  resources  necessary  to develop the  business  on  their  own.
The   acquisition  by  the  company  has  enabled  API   to   commence
marketing  its  commercial and domestic systems in  the  last  quarter


<PAGE>

of  1997  and  it  believes  that the sales  will  reach  satisfactory
levels by the end of 1998.

       Guardian   Smart   Systems  Limited   ("GSS")   supplies   home
management   systems   which  provide  the   home   with   low   cost,
monitored   security   and   care,  plus   efficiency   and   economy.
Markets  which  at  present  are  being  serviced  by  more  expensive
systems.   These  systems include the domestic version  of  the  Total
Energy  Control  systems  which adds an  element  to  the  smart  home
management  system  which  no one else offers,  further  reducing  the
cost  to  the  consumer.   GSS will start  marketing  its  systems  in
February 1998.

      With  these  products  the company plans  to  market  low  cost,
computerized,   environmentally  friendly  energy  saving   and   home
management  systems.   There  is  an ever  increasing  demand  in  the
United   States  for  such  products  and  systems  as  reflected   in
recent articles in American trade journals.

                  Conversion of Note to Equity

     On January 20, 1998, the holders of a $150,000 promissory
note elected to convert said note into 14,500,000 shares of
common stock pursuant to the conversion option contained in the
note at $.01 per share.  The Company issued 14,500,000 shares of
stock to the stockholders of the Isle of Man company in
cancellation of the debt.

                     Management Information

     The appointment of Messrs. David Innes and Marshal Kaye as
directors was effective as of November 25, 1997:

     David Innes, age 63, is a fellow of the Institute of
     Chartered Accountants in England and Wales.  He qualified in
     1957.  He was a director of ABACA Group, PLC from 1990-1992.
     From 1992 until 1996, he orchestrated and co-managed the
     privatization of Elit Ruhagyar Rt, a Hungarian clothing
     manufacturer.  He is the Chairman of his own management
     consultant company, AKS Management Services, Ltd., since
     1975.  He has been Director and Chief Executive of GS
     Telecom Ltd. since June, 1997.

     Marshall Kaye, age 73, obtained a degree in Physics in 1943
     and studied toward a further degree in Economics at Oxford
     University.   Mr. Kaye has been the Chairman of Cadmus
     Newsletters, Ltd. in England, publishers of Parliamentary
     and European government specialized newsletters from 1987 to
     present.  He has been Chairman of Rodney Deitch Associates
     (England) since 1987, a government relations consultant.  In
     1995, Mr. Kaye became Chairman of Advanced Valve
     Technologies in England, a composite value manufacturer.
     From 1985 to 1991 he was Chairman of G.H. Zeal, Ltd. in
     England, a manufacturer of thermometers and scientific
     instruments.

     On January 6, 1998, the Board of Directors appointed Marcia
Joslin Bennet, age 49, to the Board of Directors.  Ms Bennet has
taken courses in Commerce and Banking  from the University of
Toronto and has taken courses from the Canadian Securities
Institute.  From 1981 to 1994, she was a director and Executive


<PAGE>

Committee Member of Gordon Capital Corporation.  Since 1994, she
has been Chairman and a Director of Treleven, Ltd. of Bermuda.
She has been a Registered Representative of the NASD and is a
Fellow in the Canadian Securities Institute.

                         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 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 December 31, 1997.
          (incorporated by reference):

          8-K filed November 5, 1997



<PAGE>

                           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:    April 15, 1998

                        GS TELECOM LIMITED
  

                        by:/s/David Innes
                              David Innes, President