TEMPLETON GLOBAL SMALLER COMPANIES FUND INC
24F-2NT, 1998-11-23
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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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                                                           OMB APPROVAL    
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                                                       OMB Number: 3235-0789
                                                       Expires: August 31, 2000
                                                       Extimated average burden
                                                       hours per response....1
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                                   FORM 24F-2
                        Annual Notice of Securities Sold
                             Pursuant to Rule 24f-2

             READ INSTRUCTIONS AT END OF FORM BEFORE PREPARING FORM.

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1.  Name and address of issuer:   Templeton Global Smaller Companies Fund, Inc.
                                  500 East Broward Blvd. Suite 2100
                                  Ft. Lauderdale, Florida 33394

       
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2.  The name of each series or class of  securities  for which this
    Form is filed (If the Form is being  filed for all  series  and
    classes of securities  of the issuer,  check the box but do not
    list series or classes):      X

   
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3.  Investment Company Act File Number:  811-3143

    Securities Act File Number:   2-70889

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4(a). Last day of fiscal year for which this Form is filed:   8/31/98

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4(b). [ ] Check box if this Form is being filed late  (i.e., more than 90 
          calendar days after the end of the issuer's fiscal year). (See 
          Instruction A.2)

NOTE: IF THE FORM IS BEING FILED LATE, INTEREST MUST BE PAID ON THE REGISTRATION
FEE DUE.

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4(c). [ ] Check box if this is the last time the issuer will be filing this 
          Form.

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5. Calculation of registration fee:

   (i)  Aggregate sale price of securities sold during the fiscal  
        year pursuant to section  24(f):                          $732,665,863
                                                                 -------------
  (ii)  Aggregate price of securities redeemed or 
        repurchased during the fiscal year:  $824,018,761
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<PAGE>


(iii)  Aggregate price of securities redeemed or
       repurchased during any PRIOR fiscal year
       ending no earlier than October 11, 1995 that
       were not previously used to reduce
       registration fees payable to the 
       Commission:                          $      0
                                            -------------

(iv)  Total available redemption credits [add items 5(ii) 
      and 5(iii)]:                                               -$824,018,761
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(v)  Net sales--if Item 5(i) is greater than Item 5(iv) 
     [subtract Item 5(iv) from Item 5(i)]:                        $          0
                                                                  ------------
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(vi) Redemption credits available for use in future    |
     years -- if Item 5(i) is less than Item 5(iv)     |
     [subtract Item 5(iv) from Item 5(i)]: (91,352,898)|
                                           ----------- |
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(vii) Multiplier for determining registration fee (See
      Instruction C.9:                                            x   .000278
                                                                 ------------

(viii)  Registration  fee due [multiply  Item 5(v) by Item 
        5(vii)] (enter "0" if no fee is due):                    = $        0
                                                                -------------

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6. Prepaid Shares

   If the response to item 5(i) was  determined by deducting an amount
   of securities that were registered  under the Securities Act of 1933
   pursuant to rule 24e-2 as in effect before October 11,  1997, then  
   report the amount of securities (number of shares or other units)
   deducted here:$0. If there is a number of shares or other units that
   were registered pursuant to rule 24e-2 remaining unsold at the end 
   of the fiscal year for which this form is filed that are available 
   for use by the issuer in future fiscal years, then state that 
    number here: $ 0.

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7. Interest due -- if this Form is being filed more than 90 days after the
   end of the issuer's fiscal year (see Instruction D):    + $        0
                                                             ---------------- 

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8. Total of the amount of the registration fee due plus any 
   interest due [line 5(viii) plus line 7]:                  = $      0
                                                             -----------------
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9. Date the registration fee and any interest payment was sent to the 
   Commission's lockbox depository:      Not Applicable

   Method of Delivery:
     [ ]  Wire Transfer
     [ ]  Mail or other means

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<PAGE>




                                   SIGNATURES

This report has been signed below by the following  persons on behalf of the
issuer and in the capacities and on the dates indicated.

     By (Signature and Title)*  /s/JAMES R. BAIO
                                JAMES R. BAIO, TREASURER

Date  November 23, 1998
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  *PLEASE PRINT THE NAME AND TITLE OF THE SIGNING OFFICER BELOW THE SIGNATURE.

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