<PAGE> 1
FORM 4 U.S. SECURITIES AND EXCHANGE
COMMISSION OMB
Washington, D.C. 20549 APPROVAL
Check box if no
longer subject to
Section 16. Form
4 or Form 5 obligations Estimated average burden
may continue. See hours per response .5
Instruction 1(b).
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of
1934, Section 17(a) of the Public Utility Holding Company Act
of 1935 or Section 30(f) of the Investment Company Act of 1940
1 Name and Address 2 Issuer Name and 6 Relationship of
of Reporting Ticker or Trading Reporting Person
Person Symbol to Issuer
(check all
Gibert, Peter applicable)
Circle International X Director
260 Townsend Street Group - CRCL 10% Owner
S.F. CA 94107
3 IRS or Social 4 Statement X Officer
Security Number for Month/ (give the title
of Reporting Year below)
Person May, 1997 Other
(Voluntary) (specify
###-##-#### 5 If Amendment, below)
Date of Ori- __________
ginal (Month/
Year) C.E.O.
<TABLE> ----------
<CAPTION>
Table I - Non-Derivative Securities Acquired,
Disposed of, or Beneficially Owned
<C> <C> <C> <C> <C> <C> <C>
1 Title 2 Trans- 3 Trans- 4 Secur- 5 Amount 6 Own- 7 Nature
of Secur- action action ities of Secur- ership of
ity Date Code Acquired ities Bene- Form: Indir-
(Instr. (Instr. (A) or ficially Direct ect
3) (Month/ 8) Disposed Owned at (D) or Bene-
Day/ <C> <C> of (D) End of Indir- ficial
Year) Code V (Instr. Month ect(I) Owner-
3,4,and (Instr. ship
5) (Instr. 4) (Instr
<C> <C> <C> 3 and 4) 4)
(A) or
Amount (D) Price
Common May 21, S 16,368 D $25 1,000,000 D
Stock 1997
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
Table II - Derivative Securities Acquired, Disposed
of, or Beneficially Owned (e.g., puts,
calls, warrants, options, convertible
securities)
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 Title of 2 Conver- 3 Trans- 4 Trans- 5 Number of 6 Date Exer- 7 Title and 8 Price 9 Number 10 Owner- 11 Nature
Derivative sion or action action Derivative cisable Amount of of of ship of of
Security Exercise Date Code Securities and Expi- Underlying Deriv- Deriv- Deriva- Indirect
(Instr. 3) Price of (Month/ (Instr. 8) Acquired ration Securities ative ative tive Bene-
Deriva- Day/ (A) or Date (Instr. 3 Secur- Secur- Secur- ficial
tive Year) Disposed of (Month/ and 4) ity ities ity: Ownership
Security (D) (Instr. Day/Year) (Instr. Bene- Direct (Instr. 4)
3,4, and 5) 5) ficially (D) or
Owned at Indirect
<C> End of (I)
<C> <C> <C> <C> <C> <C> <C> Amount Year (Instr. 4)
T V Date Expira- or (Instr.
Exer- tion Number 4)
(A) (D) cisable Date Title of Shares
</TABLE>
Explanation of Responses:
___________________________ __________
** Signature of Reporting Date
Person
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
