SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                                (Amendment No. )*

                              Valley Resources Inc.
                              ---------------------
                                 Name of Issuer

                                 Class A Common
                                 --------------
                         (Title of class of securities)

                                    920062106
                                    ---------
                                  Cusip Number

Check the following box if a fee is being paid with this statement x (A fee is
not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described on Item 1; and, (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class).
(See Rule 13-d 7.)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                        (Continued on following page[s])

                                Page 1 of 4 pages




CUSIP NO. 920062106                   13G                      Page 2 of 4 pages

               Name of Reporting Person

               1.   Social  security or IRS  Identification  No. of above person
                    Fleet Financial Group, Inc.
                    05-0341324

               2.   Check the appropriate box if a member of a group*
                                                            (a) [      ]
                                                            (b) [      ]

               3.   SEC Use Only

               4.   Citizenship of place of organization
                    One Federal Street, Boston, Massachusetts 02110

               5.   Sole Voting Power
    Number          251,757
   of Shares
 Beneficially  6.   Shared Voting Power
   Owned by         0
     Each
   Reporting   7.   Sole Dispositive Power
    Person          251,059
     with
               8.   Shared Dispositive Power
                    698

     9.   Aggregate amount beneficially owned by each reporting person
                    251,757

     10.  Check box if the aggregate amount in row (9) excludes certain shares*

     11.  Percent of class represented by amount in row (9).
                     5.88%

     12.  Type of reporting person*
                    Holding company




                                                               Page 3 of 4 pages

Item 1(a)     Name of Issuer:  Valley Resources Inc.

Item 1(b)     Address of Issuer's Principal Executive Offices:
              1595 Mendon Road, PO Box 7900, Cumberland, RI  02864-0700

Item 2(a)     Name of Person Filing:  Fleet Financial Group, Inc.

Item 2(b)     Address of Principal Business Office, or if none, Residence:
              One Federal Street, Boston, Massachusetts   02110

Item 2(c)     Citizenship:  Massachusetts

Item 2(d)     Title or Class of Securities:            Common

Item 2(e)     CUSIP Number:                          920062106

Item 3        If this statement is filed pursuant to Rules 13d-1(b), or
              13d-2(b), check whether the person filing is a:

(a) ( )       Broker or Dealer registered under Section 15 of the Act

(b) ( )       Bank as defined in Section 3(a) (6) of the Act

(c) ( )       Insurance Company as defined in Section 3(a) (19) of the Act

(d) ( )       Investment Company registered under Section 8 of the Investment
              Company Act

(e) ( )       Investment Adviser registered under Section 203 of the Investment 
              Company Act

(f) ( )       Employee Benefit Plan, Pension Fund which is subject to the 
              provisions of the Employee Retirement Income Security Act of 1974 
              or Endowment or Endowment Fund; see 240.13d-1(b) (1) (ii) (F)

(g) (X)       Parent Holding Company, in accordance with 240.13d-1(b) (ii) (G) 
              (Note: See Item 7)

(h) ( )       Group, in accordance with 240.13d-1(b) (1) (ii) (H)

Item 4.       Ownership

(a)           Amount beneficially owned:         251,757

(b)           Percent of Class:                  5.88%

(c)           Number of Shares as to which such person has:

                  (i) Sole power to vote or to direct the vote:          251,757

                 (ii) Shared power to vote or to direct the vote:              0

                (iii) Sole power to dispose or to direct the 
                      disposition of:                                    251,059

                 (iv) Shared power to dispose or to direct the 
                      disposition of:                                        698




                                                               Page 4 of 4 pages

Item 5.        Ownership of Five Percent or Less of a Class.

               If this statement is being filed to report the fact that as of
               the date hereof, the reporting person has ceased to be the
               beneficial owner of more than five percent of the class of
               securities, check the following ( ).

Item 6.        Ownership of More than Five Percent on Behalf of Another Person.

               N/A

Item 7.        Identification and Classification of the Subsidiary which
               Acquired the Security being reported on by the Parent Holding
               Company.

               Exhibit A attached.

Item 8.        Identification and Classification of Members of the Group.

               N/A

Item 9.        Notice of Dissolution of Group.

Item 10.       Certification

               By signing below I certify that, to the best of my knowledge and
               belief, the securities referred to above were acquired in the
               ordinary course of business and were not acquired for the purpose
               of and do not have the effect of changing or influencing the
               control of the issuer of such securities and were not acquired in
               connection with or as a participant in any transaction having
               such purpose or effect.

Signature      After reasonable inquiry and to the best of my knowledge and
               belief, I certify that the information set forth in this
               statement is true, complete and correct.

Date           February 13, 1997

Signature      /s/  Gunnar S. Overstrom

Name/Title     Gunnar S. Overstrom, Vice Chairman
               Fleet Financial Group