SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549


Schedule 13G

Under the Securities Exchange Act of 1934
(Amendment No. 3)




                    ZEMEX CORPORATION
(Name of Issuer)

               Common Stock, par value $0.01 per share 
(Title of Class of Securities)

                         989917109
(CUSIP Number)




*The remainder of this cover page shall be filled our 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") of 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).

                 Page 1 of 5 Pages



(Continued on following page(s))
Page 2 of 5 Pages

CUSIP NO. 989917109

1.   Name of Reporting Person
     S.S. or I.R.S. Identification No. of Above Person

     Zesiger Capital Group LLC
     Tax Id. No. 13-3813880


2.   Check the Appropriate Box if a Member of a Group*

     (a)
               N/A
     (b)

3.   SEC Use Only


4.   Citizenship or Place of Organization

     New York, New York


Number              5.   Sole Voting Power             650,165
of
Shares              6.   Shared Voting Power                N/A
Beneficially
Owned by Each       7.   Sole Dispositive Power        935,815
Reporting
Person With         8.   Shared Dispositve Power            N/A
                    
                                                                 

9.   Aggregate Amount Beneficially Owned by Each Reporting Person

     935,815

                                                                 
10.  Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*
     
     N/A
                                                                 
11.  Percent of Class Represented by Amount in Row (9)

     11.0%
                                                                 
12.  Type of Reporting Person*
     
     Investment Adviser (IA)

                                                                 
                         Page 3 of 5 Pages

Item 1.

     (a)  Name of Issuer:

              Zemex Corporation

     (b)  Address of Issuer's Principal Executive Office:

               Canada Trust Tower BCE Place
               161 Bay Street - Suite 3750
               P.O. Box 703 Toronto, Ontario
               Canada M5J 2S1


Item 2.   (a), (b) and (c) Name of Persons Filing, Address of Principal Business
          Office and Citizenship:

          Zesiger Capital Group LLC
          320 Park Avenue, 30th Floor
          New York, New York  10022

          New York

     (d)  Title of Class of Securities:

               Common Stock

     (e)  CUSIP number:

               989917109
               



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

           X   Investment Advisor registered under section 203 of the
               Investment Advisors Act of 1940








                        Page 4 of 5 Pages


Item 4.   Ownership

           If the person of the class owned, as of December 31 of the
           year covered by this statement, or as of the last day of any
           month described in Rule 13d-1(b)(2), if applicable, exceeds
           five percent, provide the following information as of that date
           and identify those shares which there is a right to acquire.


          (a)  Amount Beneficially Owned

               935,815

          (b)  Percent of Class 

               11.0%

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

               (i)  sole power to vote or to direct the vote

                    650,165

               (ii) shared power to vote or to direct the vote

                    N/A

               (iii)sole power to dispose or to direct the disposition

                    935,815

               (iv) shared power to dispose or to direct the disposition of

                    N/A

                Zesiger Capital Group ("ZCG") hereby disclaims beneficial
                ownership of all the above securities.  Such securities are
                held in discretionary accounts which ZCG manages.

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

          N/A

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

           Clients for whom Zesiger Capital Group LLC acts as an investment
           adviser may withdraw dividends or the proceeds of sales from the
           accounts managed by Zesiger Capital Group LLC.  No single client
           account owns more than 5% of the class of securities.





                    Page 5 of 5 Pages

Item 7.   Identification and Classification of the Subsidiary Which Acquired
          the Security Being Reported on By the Parent Holding Company

          N/A

Item 8.   Identification and Classification of Members of the Group

          N/A


Item 9.   Notice of Dissolution of Group

          N/A

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.

                                  February 4, 1998
                              Date

                              /s/ Barrie R. Zesiger