On May 9, 1997, about 1306 eastern daylight time, a Shorts Brothers SD3-60, N263GA, registered to the State Street Bank and Trust Company, operated by Gulfstream International Airlines, Inc., as flight 7427, experienced failure of an elevator trim cable shortly after takeoff from the Miami International Airport, Miami, Florida. Visual meteorological conditions prevailed at the time and an IFR flight plan was filed for the 14 CFR Part 121 scheduled, domestic, passenger flight. The airplane was not damaged and the captain, first officer, 1 flight attendant, and 28 passengers were not injured. The flight originated about 1 minute earlier from the Miami Airport. The first officer was flying the airplane and after takeoff about 300 feet, the elevator trim failed. The controller was advised of the situation and the flight remained airborne about 51 minutes to burn fuel. An uneventful landing occurred and the airplane was taxied to the gate where the passengers were deplaned. Examination of the airplane revealed a failed elevator trim cable at a 1.250 inch pulley located at fuselage station 275. The failed cable is for nose-up trim. Metallurgical examination of the cable revealed fatigue failure of 42 of the 49 individual wire strands. Review of the maintenance records revealed that the cable is required to be only visually inspected every 48 months or 4,800 hours. The cable was last inspected 22 months earlier and had accumulated 2,456.9 hours and 2,290 cycles since inspection. The cable had accumulated a total time of 10,562.3 hours and 14,525 cycles at the time of failure. The airplane minus the retained failed cable was released to Mr. Wayne Modny, Director of Quality Control, Gulfstream International Airlines, on June 10, 1997. The retained cable was also released to Mr. Wayne Modny on July 14, 1997.