PART I. FINANCIAL INFORMATION


ITEM 1. FINANCIAL STATEMENTS

   See the condensed statements of income, balance sheets, statements of cash
flows and financial notes included in the Alexander & Baldwin, Inc. (A&B) 1995
first quarter interim report.  This report is included as Exhibit 20 and is
incorporated herein by reference.

   The financial information referred to in the preceding paragraph is to be
read in conjunction with the following additional financial note:

    (d) The condensed balance sheet as of March 31, 1995 and the condensed
        statements of income and the condensed statements of cash flows for the
        three months ended March 31, 1995 and 1994 are unaudited.  However, in
        the opinion of management, all material adjustments necessary for the
        fair presentation of interim period results have been included.



ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

FINANCIAL CONDITION AND LIQUIDITY:

   A&B's principal liquid resources, comprising cash and cash equivalents, trade
receivables, sugar inventories and unused lines of credit, less accrued deposits
to the Capital Construction Fund (CCF), decreased by $3.9 million from December
31, 1994 to March 31, 1995.  This resulted from a decrease of unused revolving
credit facilities of approximately $39.4 million, partially offset by increased
sugar inventory, and cash and cash equivalents.  The additional borrowings were
used primarily to fund the off-season production costs of the plantations and
the purchase of containers for the leasing operations.

   Working capital totaled $84,700,000 at March 31, 1995, an increase of
$12,984,000 from that at 1994 year-end.  The increase was due primarily to an
increase in deferred raw sugar production costs, an increase in cash and cash
equivalents and a decrease in other current liabilities, partially offset by an
increase in short-term commercial paper borrowing to fund raw-sugar inventory
purchases.


RESULTS OF SEGMENT OPERATIONS - FIRST QUARTER 1995 COMPARED WITH THE FIRST
QUARTER 1994:

   The following analysis is based on a comparison of first quarter 1995 results
with those for first quarter 1994.

Ocean Transportation

   For the first quarter of 1995, ocean transportation revenue increased six
percent compared with 1994 first quarter levels.  Operating profit was 23-
percent lower than in the first quarter of 1994.  The decline was attributable
primarily to lower container cargo volume in the Hawaii service, significantly
higher fuel prices and continuing start-up costs associated with the new Pacific
Coast Shuttle service.  First-quarter 1995 results benefited from a 3.8 percent
general rate increase in January.  Total Hawaii service container volume was
about five-percent lower than in the first quarter of 1994.  Total shipments of
automobiles were stable.

Container Leasing

   For the first quarter of 1995, marine container leasing revenue rose 18
percent, compared with 1994 first quarter levels.  Operating profit increased 34
percent compared with the first quarter of 1994.  The container fleet in service
consisted of 166,000 twenty-foot equivalent units (TEUs) at the end of March
1995, versus 147,000 TEUs a year earlier.  The average fleet utilization rate
increased to nearly 90 percent in the first quarter of 1995, from 86 percent in
the first quarter of 1994.  The increased demand for leased containers is the
result of continued growth in international trade.  Average lease rental rates
remained stable during the first quarter of 1995.

Property Development and Management - Leasing

For the first quarter of 1995, property leasing revenue and operating profit
decreased four and 11 percent, respectively, compared with 1994 first quarter
levels.  The decrease was attributable primarily to a lower inventory of leased
property following the sale of a Denver shopping center with 192,000 square feet
of leasable space during the fourth quarter of 1994.  During the second quarter,
the Company expects to acquire, via a tax-deferred exchange, replacement
property using the proceeds from the Denver sale.

Lease rates remained firm.  Occupancy rates for the U.S. mainland property
leasing portfolio remained high and consistent with a year ago, at 97 percent.
Hawaii occupancy rates, however, are currently at 89 percent, versus 93 percent
in the first quarter of 1994, primarily the result of the relocation of tenants
from an older shopping center on Maui which is scheduled for renovation.

Property Development and Management - Sales

   For the first quarter of 1995, property sales revenue totaled $4,121,000,
compared with $8,609,000 for the first quarter of 1994.  First-quarter 1995
operating profit of $1,696,000 was $3,839,000 less than in the first quarter of
1994.  Sales in the first quarter of 1995 included three industrial lots at a
Maui business park and ten residential subdivision lots at developments on Maui
and Kauai.  The lower sales are primarily due to a smaller inventory of
properties available for sale.  There were just four developed industrial
parcels available for sale in the first quarter of 1995, versus 14 last year.
In 1994, first quarter property sales included eight developed industrial lots
at a Maui business park and ten residential subdivision lots on Kauai and Maui.

   The Company is about to begin construction at the 96-lot, 76-acre Kahului
Industrial Park on Maui.  First sales at the new project is anticipated late in
1995 or early in 1996.


Food Products

   For the first quarter of 1995, food products revenue increased three percent
compared with 1994 first quarter levels.  The first quarter operating loss was
$3.8 million compared with an operating loss of $64,000 in the first quarter of
1994.  High raw sugar prices and depressed refined product prices continued to
pressure sugar refining margins at California and Hawaiian Sugar Company, Inc.
(C&H).  In addition, results of operations at our Hawaii plantations were lower
than in the first quarter of 1994 due to higher raw sugar production costs per
ton.

   One-year labor agreements were reached with bargaining units at both
plantations.  The previous contracts expired on January 31, 1995.  Negotiations
to renew contracts with sugar refinery workers at C&H are proceeding.  The
present contracts expire on May 31, 1995.

   The U. S. Congress is proceeding with hearings leading up to consideration of
the 1995 farm program.  A&B is active in industry efforts to structure a new
program that will better balance the needs of sugar producers, refiners and
users.

OTHER ANALYSIS:

Interest Expense

   For the first quarter of 1995, interest expense of $7,452,000 was nine
percent higher than for the first quarter of 1994.  This increase was primarily
due to a higher weighted average cost of debt, partially offset by higher
capitalized interest.  Although long-term obligations were less, short-term
financing for sugar inventories rose.

Repurchase of Stock

   Under a program approved by the Board of Directors and announced in December
1993, the Company repurchased 250,000 shares of common stock during the first
quarter of 1995 for $5.3 million.  A total of 972,500 shares have been acquired
for $23.1 million since the repurchase program was authorized.

Subsequent Events

   On April 27, 1995, the Company and American President Companies, Ltd. (APL)
announced that their respective shipping subsidiaries had signed a memorandum of
understanding that outlines a 10-year strategic operating alliance.  Key
elements of this transaction include Matson Navigation Company, Inc.'s (Matson)
purchase of six containerships and certain assets on Guam from APL for a total
of approximately $166 million, and an agreement to share the cargo-carrying
capacity of five Matson vessels, including four of the ships acquired from APL.
Under a proposed vessel-sharing agreement, Matson would operate and utilize five
vessels on westbound voyages from the U. S. Pacific Coast to Hawaii and Guam,
and make the vessels' space available to APL for return eastbound voyages from
the Far East.  The closing of this transaction, planned for the fourth quarter
of 1995, is subject to satisfactory completion of due diligence, preparation of
appropriate definitive agreements, government filings and approvals, and final
approval of both boards.  The new alliance service would begin in early 1996.

   On May 2, 1995, Matson signed a letter of intent with XTRA Corporation to
sell the containers and certain other assets and liabilities of Matson Leasing
Company, Inc. for $350 million.  The proposed transaction, which is expected to
close by June 30, 1995, requires the completion of satisfactory due diligence,
preparation of a definitive purchase agreement and other conditions, including
regulatory approvals.


<PAGE>


 
                          PART II.  OTHER INFORMATION




ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

     (a) Exhibits

          10.  Material contracts.
          
               10.a.(xxiii)  Second Amendment dated March 29, 1995 to the
               Revolving Credit Agreement between Alexander & Baldwin, Inc.,
               A&B-Hawaii, Inc., and First Hawaiian Bank, dated December 30,
               1993.
               
          11.  Statement re computation of per share earnings.

          20.  Report furnished to security holders.

               (i)  Condensed Balance Sheets, Condensed Statements of Income,
                    Condensed Statements of Cash Flows and Financial Notes as
                    appearing in the Alexander & Baldwin, Inc. Interim
                    Report/First Quarter 1995.
               
          27.  Financial Data Schedule.

     (b)  Reports on Form 8-K
         
               No reports on Form 8-K were filed during the quarter.
          
          

<PAGE>                                  

                                   SIGNATURES



     Pursuant to the requirements of the Securities Exchange Act of l934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                               ALEXANDER & BALDWIN, INC.
                                     (Registrant)


Date: May 11, 1995                 /s/ Glenn R. Rogers
                                    Glenn R. Rogers
                                      Vice President and Chief
                                      Financial Officer


Date: May 11, 1995                 /s/ G. Stephen Holaday
                                   G. Stephen Holaday
                                     Vice President and Controller
                                     

<PAGE>                               

                                  EXHIBIT INDEX



10.  Material contracts.

     10.a.(xxiii)  Second Amendment dated March 29, 1995 to the Revolving Credit
     Agreement between Alexander & Baldwin, Inc., A&B-Hawaii, Inc., and First
     Hawaiian Bank, dated December 30, 1993.
     
11.  Statement re computation of per share earnings.

20.  Report furnished to security holders.

     (i)  Condensed Balance Sheets, Condensed Statements of Income,
          Condensed Statements of Cash Flows and Financial Notes as
          appearing in the Alexander & Baldwin, Inc. Interim Report/ First
          Quarter 1995.

27.  Financial Data Schedule.







                          SECOND AMENDMENT TO GRID NOTE



     THIS AMENDMENT TO GRID NOTE executed this 29th day of March, 1995, by
ALEXANDER & BALDWIN, INC., a Hawaii corporation, and A&B-HAWAII, INC., a Hawaii
corporation, the business and post office address of each being 822 Bishop
Street, Honolulu, Hawaii 96813, hereinafter collectively called the "Maker", and
FIRST HAWAIIAN BANK, a Hawaii corporation, whose principal place of business and
post office address is 1132 Bishop Street, Honolulu, Hawaii, and P. 0. Box 3200,
Honolulu, Hawaii 96847, respectively, hereinafter called the "Bank";

                          W I T N E S S E T H  T H A T:

     WHEREAS, the Bank has extended to the Maker a line of credit in the
principal amount not to exceed SIXTY FIVE MILLION AND N0/100 DOLLARS
($65,000,000.00), which line of credit is evidenced by that certain Grid Note
dated December 30, 1993, as amended by that certain Amendment to Grid Note dated
August 31, 1994, (the "Note"), executed by the Maker and payable to the Bank;
and

     WHEREAS, as of March 24, 1995, the outstanding principal balance under the
Note is $9,000,000.00; and

     WHEREAS, the Maker and the Bank desire to further amend the Note as
hereinafter provided.

     NOW, THEREFORE, in consideration of the mutual covenants contained herein,
the Maker and the Bank agree as follows:

     1.   In the first full paragraph of the Note, the Maximum Commitment shall
be changed from $65,000,000.00 to $45,000,000.00.  In the top left corner on the
first page of the Note, the reference to $65,000,000.00 shall be deleted and
replaced by $45,000,000.00.  For value received, pursuant and subject to the
terms of the Note, the Maker promises to pay to the order of the Bank the
principal sum of FORTY-FIVE MILLION AND NO/100
 DOLLARS ($45,000,000.00) (the
"Maximum Commitment"), or so much thereof as may be advanced, with interest on
the unpaid principal amount from time to time outstanding at the rates specified
in the Note.

     2.   Section 4 of the Note, entitled "Limitation.", shall be deleted in its
entirety and replaced by the following:

          4.   Limitation.  Notwithstanding any contrary provision hereunder,
     the unpaid principal balance under this Note shall not at any one time
     outstanding be greater than an amount which, when added to the unpaid
     principal balance or balances owing under First Hawaiian Bank's share of
     the $155,000,000 Amended and Restated Revolving Credit and Term Loan
     Agreement, effective as of April 1, 1989, as amended from time to time,
     among the Maker, the Bank and the banks that are parties thereto, exceeds
     the aggregate principal sum of $45,000,000.

     3.   This Amendment is a revision only and not a novation and shall be
effective as of March 15, 1995.

     4.   In all other respects the terms and conditions of the Note, as hereby
amended, shall remain in full force and effect.

     AND, in further consideration of the premises, the Maker affirms to the
Bank that the Maker does not possess any offsets or defenses to the enforcement
of the Note, as hereby amended.

     IN WITNESS WHEREOF, the Maker and the Bank have caused this instrument to
be duly executed on the date first above written, to be effective as of the
Effective Date.


ALEXANDER & BALDWIN, INC.,         FIRST HAWAIIAN BANK,
a Hawaii corporation               a Hawaii corporation

By /s/ G. S. Holaday               By /s/ Adolph F. Chang
   Its Vice President                 Its Vice President

By /s/ Thomas A. Wellman                          Bank
   Its Asst. Controller



A&B-HAWAII, INC.
a Hawaii corporation

By /s/ G. S. Holaday
   Its Senior Vice President

By /s/ Thomas A. Wellman
   Its Controller

               Maker




<PAGE>

EXHIBIT 11

ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(In thousands, except per share amounts)

<TABLE>
<CAPTION>

                                               Three Months Ended
                                                     March 31
                                                 1995        1994
                                              --------    --------

<S>                                          <C>         <C>
Primary Earnings Per Share (a)

Net income                                     $ 8,560    $ 16,911
Average number of shares outstanding            45,643      46,308
Primary earnings per share                      $ 0.19      $ 0.37

Fully Diluted Earnings Per Share

Net income                                     $ 8,560    $ 16,911
Average number of shares outstanding            45,643      46,308
Effect of assumed exercise of
    outstanding stock options                        9          68
Average number of shares outstanding          --------    --------
    after assumed exercise of
    outstanding stock options                   45,652      46,376
                                              =========   ========

Fully diluted earnings per share                $ 0.19      $ 0.36
                                              =========   ========
</TABLE>


(a) The computations of primary earnings per share do not include the 
effects of assumed exercises of employee stock options because such 
effects were immaterial for both years.


<PAGE>





1995 FIRST QUARTER REPORT TO SHAREHOLDERS

Cover Photo: Sporting attractive local architecture and freshly planted
landscaping, the brand-new 28,000 square-foot Apex Building is nearly ready for
occupancy.  Located at the intersection of three primary routes in Kahului,
Maui, the Apex Building is part of A&B's Triangle Square development --  a 10.6-
acre retail/commercial complex and factory outlet center.

May 2, 1995


TO OUR SHAREHOLDERS

  Net income for the first quarter of 1995 was $8,560,000, or $0.19 per share.
In the first quarter of 1994, A&B earned $16,911,000 or $0.37 per share.
Comparing the periods, the decrease in earnings primarily was attributable to
lower cargo volume and higher fuel costs in the Company's ocean transportation
segment, combined with lower property sales and higher raw sugar costs.

  The first quarter results were a major disappointment, but they were not
totally unexpected, given the current business environment in Hawaii.  We do
not, however, believe that those quarterly results are indicative of the
Company's full-year potential.

  We expect the Hawaii economy to strengthen moderately as the year progresses
and A&B's results should benefit from that growth.  The challenges presented
today for the Company's businesses, however, only reinforce our resolve to move
forward with a number of initiatives, some just announced and some still being
planned, to strengthen each of the operations.
  
INITIATIVES ANNOUNCED

  Last Thursday, A&B and American President Companies, Ltd. announced that their
respective shipping subsidiaries had signed a memorandum of understanding that
outlines a 10-year strategic operating alliance.  Key elements of the proposal
include purchase by Matson Navigation Company, Inc. (Matson) of six
containerships and certain assets on Guam from American President Lines, Ltd.
(APL) for a total of approximately $166 million.  Also, under a proposed vessel-
sharing agreement, Matson would operate and utilize five vessels on westbound
voyages from the U.S. Pacific Coast to Hawaii and Guam, and make the vessels'
space available to APL for return eastbound voyages from the Far East.  Although
due diligence needs to be completed, detailed agreements remain to be worked
out, and necessary regulatory, as well as final Board approvals obtained, plans
call for the transaction to close in the fourth quarter of 1995.  The new
alliance service would begin in early 1996.

  At the same time, A&B announced that a prominent Hawaii developer of retail
centers has signed a memorandum of intent to buy 5.5 acres and lease 14 adjacent
acres at the Company's new Kahului Industrial Park, on Maui.  A 280,000 square-
foot value retail center is planned.  The land is part of the 76-acre first
phase of the project, construction of which recently has begun.  The land sale
is expected to close in 1995.

  Today, another initiative was announced.  Matson signed a letter of intent in
response to an unsolicited offer from XTRA Corporation (XTRA) to sell the
containers and certain other assets and non-debt liabilities of Matson Leasing
Company, Inc. for $350 million.  The decision to proceed with this transaction
is based on the conclusion that the sale of Matson Leasing to XTRA would improve
the container leasing business' opportunities to grow in response to customers'
needs.  XTRA's attractive offer, its complementary strategic objectives and its
high regard for the existing Matson Leasing management team all were factors we
considered in reaching that conclusion.  The proposed transaction envisions that
existing management and employees would remain in place.  The sale would improve
A&B's ability to pursue alternative capital investment opportunities in its
remaining core businesses, especially ocean transportation and property
development.  This transaction also is subject to due diligence and final
approval by both companies' Boards of Directors, as well as necessary regulatory
review.
  
COUCH SUCCEEDS PFEIFFER AS CHAIRMAN, ANNUAL MEETING
     
  At the Annual Meeting of Shareholders held on April 27, 1995, shareholders re-
elected ten directors for one-year terms.  Re-elected were: Michael J. Chun,
John C. Couch, Leo E. Denlea Jr., Walter A. Dods Jr., Charles G. King, Carson R.
McKissick, C. Bradley Mulholland, Robert G. Reed III, Maryanna G. Shaw and
Charles M. Stockholm.  Shareholders also re-elected the firm of Deloitte &
Touche LLP as the auditors of the Company.

  R. J. Pfeiffer, Chairman of the Board since 1980 and a director since 1978,
did not stand for re-election, having advised the Board that he wished to
retire.  Mr. Pfeiffer stepped down as Chairman effective March 31, 1995.  At the
February 1995 meeting of the Board of Directors, I was elected to succeed Mr.
Pfeiffer as Chairman.
  
SECOND-QUARTER DIVIDEND

  On April 27, 1995, the Board of Directors authorized a second-quarter dividend
of $0.22 per share, payable on June 1, 1995 to shareholders of record as of May
11, 1995.
  
OPERATING PROFIT, SEGMENT SUMMARIES

  Consolidated operating profit for the first quarter of 1995 was substantially
lower than in the first quarter of 1994.  Operating profit was higher for marine
container leasing, but lower for A&B's other industry segments.
  
Cargo Volume Lower; Fuel Costs Higher

  Ocean transportation operating profit in the first quarter of 1995 was 23-
percent lower than in the first quarter of 1994.  The decline was attributable
primarily to lower container cargo volume in the Hawaii service.  Substantially
higher fuel prices and start-up costs associated with the new Pacific Coast
Shuttle service also affected results.

  First-quarter 1995 results benefited from a 3.8 percent general rate increase
implemented in January.  Reflecting economic conditions in Hawaii, however,
total Hawaii service container volume was about five-percent lower than in the
first quarter of 1994.  Total shipments of automobiles were virtually the same
in both periods.

Container Utilization Rates Continue Higher

  Container leasing operating profit in the first quarter of 1995 was more than
one-third higher than in the first quarter of 1994.  The container fleet in
service
 grew to approximately 165,000 twenty-foot equivalent units (TEUs) at the
end of March 1995, compared with 147,000 TEUs a year earlier.  The average fleet
utilization rate increased to nearly 90 percent in the first quarter of 1995,
from 86 percent in the first quarter of 1994, reflecting growth in international
trade and, therefore, increased demand for leased containers.  Lease rates
remained stable.

Less Inventory, Tenant Relocations

  For the first quarter of 1995, property leasing operating profit was 11-
percent lower than in the first quarter of 1994.  The decrease primarily was
attributable to a smaller inventory of leasable property.  In the fourth quarter
of 1994, A&B sold a shopping center in Denver, Colorado with 192,000 square-feet
of leasable space.  The Company expects to use the proceeds to acquire, via a
tax-deferred exchange, appropriate replacement property during the second
quarter.

  Occupancy rates for the U.S. mainland leased property remained high and the
same as a year ago, at 97 percent.  Lease rates remain firm.  Due to the
relocation of tenants from an older shopping center on Maui which soon is to be
renovated, Hawaii occupancy rates now are at 89 percent, versus 93 percent in
the first quarter of 1994.

Lower Property Sales Reflect Smaller Inventory

  Property sales revenue of $4.1 million in the first quarter of 1995 was $4.5
million lower than in the first quarter of 1994.  First-quarter 1995 sales
included three industrial lots at a Kahului, Maui business park and ten
residential subdivision lots at developments on Maui and Kauai.  Sales in the
first quarter of 1994 included eight industrial lots at the same Kahului
business park and ten residential subdivision lots on Maui and Kauai.  The lower
sales reflect, in large part, a smaller inventory of properties available for
sale.  There were 14 developed industrial parcels available for sale in the
first quarter of 1994, versus just four this year.

Poor Market Conditions for Food Products

  The food products segment incurred an operating loss for the first quarter of
1995 of $3.8 million, versus a loss of $64,000 in the first quarter of 1994.
High raw sugar prices and depressed refined product prices continued to
disadvantage A&B's sugar-refining and marketing unit, California and Hawaiian
Sugar Company, Inc. (C&H).  In addition, A&B's Hawaii plantations had lower
results than in the first quarter of 1994, due to higher production costs per
ton for their sugar.

  One-year labor agreements were reached with bargaining units at both
plantations.  The previous contracts expired on January 31.  Negotiations to
renew contracts with sugar refinery workers at C&H are proceeding.  The present
contracts expire on May 31.

  The U. S. Congress is proceeding with hearings leading up to renewal of
current U. S. farm programs.  A&B is active in industry efforts to structure a
new program that will balance better the needs of all segments of the sweetener
industry.

Interest Rates Higher; Lower Long-Term Balances

  Higher interest rates were the primary reason that interest expense for the
first quarter of 1995 was higher than in the first quarter of 1994.  Although
long-term obligations were less, short-term financing for sugar inventories
rose.

DOANE NAMED ABHI PRESIDENT, OTHER MANAGEMENT CHANGES
     
  W. Allen Doane, executive vice president and chief operating officer of A&B
Hawaii, Inc., was appointed president and chief operating officer.

  Kevin C. O'Rourke, vice president and general counsel of Matson, was appointed
senior vice president and general counsel.

  Paul E. Stevens, vice president (marketing) of Matson, was appointed a senior
vice president.

  The three changes were effective as of April 27, 1995.

SHARE REPURCHASES CONTINUED

  The Company repurchased 250,000 additional shares of its common stock during
the first quarter of 1995.  A total of 972,500 shares has been acquired to date
under the repurchase authorization announced in December 1993.
  
  At the Annual Meeting, I had the opportunity to comment on the significance of
1995.  It marks the 125th anniversary of A&B's founding.  The Company's record
of progress is a remarkable achievement.  Our history has been one of a
continuous stream of new challenges and opportunities and of constant change.  I
believe that the ability to anticipate and initiate purposeful change has been
one of the Company's secrets to success.  The initiatives we have just announced
are in keeping with that tradition.
  
  
/s/ John C. Couch
  Chairman, President and
  Chief Executive Officer


<PAGE>

Condensed Statements of Income
(In thousands except per share amounts)
ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES

<TABLE>
<CAPTION>
                                                         Three Months Ended
                                                               March 31
                                                         1995              1994
                                                        ---------       ---------
                                                               (unaudited)
<S>                                                    <C>             <C>
Revenue:
    Net sales, revenue from services and rentals        $ 256,595       $ 248,369
    Interest, dividends and other                           6,377           6,049
                                                        ---------       ---------      
      Total revenue                                       262,972         254,418
                                                        ---------       ---------

Costs and Expenses:
    Costs of goods sold, services and rentals             210,610         191,927
    Selling, general and administrative                    31,501          29,470
    Interest                                                7,452           6,843
    Income taxes                                            4,849           9,267
                                                        ---------       ---------
      Total costs and expenses                            254,412         237,507
                                                        ---------       ---------

Net Income                                                $ 8,560        $ 16,911
                                                        =========       =========

Earnings Per Share                                         $ 0.19          $ 0.37
Dividends Per Share                                        $ 0.22          $ 0.22
Average Number of Shares Outstanding                       45,643          46,308


See financial notes.
</TABLE>


<PAGE>

Industry Segment Data
(In thousands)
ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES

<TABLE>
<CAPTION>
                                                         Three Months Ended
                                                               March 31
                                                          1995             1994
                                                        ---------       ---------        
                                                               (unaudited)
<S>                                                    <C>             <C>
Revenue:
    Ocean Transportation                                $ 145,042       $ 136,491
    Container Leasing                                      17,250          14,613
    Property Development and Management:
      Leasing                                               8,081           8,452
      Sales                                                 4,121           8,609
    Food Products                                          87,797          85,448
    Other                                                     681             805
                                                        ---------       ---------    
      Total                                             $ 262,972       $ 254,418
                                                        =========       =========

Operating Profit: (1)
    Ocean Transportation                                 $ 17,102        $ 22,292
    Container Leasing (2)                                   4,184           3,113
    Property Development and Management:
      Leasing                                               5,474           6,176
      Sales                                                 1,696           5,535
    Food Products                                          (3,842)            (64)
    Other                                                     613             628
                                                        ---------       ---------
      Total                                              $ 25,227        $ 37,680
                                                        =========       =========
   
</TABLE>

(1) Before interest expense (except for Container Leasing), corporate expense
    and income taxes

(2) After interest expense

See financial notes.


<PAGE>

Condensed Balance Sheets
(In thousands)
ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES

<TABLE>
<CAPTION>

                                                         Three Months Ended
                                                               March 31            
                                                          1995             1994
                                                        ---------       ---------       
                                                       (unaudited)
<S>                                                    <C>             <C>
                                 ASSETS

    Current Assets:
      Cash and cash equivalents                           $ 21,827        $ 9,557
      Accounts and notes receivable, net                   145,864        142,958
      Inventories                                          110,023         90,677
      Property held for sale                                 3,451          4,014
      Deferred income taxes                                 15,451         15,366
      Prepaid expenses and other                            13,315         14,525
      Accrued deposits to Capital
        Construction Fund                                     (725)          (550)
                                                         ---------       ---------
          Total current assets                             309,206        276,547
                                                         ---------       ---------

    Investments                                             69,166         64,913
                                                         ---------       ---------

    Real Estate Developments                                69,360         66,371
                                                         ---------       ---------

    Property, at cost                                    2,114,627      2,093,829
      Less accumulated depreciation
        and amortization                                   836,987        812,283
                                                         ---------       --------- 
          Property - net                                 1,277,640      1,281,546
                                                         ---------       ---------

    Capital Construction Fund                              178,580        176,044
                                                         ---------       ---------

    Other Assets                                            70,369         67,367
                                                         ---------       ---------

          Total                                        $ 1,974,321    $ 1,932,788
                                                       ===========    ===========


                             LIABILITIES AND
                          SHAREHOLDERS' EQUITY

    Current Liabilities:
      Current portion of long-term liabilities            $ 37,155       $ 35,177
      Short-term commercial paper borrowing                 78,884         58,000
      Accounts payable                                      42,486         36,545
      Other                                                 65,981         75,109
                                                         ---------       ---------
          Total current liabilities                        224,506        204,831
                                                         ---------       ---------
    Long-term Liabilities:
      Long-term debt                                       552,083        526,231
      Capital lease obligations                             32,439         35,274
      Post-retirement benefit obligations                  117,728        116,610
      Other                                                 62,030         67,267
                                                         ---------       ---------
          Total long-term liabilities                      764,280        745,382
                                                         ---------       ---------

    Deferred Income Taxes                                  356,252        349,961
                                                         ---------       ---------
    Shareholders' Equity:
      Capital stock                                         37,307         37,493
      Additional capital                                    39,503         38,862
      Unrealized holding gains on securities                31,016         29,073
      Retained earnings                                    535,274        541,910
      Cost of treasury stock                               (13,817)       (14,724)
                                                         ---------       ---------
          Total shareholders' equity                       629,283        632,614
                                                         ---------       ---------

          Total                                        $ 1,974,321    $ 1,932,788
                                                       ===========    ===========

</TABLE>

See financial notes.


<PAGE>

Condensed Statements of Cash Flows
(In thousands)
ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES

<TABLE>
<CAPTION>

                                                            Three Months Ended
                                                                 March 31
                                                           1995             1994
                                                         ---------       ---------       
                                                               (unaudited)

<S>                                                    <C>             <C>
Cash Flows from Operating Activities                      $ 13,075       $ 27,640
                                                         ---------       ---------

Cash Flows from Investing Activities:
    Capital expenditures                                   (27,612)       (21,281)
    Proceeds from disposal of property,
      investments and other assets                             403            734
    Deposits into Capital Construction Fund                 (2,361)        (2,449)
    Withdrawals from Capital Construction Fund                   -          9,130
    Increase in investments                                 (1,560)           (17)
                                                         ---------       ---------
      Net cash used in investing activities                (31,130)       (13,883)
                                                         ---------       ---------

Cash Flows from Financing Activities:
    Proceeds from issuances of long-term debt               33,000         20,500
    Payment of long-term liabilities                        (8,176)        (6,702)
    Proceeds from (payments of) issuances of
      short-term commercial paper                           20,884        (14,000)
    Proceeds from issuances of capital stock                   -               73
    Repurchase of capital stock                             (5,337)        (7,500)
    Dividends paid                                         (10,046)       (10,209)
                                                         ---------       ---------
      Net cash provided by (used in) financing
          activities                                        30,325        (17,838)
                                                         ---------       ---------

Net Increase (Decrease) in Cash and Cash
    Equivalents                                           $ 12,270       ($ 4,081)
                                                         =========      =========

Other Cash Flow Information:
    Interest paid, net of amounts capitalized             $ 10,753        $ 9,817
    Income taxes paid, net of refunds                          730          3,869

Other Non-Cash Information:
    Accrued deposits to Capital Construction
      Fund, net of accrued withdrawals                         175          1,583
    Depreciation                                            26,684         26,237

</TABLE>

See financial notes.


<PAGE>
FINANCIAL NOTES
(Unaudited)

(a)  Because of the nature of the Company's operations, the results for interim
     periods are not necessarily indicative of results to be expected for the
     year, but, in the opinion of management, all material adjustments necessary
     for the fair presentation of interim period results have been included in
     this interim financial report.

(b)  Estimated effective annual income tax rates differ from statutory rates,
     primarily due to the dividends deductions and various tax credits.

(c)  Certain amounts have been reclassified to conform with the current year
     presentation.

<PAGE>




<TABLE> <S> <C>


<PAGE>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from the condensed
balance sheet as of March 31, 1995 and the condensed statement of income for the
three months ended March 31, 1995 and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
       
<S>                                      <C>
<PERIOD-TYPE>                                3-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               MAR-31-1995
<CASH>                                            2827
<SECURITIES>                                     19000
<RECEIVABLES>                                   156204
<ALLOWANCES>                                     10340
<INVENTORY>                                     110023
<CURRENT-ASSETS>                                309206
<PP&E>                                         2114627
<DEPRECIATION>                                  836987
<TOTAL-ASSETS>                                 1974321
<CURRENT-LIABILITIES>                           224506
<BONDS>                                         552083
<COMMON>                                         37307
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                      591976
<TOTAL-LIABILITY-AND-EQUITY>                   1974321
<SALES>                                         256595
<TOTAL-REVENUES>                                262972
<CGS>                                           210610
<TOTAL-COSTS>                                   210610
<OTHER-EXPENSES>                                 31501
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                7452
<INCOME-PRETAX>                                  13409
<INCOME-TAX>                                      4849
<INCOME-CONTINUING>                               8560
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                      8560
<EPS-PRIMARY>                                      .19
<EPS-DILUTED>                                      .19
        

</TABLE>