Ownership Submission
FORM 3
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Buelsing Norbert M
2. Date of Event Requiring Statement (Month/Day/Year)
10/01/2008
3. Issuer Name and Ticker or Trading Symbol
ALEXANDER & BALDWIN INC [AXB]
(Last)
(First)
(Middle)
822 BISHOP STREET
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President of wholly-owned sub.
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

HONOLULU, HI 96813
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock (1) 43,448.52
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(Month/Day/Year)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Common Stock Equivalent Units   (2)   (2) Common Stock 11,829.02 $ (3) D  
Stock Option 02/25/2005(4) 02/24/2014 Common Stock 7,100 $ 33.51 D  
Stock Option 01/26/2006(5) 01/25/2015 Common Stock 4,200 $ 44.45 D  
Stock option 01/25/2007(5) 01/24/2016 Common Stock 3,700 $ 52.53 D  
stock option 01/24/2008(5) 01/23/2017 Common Stock 5,818 $ 48.19 D  
Stock Option 01/30/2009(5) 01/29/2018 Common Stock 10,572 $ 45.38 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Buelsing Norbert M
822 BISHOP STREET
HONOLULU, HI 96813
      President of wholly-owned sub.  

Signatures

/s/ Buelsing, Norbert M. 10/06/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) On June 25, 1998, the Board of Directors of the Company declared a dividend, with respect to each share of common stock, of Common Stock Purchase Rights (the 'Rights') pursuant to a Rights Agreement, dated as of June 25, 1998. The Rights are currently attached to, represented by, and transferable with, certificates representing outstanding shares of common stock.
(2) Each unit will be cashed out at the fair market value per share of the Issuer's common stock upon the earlier of (1) the Reporting Person's termination of employment or (2) the expiration of the deferral period specified by such person.
(3) The conversion rate for the common stock equivalent units is 1-for-1.
(4) The option vests in three equal annual installments beginning on February 25, 2005.
(5) The option vests in three equal annual installments beginning a year from the transaction date.

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