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                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549



                                 SCHEDULE 13G
                   UNDER THE SECURITIES EXCHANGE ACT OF 1934
                               (AMENDMENT NO. 1)



                           BARNWELL INDUSTRIES, INC.
                               (Name of Issuer)


                                  COMMON STOCK
                        (Title of Class of Securities)

                                   068221100
                                (CUSIP Number)


                               FEBRUARY 27, 2004
            (Date of Event which Requires Filing of this Statement)



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Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

[ ]     Rule 13d-1(b)
[x]     Rule 13d-1(c)
[ ]     Rule 13d-1(d)







----------------------                                     --------------------

CUSIP No. 068221100                     13G/A                      Page 1 of 4

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1     NAME OF REPORTING PERSON:

      Martin Anderson

      I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):


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2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                               (a)  [ ]

                                                               (b)  [ ]
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3     SEC USE ONLY
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4     CITIZENSHIP OR PLACE OF ORGANIZATION

      Hawaii
-------------------------------------------------------------------------------
                5     SOLE VOTING POWER

                      65,503
               ----------------------------------------------------------------
  NUMBER        6     SHARED VOTING POWER

 OF SHARES            0

BENEFICIALLY

 OWNED BY
               ----------------------------------------------------------------
   EACH         7     SOLE DISPOSITIVE POWER

 REPORTING            65,503

PERSON WITH
               ----------------------------------------------------------------
                8     SHARED DISPOSITIVE POWER

                      0

-------------------------------------------------------------------------------
9     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      65,503
-------------------------------------------------------------------------------
10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]

-------------------------------------------------------------------------------
11    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

      4.96%
-------------------------------------------------------------------------------
12    TYPE OF REPORTING PERSON*

      IN
-------------------------------------------------------------------------------




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CUSIP No. 068221100                     13G/A                      Page 2 of 4

----------------------                                     --------------------


ITEM 1.

     (a)  Name of Issuer

          Barnwell Industries, Inc.

     (b)  Address of Issuer's Principal Executive Offices

          1100 Alakea Street, Suite 2900
          Honolulu, Hawaii  96813

ITEM 2.

     (a)  Name of Person Filing

          Martin Anderson

     (b)  Address of Principal Business Office or, if none, Residence

          1099 Alakea Street, Suite 1800
          Honolulu, Hawaii  96813

     (c)  Citizenship

          Hawaii

     (d)  Title of Class of Securities

          Common Stock,

     (e)  CUSIP Number

          068221100

ITEM 3.   IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B)
          OR (C), 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 Advisers Act of 1940




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CUSIP No. 068221100                     13G/A                      Page 3 of 4

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     (f)  [ ]  Employee Benefit Plan, Pension Fund which is subject to the
               provisions of the Employee Retirement Income Security Act of
               1974 or Endowment Fund; see ss.240.13d-1(b)(1)(ii)(F)
     (g)  [ ]  Parent Holding Company, in accordance with
               ss.240.13d-1(b)(ii)(G) (Note: See Item 7)
     (h)  [ ]  A savings association as defined in section 3(b) of the Federal
               Deposit Insurance Act
     (i)  [ ]  A church plan that is excluded from the definition of an
               investment company under section 3(c)(14) of the Investment
               Company Act of 1940
     (j)  [ ]  Group, in accordance with ss.240.13d-1(b)-1(ii)(J)


ITEM 4.   OWNERSHIP

     (a)  Amount Beneficially Owned

          65,503

     (b)  Percent of Class

          4,96%

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

          (i)    sole power to vote or to direct the vote:  65,503

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

          (iii)  sole power to dispose or to direct the disposition of: 65,503

          (iv)   shared power to dispose or to direct the disposition of: 0

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 [x].


ITEM 6.   OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

          Not Applicable

ITEM 7.   IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
          THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY

          Not applicable.

ITEM 8.   IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

          Not applicable.




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CUSIP No. 068221100                     13G/A                      Page 4 of 4

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ITEM 9.   NOTICE OF DISSOLUTION OF GROUP

          Not applicable.


ITEM 10.  CERTIFICATION

          Not applicable.



                                   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: March 3, 2004




                                By: /s/ Martin Anderson
                                   ____________________________________________
                                   Name:  Martin Anderson