Alexander & Baldwin Inc - Initial Statement of Beneficial Ownership (3)

FORM 3	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0104 Expires: February 28, 2011 Estimated average burden hours per response... 0.5
	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

1. Name and Address of Reporting Person ^*

Buelsing Norbert M

2. Date of Event Requiring Statement (MM/DD/YYYY) 10/1/2008

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. /

(Street)

HONOLULU, HI 96813

(City) (State) (Zip)

5. If Amendment, Date Original Filed (MM/DD/YYYY)

6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

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⁾	43448.52	D

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 4)	2. Date Exercisable and Expiration Date (MM/DD/YYYY)		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)
1. Title of Derivate Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock Equivalent Units	⁽²⁾	⁽²⁾	Common Stock	11829.02	⁽³⁾	D
Stock Option	2/25/2005 ⁽⁴⁾	2/24/2014	Common Stock	7100.00	$33.51	D
Stock Option	1/26/2006 ⁽⁵⁾	1/25/2015	Common Stock	4200.00	$44.45	D
Stock option	1/25/2007 ⁽⁵⁾	1/24/2016	Common Stock	3700.00	$52.53	D
stock option	1/24/2008 ⁽⁵⁾	1/23/2017	Common Stock	5818.00	$48.19	D
Stock Option	1/30/2009 ⁽⁵⁾	1/29/2018	Common Stock	10572.00	$45.38	D

Explanation of Responses:
( 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.

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

Signatures
/s/ Buelsing, Norbert M.		10/6/2008
^** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	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).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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