SEC Form 4

FORM 4
[ ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 obligations may continue.
See Instruction 1(b).
(Print or Type Responses) UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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1. Name and Address of Reporting Person* Kelley, John     B. (Last)                      (First)                      (Middle) 822 Bishop Street (Street) Honolulu, HI     96813 (City)                      (State)                      (Zip)	2. Issuer Name and Ticker or Trading Symbol Alexander & Baldwin, Inc.   ALEX		6. Relationship of Reporting Person(s) to Issuer (Check all applicable)                         Director                           10% Owner            X          Officer                             Other           Vice President 7. Individual or Joint/Group Filing (Check Applicable Line) X   Form filed by One Reporting Person       Form filed by More than One Reporting Person
	3. I.R.S. Identification     Number of Reporting     Person, if an entity     (voluntary)	4. Statement for     Month/Day/Year     January 22, 2003 5. If Amendment,     Date of Original     (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security     (Instr. 3)	2. Transaction Date     (Month/Day/Year)	2A. Deemed       Execution       Date, if any       (Month/Day/Year)	3. Transaction     Code     and     Voluntary     Code     (Instr. 8) Code  |  V	4. Securities Acquired (A) or Disposed (D) Of     (Instr. 3, 4, and 5)         Amount      |         A/D         |         Price	5. Amount of     Securities     Beneficially     Owned     Following     Reported Transaction(s)     (Instr. 3 and 4)	6. Owner-     ship     Form:     Direct(D)     or     Indirect (I)     (Instr. 4)	7. Nature of      Indirect      Beneficial      Ownership     (Instr. 4)
Common Stock (1)	01/23/2002		A (2) | V	539.00   |           A           |   $26.52		I	By Revocable Living Trust
Common Stock (1)	01/23/2002		A (3) | V	269.00   |           A           |	4900.00	I	By Revocable Living Trust
Common Stock (1)	(4)		J (4) | V	5.84   |           A           |   (4)	164.46	I	By TCESOP (5)

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 4(b)(v).
Persons who respond to the collection of information contained in this form are not required to
respond unless the form displays a currently valid OMB control number. (over)
SEC 1474 (9-02)

Kelley, John B. - January 22, 2003

Form 4 (continued)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned

(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security     (Instr. 3)	2. Conver-     sion or     Exercise     Price of     Deri-     vative     Security	3. Transaction     Date     (Month/     Day/     Year)	3A. Deemed       Execution       Date, if       any       (Month/       Day/       Year)	4. Transaction     Code     and     Voluntary (V)     Code     (Instr.8) Code | V	5. Number of Derivative     Securities Acquired (A)     or Disposed (D) Of     (Instr. 3,4 and 5)	6. Date Exercisable(DE) and     Expiration Date(ED)     (Month/Day/Year)   (DE)     |     (ED)	7. Title and Amount of     Underlying Securities     (Instr. 3 and 4)	8. Price     of     Derivative     Security     (Instr.5)	9. Number of     Derivative     Securities     Beneficially     Owned     Following     Reported     Transactions     (Instr.4)	10. Owner- ship Form of Deriv- ative Security: Direct (D) or Indirect (I) (Instr.4)	11. Nature of       Indirect       Beneficial       Ownership       (Instr.4)
Stock Option	$26.52	01/23/2002		A | V	(A) 1,000.00	see footnote (6) | 01/22/2012	Common Stock - 1,000.00		1,000.00	D
Stock Option	$26.00	01/22/2003		A |	(A) 1,000.00	see footnote (7) | 01/21/2013	Common Stock - 1,000.00		1,000.00	D

Explanation of Responses :

** 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.

Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB number. /s/ John B. Kelley                   01-23-2003    
** Signature of Reporting Person                         Date



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Kelley, John B. - January 22, 2003

Form 4 (continued)

FOOTNOTE Descriptions for Alexander & Baldwin, Inc. ALEX

Form 4 - January 2003

John B. Kelley
822 Bishop Street

Honolulu, HI 96813

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)   Shares issued under the Issuer's Restricted Stock Bonus Plan with cash received as a bonus under the Issuer's Performance Improvement Incentive Plan.
(3)   Bonus shares issued in respect of the shares described in footnote 2.
(4)   Exempt reinvestment of dividends on Issuer stock held in the Reporting Person's Tax Credit Employee Stock Ownership Plan account in the Issuer's Profit Sharing Retirement Plan. These shares were acquired during the fiscal year at prices ranging from $22.60 to $26.61.
(5)   Fully-vested shares held in the Reporting Person's Tax Credit Employee Stock Ownership Plan account in the Issuer's Profit Sharing Retirement Plan, based on latest annual report.
(6)   The option vests in three equal annual installments beginning on January 23, 2003.
(7)   The option vests in three equal annual installments beginning on January 22, 2004.

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