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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Hw6HzTCzzFkzBNCnFFCyMsbOTwvmaT3dGZRiSc+FkrsY158JgABENtzkTjYiMfJJ
 qiEelPHa9auA5Pk1VApY2Q==

<SEC-DOCUMENT>0001209191-10-004409.txt : 20100122
<SEC-HEADER>0001209191-10-004409.hdr.sgml : 20100122
<ACCEPTANCE-DATETIME>20100122142234
ACCESSION NUMBER:		0001209191-10-004409
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100121
FILED AS OF DATE:		20100122
DATE AS OF CHANGE:		20100122

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HODGSON PATRICK W E
		CENTRAL INDEX KEY:			0000905516

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08942
		FILM NUMBER:		10541514

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST CAROLINA INVESTORS INC
		CENTRAL INDEX KEY:			0000811040
		IRS NUMBER:				561005066
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		9347A FOUNDERS STREET
		CITY:			FORT MILL
		STATE:			SC
		ZIP:			29708
		BUSINESS PHONE:		8038020890

	MAIL ADDRESS:	
		STREET 1:		P O BOX 1827
		CITY:			FORT MILL
		STATE:			SC
		ZIP:			29716
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c94921_4x0.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-01-21</periodOfReport>

    <issuer>
        <issuerCik>0000811040</issuerCik>
        <issuerName>FIRST CAROLINA INVESTORS INC</issuerName>
        <issuerTradingSymbol>FCAR.OB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000905516</rptOwnerCik>
            <rptOwnerName>HODGSON PATRICK W E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>60 BEDFORD ROAD, 2ND FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>TORONTO</rptOwnerCity>
            <rptOwnerState>A6</rptOwnerState>
            <rptOwnerZipCode>M5R2K2</rptOwnerZipCode>
            <rptOwnerStateDescription>ONTARIO, CANADA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>First Carolina Investors, Inc.</value>
            </securityTitle>
            <transactionDate>
                <value>2010-01-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2018</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>6.50</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>25563</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>by family foundation</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <ownerSignature>
        <signatureName>Patrick W.E. Hodgson</signatureName>
        <signatureDate>2010-01-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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