UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C.  20549
                                
                            FORM 10-Q



(Mark One)

(X)   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934

      For the quarterly period ended June 30, 1994

                               OR

( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934

     For the transition period from ........... to ............


                  Commission File Number 1-8997


                   RAYONIER TIMBERLANDS, L.P.
                                
                                
                 A Delaware Limited Partnership
                                
          I.R.S. Employer Identification No. 06-1148227


           1177 SUMMER STREET, STAMFORD, CT 06905-5529
                                
                  (Principal Executive Office)
                                
               Telephone Number:   (203) 348-7000


                                


Indicate  by check mark whether the registrant (1) has filed  all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
and (2) has been subject to such filing requirements for the past
90 days.

YES (x)  NO ( )



                   RAYONIER TIMBERLANDS, L.P.
                                
                        TABLE OF CONTENTS


                                                                        PAGE

PART I.  FINANCIAL INFORMATION

         Item 1. Financial Statements

                 Statements of Income for the
                 Second Quarter and the Six Months
                 Ended June 30, 1994 and 1993                             1

                 Balance Sheets as of June 30, 1994
                 and December 31, 1993                                    2

                 Statements of Cash Flows for the
                 Six Months Ended June 30, 1994 and 1993                  3

                 Notes to Financial Statements                          4 - 7
 
        Item 2.  Management's Discussion and Analysis of Financial
                 Condition and Results of Operations - Six Months
                 Ended June 30, 1994 and 1993                           8 - 10



PART II. OTHER INFORMATION

         Item 6.  Exhibits and Reports on Form 8-K                       11

                  Signature                                              11

                  Exhibit Index                                          12
















                                i


PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

The  following  unaudited financial statements reflect, in the  opinion  of
Rayonier Forest Resources Company, the managing general partner of Rayonier
Timberlands,  L.P.,  all adjustments (which include only  normal  recurring
adjustments)  necessary  for  a  fair  presentation  of  the   results   of
operations,  the  financial position, and the cash flows  for  the  periods
presented.  For  a full description of accounting policies,  see  notes  to
financial statements in the 1993 annual report on Form 10-K.

                                    RAYONIER TIMBERLANDS, L.P.
                                        STATEMENTS OF INCOME
                                             (unaudited)
                            (thousands of dollars, except per unit data)

                                                    Six Months Ended
                                         Second Quarter           June 30,
                                       ----------------      -----------------
                                        1994       1993       1994       1993
                                       ------     ------     ------     ------
                                                                                             
SALES
  Timber sales
     Unaffiliated parties             $29,220    $26,380    $78,457    $49,173
     Rayonier                           3,713      3,575      8,253     11,895
                                       ------     ------     ------     ------
                                       32,933     29,955     86,710     61,068
  Timberland sales                         74        417        508        513
                                       ------     ------     ------     ------
                                       33,007     30,372     87,218     61,581
COSTS AND EXPENSES                     ------     ------     ------     ------
  Cost of timber sold
     Unaffiliated parties               4,883      3,696     10,779      6,892
     Rayonier                             566        498      1,077      1,681
                                       ------     ------     ------     ------
                                        5,449      4,194     11,856      8,573

  Cost of timberland sold                  21         84        112         92

  Forest management, overhead
    and general and
    administrative expenses             2,798      2,893      5,663      5,332

  Commission expense paid to
    affiliate                              86         89         86        432
                                       ------     ------     ------     ------
                                        8,354      7,260     17,717     14,429
                                       ------     ------     ------     ------
OTHER OPERATING INCOME                    837        487        993        670
                                       ------     ------     ------     ------
OPERATING INCOME                       25,490     23,599     70,494     47,822
                                       ------     ------     ------     ------
OTHER INCOME AND DEDUCTIONS
  Primary Account interest
    income from Rayonier                  580      1,307      1,889      2,656
  Secondary Account interest
    expense to Rayonier                (2,720)    (2,359)    (5,404)    (4,684)
  Minority interest of General
    Partners in RTOC                     (234)      (225)      (670)      (458)
                                       ------     ------     ------     ------
                                       (2,374)    (1,277)    (4,185)    (2,486)
                                       ------     ------     ------     ------
PARTNERSHIP INCOME                    $23,116    $22,322    $66,309    $45,336
                                       ======     ======     ======     ======
Income Per Publicly Traded
   Class A Unit*                      $  1.24    $  1.19    $  3.43    $  2.42
                                       ======     ======     ======     ======
Income Per Rayonier Owned
   Class A Unit*                      $  1.24    $  1.18    $  3.43    $  2.39
                                       ======     ======     ======     ======
* Refer to calculations on page 6.

                                                      1


                                 RAYONIER TIMBERLANDS, L.P.
                                       BALANCE SHEETS
                                         (unaudited)
                                   (thousands of dollars)
                                     
                                          ASSETS

                                         June 30,     December 31,
                                         1994           1993
                                                --------     ------------    
                                                        
CURRENT ASSETS
  Cash                                         $    298       $     16
  Receivables - net                              15,324          4,798
  Inventories                                       509            362
  Prepaid logging roads                           3,258          3,948
  Primary Account short-term 
    investment notes of Rayonier                 35,000        106,200
  Trade and intercompany receivables 
    from Rayonier and affiliates                  4,354          4,146
                                                -------        -------
     Total current assets                        58,743        119,470

LONG TERM RECEIVABLES                               220          1,123

OTHER ASSETS                                          -            112

FIXED ASSETS - NET                                  944            983

TIMBER, TIMBERLANDS AND LOGGING 
  ROADS, LESS DEPLETION AND
  AMORTIZATION                                  269,038        265,769
                                                -------        -------
                                               $328,945       $387,457
                                                =======        =======

                     LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES
  Advance deposits                             $  6,329       $  5,282
  Accounts payable                                4,267          2,257
  Accrued liabilities
     Taxes                                        2,187          1,580
     All other                                      592            611
  Current timber obligations                        148            138
  Advances from Rayonier                            107             73
                                                -------        -------
     Total current liabilities                   13,630          9,941

SECONDARY ACCOUNT LONG-TERM
  NOTES PAYABLE TO RAYONIER                     132,200        120,900

LONG-TERM TIMBER OBLIGATIONS                        667            793

MINORITY INTEREST OF GENERAL
  PARTNERS IN RTOC                                5,283          6,017

PARTNERS' CAPITAL
  General Partners                                5,235          5,962
  Limited Partners (20,000,000 
    Class A Depositary Units
    and 20,000,000 Class B
    Depositary Units
    issued and outstanding)                     171,930        243,844
                                                -------        -------
                                               $328,945       $387,457
                                                =======        =======

                                                    2


                        RAYONIER TIMBERLANDS, L.P.
                         STATEMENTS OF CASH FLOWS
                                (unaudited)
                          (thousands of dollars)


                                        Six Months Ended June 30,
                                                 -------------------------
                                                   1994            1993
                                                  -------        -------
                                                           
OPERATING ACTIVITIES
  Partnership income                            $  66,309       $ 45,336
  Non-cash items included
   in income
     Depletion, depreciation
       and amortization                             3,679          4,060
     Minority interest of 
       General Partners in RTOC                       670            458
  Increase in receivables                         (10,526)          (811)
  Decrease in prepaid logging roads                   690            800
  Increase in advance deposits                      1,047          1,918
  Increase in accounts payable
    and accrued liabilities                         2,598            486
  Other changes in working capital                   (321)          (148)
                                                  -------        -------
     Cash provided by operating
        activities                                 64,146         52,099
                                                  =======        =======

INVESTING ACTIVITIES
  Capital expenditures less sales
    and retirements of $103 and $64
    in 1994 and 1993                               (6,909)        (6,757)
  Increase in Primary Account
    short-term investment notes
    of Rayonier                                    (8,600)       (58,800)
  Settlement of Primary Account
    short-term investment notes
    of Rayonier                                    79,800         51,100
  Decrease in long-term receivables                   903              -
  Decrease in other assets                            112             11
                                                  -------        -------
     Cash provided by (used for)
       investing activities                        65,306        (14,446)
                                                  =======        =======

FINANCING ACTIVITIES
  Decrease in timber obligations                     (116)          (323)
  Increase in Secondary Account
    long-term notes payable to
    Rayonier                                       11,300         11,100
  Partnership distributions                      (138,950)       (48,422)
  Distributions to General
    Partners of RTOC - net                         (1,404)          (485)
  Recontributions by Rayonier
    and General Partners of RTLP                        -            550
                                                  -------        -------
     Cash used for financing
       activities                                (129,170)       (37,580)
                                                  =======        =======

CASH
  Net increase in cash                                282             73
  Balance at beginning of year                         16            263
                                                  -------        -------
  Balance at end of period                      $     298      $     336
                                                  =======        =======

Supplemental disclosures of
  cash flow information

  Cash received for interest
    - Primary Account                           $   1,889      $   2,658
                                                  =======        =======

                                                  3


                        RAYONIER TIMBERLANDS, L.P.
                       NOTES TO FINANCIAL STATEMENTS
                                (unaudited)

1.   ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Rayonier  Timberlands, L.P. (RTLP), a Delaware limited  partnership,  began
operations  on  November 20, 1985 succeeding to substantially  all  of  the
timberlands   business  of  Rayonier  Inc.  (Rayonier).   Rayonier   Forest
Resources  Company  (RFR), a wholly owned subsidiary of  Rayonier,  is  the
Managing  General  Partner  of RTLP and Rayonier  is  the  Special  General
Partner of RTLP.

RTLP  operates through Rayonier Timberlands Operating Company, L.P. (RTOC),
a  Delaware  limited partnership, in which RTLP holds a 99 percent  limited
partner  interest, and RFR and Rayonier together hold a 1  percent  general
partner interest.  RFR is the Managing General Partner of RTOC and Rayonier
is the Special General Partner of RTOC.

In  addition to its General Partners' interests, Rayonier is also a Limited
Partner  and  owns  74.7 percent of RTLP's issued and outstanding  Class  A
Units and 100 percent of RTLP's issued and outstanding Class B Units.

RTLP  and  RTOC  have no officers, directors or employees.   The  officers,
directors  and  employees of Rayonier and RFR perform  all  management  and
business activities for RTLP and RTOC.

ALLOCATIONS OF PARTNERSHIP INTEREST

RTLP records all of its activities in two accounts, the Primary Account and
the  Secondary  Account.  The Class A unitholders, the Class B  unitholders
and the General Partners all participate in both accounts, but in different
percentages.  The participation in the revenues and expenses of RTLP is  as
follows:

                                Primary      Secondary
                                         Account       Account
                                         -------      --------
                                                  
              Class A unitholders           95%           4%
              Class B unitholders            4%          95%
              General Partners               1%           1%
                                         -------      -------
              Total                        100%         100%
                                         =======      =======


In accordance with RTLP's Partnership Agreement the Primary Account will be
closed at the end of the Initial Term on December 31, 2000.  Subsequent  to
that date the Class A unitholders will only participate in 4 percent of the
revenues  and  expenses  of RTLP, and cash flow only  after  all  Secondary
Account debt has been repaid.

INVESTING AND FINANCING ACTIVITIES

The  excess  of operating cash flow generated by the Primary  Account  over
amounts distributed to unitholders are invested with Rayonier in accordance
with  the  Partnership Agreement and are repayable on demand.  Interest  is
due  quarterly and the stated interest rates are at least equivalent to the
rate  Rayonier  would be charged by an outside party for equivalent  short-
term borrowings.

The  Partnership has expenditures that relate primarily to timber that will
be  harvested  after the Initial Term, such as costs of  site  preparation,
planting,  reforestation, pre-commercial thinning and  similar  activities,
all  of  which  are allocated to the Secondary Account of the  Partnership.
Rayonier  funds  these expenditures on behalf of the  Partnership  and,  in
accordance  with  the  Partnership Agreement, RTLP  incurs  obligations  to
Rayonier which mature on January 1, 2001.

Under  the terms of the Partnership Agreement, cash credited to the Primary
Account  may  not  be  loaned or otherwise used  for  the  benefit  of  the
Secondary  Account.  Accordingly, the Partnership is not permitted  to  use
proceeds  from the Primary Account Short-Term Investment Notes of  Rayonier
to repay the Secondary Account Long-Term Notes Payable to Rayonier.








                                       4


                        RAYONIER TIMBERLANDS, L.P.
                 NOTES TO FINANCIAL STATEMENTS (continued)
                                (unaudited)



PARTNERS' CAPITAL

An  analysis of the activity in the Partners' Capital accounts of RTLP  for
the six months ended June 30, 1994 and 1993 is as follows, in thousands  of
dollars:

                            Limited        General
                                     Partners       Partners        Total
                                    ---------       --------       -------
                                                        
     Balance, January 1, 1994       $ 243,844       $ 5,962      $ 249,806
     Partnership Income                65,646           663         66,309
     Partnership Distributions
       - net                         (137,560)       (1,390)      (138,950)
                                     --------        ------       --------
     Balance, June 30, 1994         $ 171,930       $ 5,235      $ 177,165
                                     ========        ======       ========
     Balance, January 1, 1993       $ 257,366       $ 6,097      $ 263,463
     Partnership Income                44,882           454         45,336
     Partnership Distributions
       - net                          (47,394)         (478)       (47,872)
                                     --------        ------       --------
     Balance, June 30, 1993         $ 254,854       $ 6,073      $ 260,927
                                     ========        ======       ========


Partnership   Distributions  -  net  represent  RTLP   distributions   less
recontributions by Rayonier and RFR.  The amount recontributed by  Rayonier
and  RFR  is  equal  to the foreign sales commission expense  paid  by  the
Partnership during the period, which is fully allocated to Rayonier and the
General  Partners.   Effective  August 10,  1993  legislation  was  enacted
eliminating  tax  benefits  related  to  log  exports  for  foreign   sales
corporations.   Accordingly, the Partnership will not incur  foreign  sales
commission  expense for sales made after August 10, 1993.  However,  during
the second quarter of 1994, the Partnership recorded commission expenses of
$0.1  million to adjust its accrual for commissions on sales made prior  to
the legislation's effective date.

In  addition  to the RTLP distributions, RTOC distributed $1.4 million  and
$0.5  million to its General Partners during the first six months  of  1994
and  1993, respectively.  Recontributions were made to RTOC by the  General
Partners for their interest in the commission expense paid.






                                            5


                        RAYONIER TIMBERLANDS, L.P.
                 NOTES TO FINANCIAL STATEMENTS (continued)
                                (unaudited)


2.   COMPUTATION OF INCOME PER CLASS A UNIT

The Partnership Agreement provides for the allocation of Partnership income
among  the General and Limited Partners.  The following tables present  the
computation  of income per Class A Unit for the six months ended  June  30,
1994 and 1993 (thousands of dollars, except per unit data):



                            1994                      1993
                             ----------------------    --------------------- 
                             Primary      Secondary    Primary     Secondary
                             Account       Account     Account      Account
                             -------      --------     -------      --------
                                                        
Timber and Timberland
  Sales                     $ 86,710     $    508     $ 61,068      $    513
Interest and Other
  Income - net                 2,471       (4,993)       3,115        (4,473)
Costs and Expenses           (15,919)      (1,712)     (12,529)       (1,468)
Interest of General
  Partners in RTOC              (733)          62         (516)           54
                             -------       -------     -------       -------
Partnership Income
  before Commission
  Expense                     72,529       (6,135)      51,138        (5,374)
Commission Expense
  - net of 1%
  General Partner
   interest                      (85)           -         (428)            -
                             -------      -------     --------        ------
Partership Income          $ 72,444      $(6,135)    $ 50,710        $(5,374)
                            =======       =======     =======         =======


                   Publicly     Rayonier     Publicly      Rayonier
                             Traded        Owned       Traded         Owned
                            A Units       A Units      A Units       A Units
                           ---------    ----------    ---------     ----------
                                                        
Income for Class A
  Units before
  Commission Expense
  95% of Primary
    Account                $ 17,433     $ 51,471     $ 12,291       $ 36,290
  4% of Secondary
    Account                     (62)        (183)         (54)          (161)
                            -------      -------     --------       --------
                             17,371       51,288       12,237         36,129
Commission Expense                -          (81)           -           (407)
                           --------      -------     --------       --------
Total Income for
  Class A Units            $ 17,371     $ 51,207     $ 12,237       $ 35,722
                            =======      =======      =======        =======
Units Outstanding         5,060,000   14,940,000    5,060,000     14,940,000
                          =========   ==========    =========     ==========
Income Per Class
  A Unit                   $   3.43     $   3.43     $   2.42       $   2.39
                       ====         ====         ====           ====
                                                 6


                        RAYONIER TIMBERLANDS, L.P.
                 NOTES TO FINANCIAL STATEMENTS (continued)
                                (unaudited)

3.   OPERATING CASH FLOW ALLOCABLE TO CLASS A UNITS

Operating  cash  flow  allocable  to  a  Class  A  Unit  is  calculated  by
multiplying  99 percent (Limited Partners' interest in RTLP)  of  operating
cash flow allocated to the Primary and Secondary Accounts by the respective
95  percent  and  4 percent Class A Unit interest  in those  accounts.   In
determining operating cash flow, Partnership results are adjusted for  non-
cash  costs and expenses without the effects of changes in working capital.
The  following  tables  present the calculations  of  operating  cash  flow
allocable to Class A Units for the six months ended June 30, 1994 and  1993
(thousands of dollars, except per unit data):

                            1994                    1993
                              Primary   Secondary     Primary     Secondary
                              Account    Account      Account      Account
                              -------   ---------     -------     ---------
                                                      
Timber and Timberland
  Sales                       $86,710   $    508      $61,068     $    513
Interest and Other
  Income - net                  2,471     (4,993)       3,115       (4,473)
Costs and Expenses
  - other than non-cash
  items, commissions
    and the General
  Partners' interest
    in RTOC                   (12,334)    (1,528)      (8,564)      (1,314)
Capital Expenditures           (1,379)    (5,633)      (1,152)      (5,669)
General Partners'
  interest in RTOC               (755)       116         (545)         109
                              -------   --------      -------      -------
Operating Cash Flow
  before
  Commission Expense           74,713    (11,530)      53,922      (10,834)
Commission Expense
   - net of 1% General
  Partner interest                (85)         -         (428)           -
                              -------    --------     -------      --------
Operating Cash Flow           $74,628   $(11,530)     $53,494     $(10,834)
                              =======    ========     =======      ========


                    Publicly    Rayonier    Publicly     Rayonier
                              Traded       Owned     Traded        Owned
                              A Units     A Units    A Units       A Units
                             --------    --------    --------     --------
                                                       
Cash Allocable to
  Class A Units before
  Commission Expense
  95% of Primary
    Account                   $17,957   $ 53,020      $12,960     $ 38,266
  4% of Secondary 
    Account                      (117)      (344)        (110)        (323)
                               -------   -------      -------      -------
                               17,840     52,676       12,850       37,943
Commission Expense                  -        (81)           -         (407)
                              -------    -------      -------      -------
Operating Cash
  Flow Allocable to
  Class A Units              $17,840     $ 52,595     $12,850     $ 37,536
                              ======       ======      ======       ======
Units Outstanding          5,060,000   14,940,000   5,060,000   14,940,000
                           =========   ==========   =========   ==========
Primary Account
  Cash Flow Per Unit         $  3.55     $   3.54     $  2.56     $   2.53

Secondary Account
  Cash Flow Per Unit            (.02)        (.02)       (.02)        (.02)
                             -------       ------     -------      -------
Operating Cash Flow
  Allocable to a
  Class A Unit               $  3.53     $   3.52     $  2.54     $   2.51
                             =======       ======     =======      =======

                                                    7


Item 2.  Management's Discussion and Analysis of Financial Condition and
Results of Operations - Six Months Ended June 30, 1994 and 1993

Results of Operations
- ---------------------
Results for the first six months of 1994 improved over the comparable  1993
level with exceptionally strong first quarter results responsible for  most
of the first half improvement.

The  following  table  summarizes the sales, operating income,  partnership
income  and  selected  operating statistics of  the  Partnership,  for  the
periods  indicated,  by United States geographic region  (in  thousands  of
dollars):

                        Second Quarter           Six Months
                                 Ended June 30,         Ended June 30,
                                1994       1993        1994        1993
                               -------    -------     -------     -------
                                                      
Timber Sales
     Northwest                 $22,034    $18,600     $63,988     $35,161
     Southeast                  10,899     11,355      22,722      25,907
                                ------     ------      ------      ------
  Total Timber Sales            32,933     29,955      86,710      61,068
                                ------     ------      ------      ------
Timberland Sales
     Northwest                      10          -         291          82
     Southeast                      64        417         217         431
                                ------     ------      ------      ------
  Total Timberland Sales            74        417         508         513
                                ------     ------      ------      ------
Total Sales                    $33,007    $30,372     $87,218     $61,581
                                ======     ======      ======      ======
Operating Income
     Northwest                 $17,591    $15,318     $54,139     $29,207
     Southeast                   8,421      8,847      17,316      19,976
     Corporate and Other          (522)      (566)       (961)     (1,361)
                                ------     ------      ------      ------
  Total Operating Income       $25,490    $23,599     $70,494     $47,822
                                ======     ======      ======      ======
Partnership Income             $23,116    $22,322     $66,309     $45,336
                                ======     ======      ======      ======
Selected Operating
  Statistics
Northwest Harvest Volumes
     Stumpage (thousands
       of MBF)                    24.7       32.5        78.8        68.1
     Delivered Logs
       (thousands of MBF)         13.7        5.2        25.3        13.3
                                ------     ------      ------      ------
  Total Northwest                 38.4       37.7       104.1        81.4
                                ======     ======      ======      ======
Southeast Harvest Volumes
     Pine (thousands of
       tons)                     415.6      445.9       850.6       998.2
     Hardwoods (thousands
       of tons)                   35.9       23.7        50.6        42.7
                                ------     ------      ------     -------
  Total Southeast                451.5      469.6       901.2     1,040.9
                                ======     ======      ======     =======


Sales  for  the  six  months  ended  June  30,  1994  were  $87.2  million,
representing  an increase of $25.6 million, or 42 percent, over  the  first
half  of  1993.  Timber sales were $86.7 million, increasing $25.6 million,
or  42  percent, over the comparable 1993 period primarily as a  result  of
exceptionally  strong  first  quarter  results  in  the  Northwest  region.
Timberland  sales  were  basically flat to prior  year  with  $0.5  million
realized in both 1994 and 1993.

Partnership income for the first six months was $66.3 million or $3.43  per
(publicly traded) Class A Unit, an increase of $21.0 million, or  1.01  per
Class  A Unit, over 1993 first half results.  Operating cash flow allocable
to  a  Class A Unit rose $0.99 to $3.53 for the six months ended  June  30,
1994.

In  the  Northwest, most of the timber from Partnership lands is resold  by
the  Partnership's customers into log export markets, primarily  in  Japan,
Korea and China.  In this region, both volume and prices were significantly
greater  than prior year.  Unfavorable market conditions during the  second
half  of  1993  caused  customers  to delay  harvesting  existing  stumpage
contracts  until  1994.  As a result, sales volume in the Northwest  region
was  abnormally  high  in the first six months of 1994  with  the  combined
stumpage and delivered log volume 28 percent greater than that of the prior


                                  8



year.   Stumpage prices for the first half of 1994 were 55 percent  greater
than  those realized in the 1993's first half as stumpage prices were  also
favorably  impacted  by  the  carryover of higher  priced  1993  contracts.
Delivered  log prices for the first six months of 1994 remained  relatively
unchanged reflecting an increase in the quality of the log mix sold  offset
by  declining  log market prices.  As a result of increased harvest  levels
and  higher  stumpage prices, sales for the Northwest region  increased  82
percent to $64.3 million while operating income for the region increased 85
percent to $54.1 million.

In  the Southeast, pulpwood timber harvested from Partnership lands is sold
by  customers  to  mills for the production of pulp and paper  with  sawlog
timber  sold  to lumber and plywood manufacturers.  In this  region,  first
half sales declined  13  percent  to $22.9 million and operating  income 
declined  13percent to $17.3 million reflecting lower pine volume resulting
from softer demand in the pulp and paper industry and uncertainty over
lumber prices in the  sawlog market.  Pine harvest volume decreased
approximately 15 percent as  pulp and lumber mills reduced their wood
inventories from higher winter levels.   Southeast  pine prices remained
relatively  unchanged  from  last year.

The  harvest level of stumpage and delivered logs in the Northwest and pine
in  the Southeast for the first six months of 1994 represents approximately
50  percent and 44 percent, respectively, of the current projection of this
year's  harvests  whereas in the first half of 1993 the harvest  levels  of
stumpage and delivered logs in the Northwest and pine in the Southeast were
57  percent and 58 percent, respectively, of the actual full year harvests.
However, management cannot predict whether the projected contracted harvest
for the full year will be cut by its customers.  See Future Operations.

Corporate   and  other  operating  income  is  comprised  of  general   and
administrative  expenses  not  specifically  attributable  to  either   the
Northwest  or Southeast region.  Corporate expenses decreased $0.4  million
during  the  first half of 1994 primarily due to lower commission  expenses
paid  to  a  foreign  sales corporation affiliated with  the  Partnership's
Special General Partner, Rayonier.   Legislation, enacted effective  August
10,  1993, eliminated tax benefits related to log exports for foreign sales
corporations.  During the second quarter of 1994, the Partnership  recorded
commission  expenses of $0.1 million to adjust its accrual for  prior  year
commission  expenses.  The Partnership's commission expense had been  fully
allocated  to  Rayonier  and  the  General  Partners,  and  therefore   the
legislation  did  not  impact the earnings or cash flows  of  the  publicly
traded  Class  A  Units.  For a full description, see  Notes  to  Financial
Statements - Note 1 - Special Allocations in the Partnership's 1993  annual
report on Form 10-K.

Operating  costs and expenses for the first six months of 1994  were  $17.7
million, an increase of $3.3 million over 1993.  The increase was primarily
in the cost of timber sold reflecting additional logging costs in the
Northwest region  resulting  from increased contract logging and commercial
thinning activities.

Interest  income,  earned  mainly  from the  Primary  Account's  short-term
investment  notes of Rayonier, decreased $0.8 million to  $1.9  million  in
1994  due  to  a  lower average balance of short-term investment  notes  of
Rayonier.   Interest  expense,  on increased  loans  and  advances  to  the
Secondary Account by Rayonier, rose $0.7 million to $5.4 million.

Second quarter 1994 sales of $33.0 million were $2.6 million higher than
1993 second quarter sales and Partnership income of $23.1 million increased
$0.8 million from the prior year.  Income per Class A Unit rose $0.05 to
$1.24 while operating cash flow allocable to a Class A Unit increased $0.06
to $1.30.

In the Northwest region, second quarter harvest prices remained
significantly ahead of prior year levels as customers continued to close
out 1992 and 1993 contract commitments.  Northwest sales volume in the
second quarter was basically flat with the prior year but 42 percent below
the first quarter's exceptionally high level.  As a result of the increased
prices, second quarter operating income rose 15 percent in this region over
1993.

In  the Southeast region, sales in the second quarter declined 7 percent to
$11.0 million.  Second quarter operating income declined 5 percent to  $8.4
million, due to lower pine volume resulting from softer seasonal demand  in
the  pulp  and  paper industry and uncertainty over lumber  prices  in  the
sawlog  market.  Southeast pine prices, however, remained relatively  level
with last year.

Future Operations
- -----------------
Contract  terms allow customers to harvest their commitments  over  various
time  periods, and therefore, volume currently under contract  may  not  be
fully   cut  within  this  fiscal  year.   As  of  June  30,  1994,  volume
representing  approximately 95 percent of the projected 1994  stumpage  and
pine  harvest  had  been  cut or committed under  contract  whereas  volume
representing more than 100 percent of the final 1993 harvest had  been  cut
or  committed  for as of June 30, 1993.  In 1993, a substantial  volume  of
timber  under  contract that was expected to be cut was carried  over  into
1994.

                                     9



At  June  30,  1994, Rayonier held contracts representing approximately  15
percent  and 1 percent of the uncut volume under contract in the  Northwest
and  Southeast  regions, respectively.  In addition, three customers  under
common  ownership  and one additional customer held contracts  representing
approximately 27 percent and 18 percent, respectively, of the uncut  volume
in  the  Northwest while one customer accounts for approximately 10 percent
of  the  uncut  volume  under  contract in the  Southeast;  none  of  these
customers are affiliated with the Partnership.

Liquidity and Cash Flow
- -----------------------
As  of  June  30,  1994,  the Partnership was due  trade  and  intercompany
receivables from Rayonier and affiliates of $4.4 million.  In addition, the
Primary  Account  of  the  Partnership held  $35.0  million  of  short-term
investment  notes of Rayonier resulting from the cumulative net cash  flow,
since inception, of the Primary Account after distributions to unitholders.
The  Partnership can call the short-term investment notes at  any  time  to
fund  Partnership  working capital requirements, capital  expenditures  and
reserves.  At the end of the first quarter of 1994, the Partnership called,
or  otherwise had mature, $75.0 million of the short-term investment  notes
to  fund a special distribution of $4.00 per Class A Unit paid on March 31,
1994.   As a result of this transaction, second quarter interest income  of
the Partnership was significantly below that of the prior year and interest
income  for  the remainder of 1994 is expected to be lower than  the  prior
year.

The  Secondary  Account of the Partnership had total  outstanding  debt  of
$133.1  million  at  June  30, 1994 including long-term  notes  payable  to
Rayonier  of $132.2 million that mainly represent the obligations  incurred
as   a   result  of  Secondary  Account  advances  by  Rayonier.    Capital
expenditures  for  the six months ended June 30, 1994 and  1993  were  $7.0
million   and  $6.8  million,  respectively.   Funding  of  future  capital
requirements is expected to continue from Rayonier.

On  June 30, 1994 and 1993, the Partnership made quarterly distributions of
$26.0  million  ($1.30  per  Unit)  and $23.0  million  ($1.15  per  Unit),
respectively,   to   all   outstanding  Class  A  unitholders.    Quarterly
distributions of $1.4 million and $1.2 million were also made  to  Class  B
unitholders and to the General Partners in the second quarter of  1994  and
1993, respectively.  On June 30, 1993, recontributions of $0.2 million were
made  by  Rayonier  and  the  General Partners  of  RTLP  relating  to  the
commission expense paid to a Rayonier affiliated foreign sales corporation.

On  July  18,  1994  the  Board of Directors of Rayonier  Forest  Resources
Company  announced a third quarter distribution of $1.30 per Class A  Unit.
The  distribution will be paid September 30, 1994 to unitholders of  record
on August 31, 1994.

When the Initial Term ends on December 31, 2000, the Primary Account of the
Partnership  will  be closed but there will not be any  redemption  of  the
partners'  capital  accounts.  The interest of Class A unitholders  in  the
Partnership's  future revenues, expenses and cash flows will then  decrease
from  95  percent to 4 percent. Available cash flows will be  substantially
reduced  by  Secondary Account debt that will have  to  be  repaid.   As  a
result, it is expected that the market price of Class A Units should  begin
to decline substantially sometime prior to December 31, 2000.

                                     10


Part II.  OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

  (a)     See Exhibit Index

  (b)     Rayonier Timberlands, L.P. did not file any Report on Form 8-K
          during the quarter covered by this report.










                                SIGNATURE


Pursuant  to the requirements of Section 13 of the Securities Exchange  Act
of  1934,  the registrant has duly caused this report to be signed  on  its
behalf by the undersigned, thereunto duly authorized.


                                   RAYONIER TIMBERLANDS, L.P.
                                   (A Delaware Limited Partnership)



                                   By:       RAYONIER FOREST RESOURCES
                                                 COMPANY
                                             Managing General Partner


                                   By        GEORGE S. ARESON
                                             ----------------
                                             George S. Areson
                                             Acting Corporate Controller
August 11, 1994




                                      11

                                     
                                     
                               EXHIBIT INDEX



    EXHIBIT NO.              DESCRIPTION                              LOCATION
    -----------    ------------------------------------------         --------

         2         Plan of acquisition, reorganization,                 None
                   arrangement, liquidation or succession


         4         Instruments defining the rights of security          None
                   holders, including indentures


         10        Material contracts                                   None


         11        Statement re computation of per share                None
                   earnings


         15        Letter re unaudited interim financial                None
                   information


         18        Letter re change in accounting principles            None


         19        Report furnished to security holders                 None


         22        Published report regarding matters submitted         None
                   to vote of security holders


         23        Consents of experts and counsel                      None


         24        Power of attorney                                    None


         99        Additional exhibits                                  None


                                     12