(Exhibit 12(a))
                INTERNATIONAL PAPER COMPANY AND CONSOLIDATED SUBSIDIARIES          
                     COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES          
                              (dollar amounts in millions)          
                                     (unaudited)          

                                        For the Years Ended December 31,               Six Months Ended 
                                                                                            June 30, 
                                                                          
             TITLE                 1989      1990      1991      1992      1993      1993      1994
                
A)  Earnings before income taxes,
    extraordinary item and
    accounting changes             $ 1404.7  $ 945.9   $ 637.9   $ 206.1   $ 500.0   $ 223.1   $ 245.0
                
B) Add:  Fixed charges excluding               
    capitalized interest              250.4    336.2     380.3     325.3     365.3     178.6     189.7
                
C) Add:  Amortization of previously               
    capitalized interest                8.4      8.6       9.9       9.9       12.2      6.0       6.2
                
D) Less:  Equity in undistributed                
    earnings of affiliates             (6.7)    (9.4)    (10.8)    (19.1)     (25.9)   (15.5)    (23.7)
                
E) EARNINGS BEFORE INCOME TAXES,
   EXTRAORDINARY ITEM, ACCOUNTING
   CHANGES AND FIXED CHARGES       $ 1,656.8 $ 1,281.3 $ 1,017.3 $ 522.2   $ 851.6   $ 392.2   $ 417.2
                
                
 FIXED CHARGES               
                
F) Interest and amortization of               
    debt expense                   $   228.7 $   309.5 $   351.1 $ 297.1   $ 334.5   $ 164.0   $ 171.8
                
G) Interest factor attributable                
    to rentals                          21.7      26.7      29.2      28.2      30.8      14.6      17.9
                
H) Capitalized interest                 10.9      26.3      36.4      42.0      12.2       7.5       5.7
                
I) TOTAL FIXED CHARGES               $ 261.3 $   362.5 $   416.7 $   367.3 $   377.5   $ 186.1 $   195.4
                
                
J) RATIO OF EARNINGS TO FIXED
   CHARGES                              6.34      3.53      2.44      1.42      2.26      2.11      2.14