EXHIBIT 12




                                              INTERNATIONAL PAPER COMPANY
                                   COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                              (DOLLAR AMOUNTS IN MILLIONS)
                                                      (UNAUDITED)

                                           FOR THE YEARS ENDED DECEMBER 31,

              TITLE                          1992        1993         1994         1995         1996        1997
- -----------------------------------------------------------------------------------------------------------------

                                                                                       
A) Earnings before income taxes, 
     minority interest, extraordinary 
     item and accounting changes          $  226.0    $  538.0    $   715.0     $ 2,028.0    $   802.0   $  16.0

B) Less:  Minority interest expense,
     net of taxes                            (15.0)      (36.0)       (47.0)       (156.0)      (169.0)   (129.0)

C) Add:  Fixed charges excluding 
     capitalized interest                    325.3       365.3        412.3         605.9        672.4     686.6

D) Add:  Amortization of previously
     capitalized interest                      9.9        12.2         12.8          13.0         17.8      20.0

E) Less: Equity in undistributed earnings
     of affiliates                           (19.1)      (25.9)       (49.1)        (94.5)         6.2     (40.4)
                                          ---------   ---------    ---------    ----------    --------   --------

F) EARNINGS BEFORE INCOME TAXES,
     MINORITY INTEREST, EXTRAORDINARY
     ITEM, ACCOUNTING CHANGES AND FIXED
     CHARGES                              $  527.1    $  853.6    $ 1,044.0     $ 2,396.4    $ 1,329.4   $ 553.2
                                          --------    --------    ---------     ---------    ---------   -------
                                          --------    --------    ---------     ---------    ---------   -------

FIXED CHARGES

G) Interest and amortization of debt
     expense                              $  297.1    $  334.5    $   371.0     $   542.3    $   582.8   $ 593.0

H) Interest factor attributable to 
     rentals                                  28.2        30.8         41.3          53.0         66.0      70.0

I) Preferred dividends of subsidiary                                                 10.6         23.6      23.6

J) Capitalized Interest                       42.0        12.2         18.0          58.0         66.7      61.9
                                          --------    --------    ---------     ---------    ---------   -------

K) TOTAL FIXED CHARGES                    $  367.3    $  377.5    $   430.3     $   663.9    $   739.1   $ 748.5
                                          --------    --------    ---------     ---------    ---------   -------
                                          --------    --------    ---------     ---------    ---------   -------

l) RATIO OF EARNINGS TO FIXED CHARGES         1.44        2.26         2.43          3.61         1.80      
                                          --------    --------    ---------     ---------    ---------   
                                          --------    --------    ---------     ---------    ---------   

m) Deficiency in earnings necessary to
     cover fixed charges                                                                                 $ 195.3
                                                                                                         -------
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