Washington, D. C.  20549

                                   Form 8-K
                                Current Report

                    Pursuant to Section 13 or 15(d) of the
                       Securities Exchange Act of 1934

                      Date of Report:  January 16, 1995
                      (Date of Earliest Event Reported)

                            UNIVERSAL CORPORATION
            (Exact name of registrant as specified in its charter)

                         (State or other jurisdiction
                              of incorporation)

  1-652                                                             54-0414210
(Commission                                                      (IRS Employer
File Number)                                                    Identification

Hamilton Street at Broad
Richmond, Virginia                                                       23230
(Address of principal executive offices)                            (Zip Code)

             Registrant's telephone number, including area code:
                                (804) 359-9311

                      NUMBER OF PAGES IN THIS FILING   3


      The  press  release  issued  by  the  Registrant on January 16, 1995 and

attached hereto as Exhibit A is incorporated herein by reference.


      (c)   Exhibits

      (99)  Press release issued by the Registrant on January 16, 1995.


      Pursuant to the requirements of the Securities Exchange Act of 1934, the

Registrant  has  duly  caused  this  report  to be signed on its behalf by the

undersigned hereunto duly authorized.

                                    UNIVERSAL CORPORATION

                                    By:   /s/Karen M.L. Whelan
                                          Karen M.L. Whelan
                                          Vice President and Treasurer

Dated:  January 24, 1995

                                                                     EXHIBIT A

                            UNIVERSAL CORPORATION

                                P.O. Box 25099
                              Richmond, VA 23260
                             Phone (804) 359-9311
                             Fax: (804) 254-3584

Contact:                                                              Release:

      Karen M.L. Whelan                                            Immediately
      Phone:  (804) 359-9311
      Fax:    (804) 254-3594

RICHMOND,  VA,  January 16, 1995 -- Universal Corporation announced today that
earnings  from  continuing  operations for fiscal year 1995 are expected to be
below management's previous estimate of approximately $50 million.

The  general  market  trends  in  the  leaf  industry  are  improving right on
forecast.    Inventories worldwide are down, and customer demand is improving.
As of this moment, there are no known major problems in crop qualities, and in
the  case  of  Universal,  the ongoing restructuring program is also generally
very much on track.

The  difference  in  current  expectations for fiscal year 1995 versus earlier
estimates  is  primarily  related  to disappointing results from operations in
Eastern  Europe.  Anticipated sales in that region are sharply down due to the
extremely  depressed  economic  situation  prevailing, and these reduced sales
will result in write-downs of inventories and outstanding customer obligations
for  which pre-tax provisions of about $6.5 million will be included in second
quarter  results.  Due to uncertainly as to when economic recovery will permit
resumption  of  normal  trading  levels in the area, management has decided to
reshape  operations  and  reduce  overhead  related  to  Eastern Europe, and a
further  restructuring provision is anticipated prior to the end of the fiscal

Looking  forward  to  next  year, the favorable trends noted above should help
results  in most major markets.  However, monetary policies in Brazil have led
t o    a  significantly  overvalued  Brazilian  real,  which  will  result  in
substantially  higher  export  costs  for  the  new crop, and could affect the
timing  of  sales  and  margin improvement in that region.  At this point, the
prospects  for  timely devaluation of the real are not strong.  In Africa, the
Company  expects normal to increased demand, and in the United States, current
indications  are  for  satisfactorily increased volumes.  At this stage, it is
too  early  to  estimate  how  the  differing local situations will affect the
magnitude of the Company's earnings recovery.

Universal  Corporation  is  a  diversified company with operations in tobacco,
lumber,  and agri-products.  Its gross revenues for the fiscal year that ended
on June 30, 1994, were approximately $3 billion.