Registration No. 2-73867


                             UNITED STATES
                  SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 20549

                   POST-EFFECTIVE AMENDMENT NO. 2

                                TO

                              FORM S-8

                        REGISTRATION STATEMENT
                                Under
                     THE SECURITIES ACT OF 1933

              Exact name of issuer as specified in its charter:

                        HEWLETT-PACKARD COMPANY

     State or other jurisdiction of      I.R.S. Employee
     incorporation or organization:      Identification No.:
          California                     94-1081436

              Address of principal executive offices:
         3000 Hanover Street, Palo Alto, California 94304

                    Full title of the Plan:

                    HEWLETT-PACKARD COMPANY
               SPECIAL ACQUISITION STOCK OPTIONS

            Name and address of agent for service:
                     D. CRAIG NORDLUND
       3000 Hanover Street, Palo Alto, California 94304

   Telephone Number, including area code, of agent for service:
                     (415) 857-1501

The Post-Effective Amendment No. 2 to the Registration Statement
shall hereafter become effective in accordance with Rule 462 promulgated
under the Securities Act of 1933, as amended.


                      Deregistration 
                             of 
                 47,554 Shares Common Stock
                       $1 Par Value
                 Hewlett-Packard Company

            Special Acquisition Stock Option Plan
     

     The Special Acquisition Stock Option Plan (the "Plan") of
Hewlett-Packard Company (the "Company") was created in connection with the
merger on October 22, 1981 of Information Resources Limited ("IRL") into
Hewlett-Packard Colorado, Inc. ("HPC"), a wholly-owned subsidiary of the
Company.   Pursuant to the terms of a Plan of Reorganization and Agreement
of Merger approved by the Executive Committee of the Company's Board of
Directors, options to purchase shares of IRL stock held by employees of IRL
who on the effective date of the merger became employees of HPC were converted
into options to purchase shares of the Company's Common Stock.  Approval of
the Company's shareholders was not required.  No options have been granted
under the Plan since the effective date of the merger.  There were 47,554
shares of the Company $1 Par Value Common Stock reserved for issuance under
the Plan which were unissued as of January 31, 1995 and there were no
outstanding stock options under the Plan as of such date.

     Therefore, pursuant to an undertaking contained in the Registration
Statement to remove from registration any of the securities registered which
remain unsold at the termination of the Plan, the Company hereby removes from
registration the 47,554 shares of the Company's $1 Par Value Common Stock
reserved but unissued under the Plan.


SIGNATURE

The Registrant.  Pursuant to the requirements of the Securities Act of 1933,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on this Post-Effective Amendment
No. 2 to its Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Palo Alto, State of
California, on this 13th day of February, 1995.


                               Hewlett-Packard Company


                               By: /s/ D. Craig Nordlund
                               -------------------------
                                     D. Craig Nordlund