COMPUTATION OF EARNINGS TO FIXED CHARGES

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Pitney Bowes Inc. - Form 10-Q Exhibit (ii)
Three Months Ended March 31, 1996
Page 16 of 16

Pitney Bowes Inc.
Computation of Ratio of Earnings to Fixed Charges (1)

(Dollars in thousands)
<CAPTION> Three Months Ended March 31,
1996 1995
<S> <C> <C>
Income from continuing operations
before income taxes $163,439 $149,986

Add:
Interest expense 49,912 60,111
Portion of rents
representative of the
interest factor 11,061 10,781
Amortization of capitalized
interest 228 228
Minority interest
in the income of
subsidiary with
fixed charges 2,119 -

Income as adjusted $226,759 $221,106

Fixed charges:
Interest expense $ 49,912 $ 60,111
Capitalized interest 602 494
Portion of rents
representative of the
interest factor 11,061 10,781
Minority interest
in the income of
subsidiary with
fixed charges 2,119 -

$ 63,694 $ 71,386

Ratio of earnings to fixed
charges 3.56 3.10

<FN>
(1)The computation of the ratio of earnings to fixed charges has been
computed by dividing income from continuing operations before
income taxes and fixed charges by fixed charges. Included in fixed
charges is one-third of rental expense as the representative
portion of interest.
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