COMPUTATION OF EARNINGS TO FIXED CHARGES

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Pitney Bowes Inc. - Form 10-Q
Six Months Ended June 30, 1996
Page 50
Exhibit (iii)


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

(Dollars in thousands) Three Months Ended Six Months Ended
<CAPTION> June 30, June 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Income from continuing
operations before income
taxes $182,196 $153,615 $345,635 $303,601

Add:
Interest expense 48,971 61,593 98,883 121,704
Portion of rents
representative of the
interest factor 11,250 10,446 22,311 21,227
Amortization of capitalized
interest 229 229 457 457
Minority interest in the
income of subsidiary
with fixed charges 1,991 - 4,110 -

Income as adjusted $244,637 $225,883 $471,396 $446,989

Fixed charges:
Interest expense $ 48,971 $ 61,593 $ 98,883 $121,704
Capitalized interest 599 468 1,201 962
Portion of rents
representative of the
interest factor 11,250 10,446 22,311 21,227
Minority interest in the
income of subsidiary
with fixed charges 1,991 - 4,110 -

$ 62,811 $ 72,507 $126,505 $143,893

Ratio of earnings to fixed
charges 3.89 3.12 3.73 3.11
<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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