COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

PITNEY BOWES INC. EXHIBIT (vii)

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
<TABLE>
<CAPTION>
(Dollars in thousands)

Years Ended December 31,
1996 1995 1994 1993(2) 1992(2)
<S> <C> <C> <C> <C> <C>
Income from continuing
operations before
income taxes $684,383 $618,931 $566,507 $498,860 $411,954

Add:
Interest expense 203,877 226,110 194,115 189,292 230,764
Portion of rents
representative of
the interest factor 40,538 42,064 42,339 33,842 33,786
Amortization of
capitalized interest 914 914 914 914 914

Minority interest in the
income of subsidiary
with fixed charges 8,121 5,013 - - -

Income as adjusted $937,833 $893,032 $803,875 $722,908 $677,418

Fixed charges:
Interest expense $203,877 $226,110 $194,115 $189,292 $230,764
Capitalized interest 1,201 2,178 733 - -
Portion of rents
representative of
the interest factor 40,538 42,064 42,339 33,842 33,786
Minority interest in the
income of subsidiary
with fixed charges 8,121 5,013 - - -

$253,737 $275,365 $237,187 $223,134 $264,550
Ratio of earnings to
fixed charges 3.70 3.24 3.39 3.24 2.56

Ratio of earnings to
fixed charges excluding
minority interest 3.79 3.28 3.39 3.24 2.56
<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.

(2) Reclassified to reflect discontinued operations.
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