STATEMENT RE COMPUTATION OF RATIOS

Exhibit (12)
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<TABLE>
Pitney Bowes Inc.
Computation of Ratio of Earnings to Fixed Charges (1)
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(Dollars in thousands)
<CAPTION>
Three Months Ended March 31,
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1998 1997
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<S> <C> <C>
Income before income taxes................. $ 197,997 $ 183,635

Add:
Interest expense......................... 47,899 51,905
Portion of rents
representative of the
interest factor........................ 10,307 11,129
Amortization of capitalized
interest............................... 243 243
Minority interest
in the income of
subsidiary with
fixed charges.......................... 3,059 1,966
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Income as adjusted......................... $ 259,505 $ 248,878
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Fixed charges:
Interest expense......................... $ 47,899 $ 51,905
Portion of rents
representative of the
interest factor........................ 10,307 11,129
Minority interest, excluding
taxes, in the income of
subsidiary with fixed
charges................................ 4,670 3,011
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$ 62,876 $ 66,045
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Ratio of earnings to fixed
charges.................................. 4.13 3.77
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Ratio of earnings to fixed
charges excluding minority
interest.............................. 4.41 3.92
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<FN>
(1) The computation of the ratio of earnings to fixed charges has been
computed by dividing income before income taxes as adjusted by fixed
charges. Included in fixed charges is one-third of rental expense as the
representative portion of interest.
</FN>
</TABLE>