SUBSIDIARIES OF THE REGISTRANT

EXHIBIT (vii)
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PITNEY BOWES INC.
SUBSIDIARIES OF THE REGISTRANT
------------------------------

The Registrant, Pitney Bowes Inc., a Delaware Corporation, has no parent.

The following are subsidiaries of the Registrant
(as of December 31, 1999)

Country or
state of
Company name incorporation
- ------------ -------------
Adrema Leasing Corporation Delaware
Adrema Maschinen - und - Auto Leasing GmbH Germany
Adrema Maschinenbau Inc. Delaware
Adrema Mobilien Leasing GmbH Germany
Andeen Enterprises, Inc. Panama
Artec International Corporation California
Atlantic Mortgage & Investment Corporation Florida
B. Williams Holdings Corp. Delaware
B. Williams Funding Corp. Delaware
Canadian Office Services (Toronto) Limited Canada
Cascade Microfilm Systems, Inc. California
Chas. P. Young Health Fitness & Management, Inc. New York
CPLC Inc. Delaware
Datarite Systems Ltd. England
ECL Finance Company, N.V. Netherlands
Elmcroft Road Realty Corporation Connecticut
FSL Holdings Inc. Connecticut
FSL Risk Managers Inc. New York
Harlow Aircraft Inc. Delaware
Informatech California
La Agricultora Ecuatoriana S.A. Ecuador
Lease Continental GmbH Germany
Lease Continental Partnership
MXT Inc. Canada
Norlin Australia Investments Pty. Ltd. Australia
Norlin Industries Ltd. Canada
Norlin Music (U.K.) Ltd. England
Oy Adrema Helsinki Finland
PB Air Inc. Nevada
PB Australia Funding Pty. Ltd. Australia
PB Canada Funding Ltd. Canada
PB Equipment Management Inc. Delaware
PB Forms, Inc. Nebraska
PB Funding Corporation Delaware
PB Global Holdings Inc. Connecticut
PB Global Holdings II Inc. Connecticut
PB Global Holdings III Inc. Connecticut
PB Global Holdings IV Inc. Connecticut
PB Lease Holdings Inc. Nevada
PB Leasing Corporation Delaware
PB Leasing International Corporation Delaware
PB Leasing June Ltd. England
PB Leasing March Ltd. England
PB Leasing September Ltd. England
PB Leasing Services Inc. Nevada
PB Miles Inc. Delaware
PB Municipal Funding Inc. Nevada
PB/PREFCO Real Estate Holdings Inc. Delaware
PB Production International Corporation Delaware
PB Professional Services Inc. Delaware
PB Public Finance Inc. Delaware
PBA Foreign Sales Corporation Barbados
PB World Trade Corporation (Disc) Delaware

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SUBSIDIARIES OF THE REGISTRANT (continued)
- ------------------------------

Country or
state of
Company name incorporation
- ------------ -------------
PB CFSC I Inc. Virgin Islands
PB Nikko FSC Ltd. Bermuda
PB Nihon FSC Ltd. Bermuda
Pitney Bowes Australia Pty. Australia
Pitney Bowes Australia FAS Pty. Limited Australia
Pitney Bowes Austria Ges.m.b.H Austria
Pitney Bowes of Canada Ltd. Canada
Pitney Bowes Canada Holdings Limited Canada
Pitney Bowes China Inc. Delaware
Pitney Bowes Credit Australia Limited Australia
Pitney Bowes Credit Corporation Delaware
Pitney Bowes Data Systems, Ltd. Delaware
Pitney Bowes de Mexico, S.A. de C.V. Mexico
Pitney Bowes Deutschland GmbH Germany
Pitney Bowes Espana, S.A. Spain
Pitney Bowes Finance S.A. France
Pitney Bowes Finans Norge AS Norway
Pitney Bowes Finance PLC (formerly PB Leasing Ltd.) England
Pitney Bowes Finance Ireland Limited Ireland
Pitney Bowes France S.A. France
Pitney Bowes Holdings Ltd. England
Pitney Bowes Holding SNC France
Pitney Bowes Hong Kong Inc. Delaware
Pitney Bowes Hong Kong Ltd. Hong Kong
Pitney Bowes India Inc. Delaware
Pitney Bowes Insurance Agency, Inc. Connecticut
Pitney Bowes International Ireland
Pitney Bowes International Funding Ireland
Pitney Bowes International Holdings, Inc. Delaware
Pitney Bowes Italia S.r.l. Italy
Pitney Bowes Japan KK Japan
Pitney Bowes Leasing International LP
Pitney Bowes (Ireland) Limited Ireland
Pitney Bowes (Macau) Limited Macau
Pitney Bowes Management Services, Inc. Delaware
Pitney Bowes Management Services Canada, Inc. Canada
Pitney Bowes Management Services Limited England
Pitney Bowes New Zealand Limited New Zealand
Pitney Bowes Nova Scotia ULC Canada
Pitney Bowes Oy Finland
Pitney Bowes Limited England
Pitney Bowes Properties Inc. Connecticut
Pitney Bowes Real Estate Financing Corporation Delaware
Pitney Bowes Servicios, S.A. de C.V. Mexico
Pitney Bowes Shelton Realty Inc. Connecticut
Pitney Bowes Svenska Aktiebolag Sweden
Pitney Bowes (Switzerland) AG Switzerland
Pitney Bowes World Trade Corporation Virgin Islands
Pitney Structured Funding I Inc. Delaware

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SUBSIDIARIES OF THE REGISTRANT (continued)
- ------------------------------
Country or
state of
Company name incorporation
- ------------ -------------
PREFCO I Inc. Delaware
PREFCO I LP Inc. Delaware
PREFCO II Inc. Delaware
PREFCO III Inc. Delaware
PREFCO III LP Inc. Delaware
PREFCO IV Inc. Delaware
PREFCO IV LP Inc. Delaware
PREFCO V Inc. Delaware
PREFCO V LP Inc. Delaware
PREFCO VI Inc. Delaware
PREFCO VI LP Inc. Delaware
PREFCO VII Inc. Delaware
PREFCO VII LP Inc. Delaware
PREFCO VIII Inc. Delaware
PREFCO VIII LP Inc. Delaware
PREFCO IX Inc. Delaware
PREFCO IX LP Inc. Delaware
PREFCO X Inc. Delaware
PREFCO XI Inc. Delaware
PREFCO XI LP Inc. Delaware
PREFCO XII Inc. Delaware
PREFCO XII LP Inc. Delaware
PREFCO XIII Inc. Delaware
PREFCO XIII LP Inc. Delaware
PREFCO XIV Inc. Delaware
PREFCO XIV LP Inc. Delaware
PREFCO XV Inc. Delaware
PREFCO XV LP Inc. Delaware
PREFCO XVI Inc. Delaware
PREFCO XVI LP Inc. Delaware
PREFCO XVII Inc. Delaware
PREFCO XVII LP Inc. Delaware
PREFCO XVIII Inc. Delaware
PREFCO XVIII LP Inc. Delaware
PREFCO XIX Inc. Delaware
PREFCO XIX LP Inc. Delaware
PREFCO XX Inc. Delaware
PREFCO XXI Inc. Delaware
PREFCO XXI LP Inc. Delaware
PREFCO XXII Inc. Delaware
PREFCO XXII LP Inc. Delaware
PREFCO - Dayton Community Urban Redevelopment Corporation Ohio
Remington Customer Finance Pty. Limited Australia
ROM Holding Pty. Limited Australia
ROM Securities Pty. Limited Australia
Sales & Service Training Center Inc. Georgia
Techno Mail Service K.K. Japan

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SUBSIDIARIES OF THE REGISTRANT (continued)
- ------------------------------
Country or
state of
Company name incorporation
- ------------ -------------
The Pitney Bowes Bank, Inc. Utah
Time-Sensitive Delivery Guide Inc. Delaware
Tower FSC, Ltd. Bermuda
Universal Postal Frankers Ltd. England
Waterview Resolution Trust Corporation Massachusetts
Wheeler Insurance, Ltd. Vermont
1136 Corporation Delaware
75 V Corp. Delaware