COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

EXHIBIT (i)
-----------


PITNEY BOWES INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)

(Dollars in thousands)

<TABLE>
<CAPTION>
Years Ended December 31,
---------------------------------------------------------------
1998 1997(2) 1996(2) 1995(2) 1994(2)
---------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>

Income from continuing
operations before
income taxes....................... $ 864,177 $775,527 $657,170 $597,471 $547,341
Add:
Interest expense................... 168,558 162,993 163,176 196,436 171,057
Portion of rents
representative of
the interest factor............... 37,396 39,146 40,387 41,941 42,214
Amortization of
capitalized interest.............. 973 914 914 914 914
Minority interest in
the income of
subsidiary with
fixed charges..................... 12,425 11,322 8,121 5,013 -
---------- -------- -------- -------- --------
Income as adjusted.................. $1,083,529 $989,902 $869,768 $841,775 $761,526
========== ======== ======== ======== ========
Fixed charges:
Interest expense................... $ 168,558 $162,993 $163,176 $196,436 $171,057
Capitalized interest............... - - 1,201 2,178 733
Portion of rents
representative of
the interest factor............... 37,396 39,146 40,387 41,941 42,214
Minority interest,
excluding taxes, in
the income of
subsidiary with
fixed charges...................... 18,906 17,251 11,792 7,613 -
---------- -------- -------- -------- --------
$ 224,860 $219,390 $216,556 $248,168 $214,004
========== ======== ======== ======== ========

Ratio of earning to
fixed charges...................... 4.82 4.51 4.02 3.39 3.56
========== ======== ======== ======== ========

Ratio of earnings to
fixed charges
excluding minority
interest........................... 5.20 4.84 4.21 3.48 3.56
========== ======== ======== ======== ========
</TABLE>

(1) The computation of the ratio of earnings to fixed charges has been computed
by dividing income from continuing operations before income taxes as
adjusted by fixed charges. Included in fixed charges is one-third of
rental expense as the representative portion of interest.
(2) Amounts reclassified to reflect CPLC in discontinued operations.