PITNEY BOWES INC.                EXHIBIT (ii)

                 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)


(Dollars in thousands)

                                      Years Ended December 31,
                                 1993        1992        1991        1990       1989
                                                             
Income from continuing
 operations before
 income taxes. . . . . . . . $574,807    $495,352    $461,589    $327,644   $261,057

Add:
 Interest expense. . . . . .  187,439     227,257     258,116     264,473    238,375
 Portion of rents
   representative of
   the interest factor . . .   38,712      38,338      36,757      33,672     24,427
 Amortization of
   capitalized interest. . .      927         927         927         862        839

Income as adjusted . . . . . $801,885    $761,874    $757,389    $626,651   $524,698

Fixed charges:
 Interest expense. . . . . . $187,439    $227,257    $258,116    $264,473   $238,375
 Capitalized interest. . . .        -           -           -       1,567      1,056
 Portion of rents
   representative of
   the interest factor . . .   38,712      38,338      36,757      33,672     24,427

                             $226,151    $265,595    $294,873    $299,712   $263,858
Ratio of earnings to
fixed charges. . . . . . . .     3.55        2.87        2.57        2.09       1.99

<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.