EXHIBIT (iv)
                                                                  Page 1 of 3
                                   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, 1993)

                                                         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
Atlantic Mortgage & Investment Corporation               Florida
B. Williams Corp.                                        Delaware
Colonial Pacific Leasing Corporation                     Massachusetts
Dictaphone Canada Ltd./Ltee.                             Canada
Dictaphone Company Ltd.                                  England
Dictaphone Corporation                                   Delaware
Dictaphone Deutschland GmbH                              Germany
Dictaphone International A.G.                            Switzerland
Dictaphone Netherlands B.V.                              Netherlands
Dodwell Pitney Bowes K.K. (50% owned)                    Japan
DSP Inc.                                                 Connecticut
Elmcroft Road Realty Corporation                         Connecticut
Harlow Aircraft Inc.                                     Delaware
Monarch Marking Systems Australia Pty. Ltd.              Australia
Monarch Marking Systems de Mexico S.A. de C.V.           Mexico
Monarch Marking Systems, Inc.                            Delaware
Monarch Marking Systems Ltd.                             Canada
Monarch Marking Systems N.Z. Ltd.                        New Zealand
Monarch Marking (S.E.A.) Pte. Ltd.(55% owned)            Singapore
Monarch Service Bureau Limited                           Hong Kong
Pitney Bowes International                               Ireland
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 Leasing Corporation                                   Delaware
PB Leasing International Corporation                     Delaware
PB Leasing Services Inc.                                 Nevada
PBA Foreign Sales Corp.                                  Barbados
PBL Holdings Inc.                                        Nevada
PB Nikko FSC, Inc.                                       Bermuda
PB Nihon FSC, Inc.                                       Bermuda
Pickering Canada Pty. Limited                            Australia
Pitney Bowes AG                                          Switzerland
Pitney Bowes Australia Pty. Limited                      Australia
Pitney Bowes Australia FAS Pty. Ltd                      Australia
Pitney Bowes Austria Ges.m.b.H                           Austria
Pitney Bowes of Canada Ltd.                              Canada
Pitney Bowes Credit Australia Ltd                        Australia


                                                                  EXHIBIT (iv)
                                                                  Page 2 of 3
SUBSIDIARIES OF THE REGISTRANT (continued)
                                                          Country or
                                                           state of
Company name                                             incorporation

Pitney Bowes Credit Corporation                          Delaware
Pitney Bowes Deutschland GmbH                            Germany
Pitney Bowes Espana, S.A.                                Spain
Pitney Bowes Finance S.A.                                France
Pitney Bowes Finance PLC                                 England
Pitney Bowes France S.A.                                 France
Pitney Bowes Ges.m.b.H.                                  Austria
Pitney Bowes Holdings Ltd.                               England
Pitney Bowes Italia S.r.l.                               Italy
Pitney Bowes (Ireland) Limited                           Ireland
Pitney Bowes Leasing Ltd.                                Canada
Pitney Bowes Management Services, Inc.                   Delaware
Pitney Bowes Management Services Canada, Inc.            Canada
Pitney Bowes Marking Systems Ltd.                        Delaware
Pitney Bowes Marking Systems Ltd.                        England
Pitney Bowes Oy                                          Finland
Pitney Bowes plc                                         England
Pitney Bowes Properties Inc.                             Connecticut
Pitney Bowes Real Estate Financing Corporation           Delaware
Pitney Bowes Shelton Realty Inc.                         Connecticut
Pitney Bowes Svenska Aktiebolag                          Sweden
Pitney Bowes World Trade Corp. (FSC)                     Virgin Islands
PREFCO I Inc.                                            Delaware
PREFCO I LP Inc.                                         Delaware
PREFCO II Inc.                                           Delaware
PREFCO II LP 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 X LP 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
Remington Customer Finance Pty. Limited                  Australia
Remington (Papua New Guinea) Pty.                        Papua New Guinea
Remington Pty. Limited                                   Australia
ROM Holdings Pty. Limited                                Australia
ROM Securities Pty. Limited                              Australia

                                                                  EXHIBIT (iv)
                                                                  Page 3 of 3
SUBSIDIARIES OF THE REGISTRANT (continued)
                                                          Country or
                                                           state of
Company name                                             incorporation

Sales and Service Training Center Inc.                   Georgia
TECO/Pitney Bowes Co. Ltd. (50% owned)                   Taiwan
Time-Sensitive Delivery Guide Inc.                       Delaware
Towers FSC, Ltd.                                         Bermuda
Universal Postal Frankers Ltd.                           England
Walnut Street Corp.                                      Delaware