Pitney Bowes Inc. - Form 10-Q                             Exhibit (ii)
Three Months Ended March 31, 1996
Page 16 of 16

                          Pitney Bowes Inc.
        Computation of Ratio of Earnings to Fixed Charges (1)

(Dollars in thousands)
                         Three Months Ended March 31,
                                          1996            1995
                                                
Income from continuing operations
  before income taxes                 $163,439        $149,986

Add:
  Interest expense                      49,912          60,111
  Portion of rents
    representative of the
    interest factor                     11,061          10,781
  Amortization of capitalized
    interest                               228             228
  Minority interest
    in the income of
    subsidiary with
    fixed charges                        2,119               -

Income as adjusted                    $226,759        $221,106

Fixed charges:
  Interest expense                    $ 49,912        $ 60,111
  Capitalized interest                     602             494
  Portion of rents
    representative of the
    interest factor                     11,061          10,781
  Minority interest
    in the income of
    subsidiary with
    fixed charges                        2,119               -

                                      $ 63,694        $ 71,386

Ratio of earnings to fixed
  charges                                 3.56            3.10

<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.