In this paper, the performance of the IeEE 802.4 token-passing is analyzed under the assumption that all nodes have finite buffers and finite THT (token tolding time). The loads generated at nodes are assumed to be asymmetric. The priority mechanism is not considered. This paper derives an approximate matrix equation of the queue length distributin in terms of the number of nodes, frame arrival rate and mean service time of a frame in steady state. Based on the matrix equation, the mean token rotation time, the mean waiting time and the blocking probability are derived analytically. the analytic results are compared with simulation results in order to show that the deviations are small.