EXHIBIT 12
                                                                      ----------

                           COLGATE-PALMOLIVE COMPANY
                           -------------------------

               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
               -------------------------------------------------

                        DOLLARS IN MILLIONS (Unaudited)
                                        
 
                                                      NINE MONTHS ENDED
                                                      SEPTEMBER 30, 1998
                                                      ------------------
                                                    
                                                      
Income before income taxes                               $  923.8
                                                      
ADD:                                                  
Interest on indebtedness and amortization of debt     
  expense and discount or premium                           153.9
                                                      
                                                      
Portion of rents representative of interest           
  factor                                                     23.6
                                                      
Interest on ESOP debt, net of dividends                       2.4
                                                      
LESS:                                                 
Income of less than fifty-percent-owned               
  subsidiaries                                               (3.8)
                                                         --------
                                                      
Income as adjusted                                       $1,099.9
                                                         ========
                                                      
FIXED CHARGES:                                        
                                                      
Interest on indebtedness and amortization of debt     
  expense and discount or premium                           153.9
                                                      
                                                      
Portion of rents representative of interest           
  factor                                                     23.6
                                                      
Interest on ESOP debt, net of dividends                       2.4
                                                      
Capitalized interest                                          7.4
                                                         --------
                                                      
Total fixed charges                                      $  187.3
                                                         ========
                                                      
Ratio of earnings to fixed charges                            5.9
                                                         ========

                                        
In June 1989, the Company's leveraged employee stock ownership plan ("ESOP")
issued $410.0 of long-term notes due through 2009 bearing an average interest
rate of 8.6%.  These notes are guaranteed by the Company.  Interest incurred on
the ESOP's notes for the nine months ended was $24.6.  This interest is funded
through preferred and common stock dividends.  The fixed charges presented above
include interest on ESOP indebtedness to the extent it is not funded through
preferred and common stock dividends.