1
 
                                                                    EXHIBIT 23.1
 
                        CONSENT OF INDEPENDENT AUDITORS
 
We consent to the reference to our firm under the caption "EXPERTS" in the
Registration Statement (Form S-3) and related Prospectus of The Lincoln Electric
Company for the registration of its Class A Common Shares and to the
incorporation by reference therein of our report dated March 3, 1995, with
respect to the consolidated financial statements and schedule of The Lincoln
Electric Company and subsidiaries included in its Annual Report (Form 10-K) for
the year ended December 31, 1994, filed with the Securities and Exchange
Commission.
 
                                            ERNST & YOUNG LLP
 
Cleveland, Ohio
April 27, 1995