1
 
                                                                    EXHIBIT 23.1
 
                        CONSENT OF INDEPENDENT AUDITORS
 
   
We consent to the reference to our firm under the caption "EXPERTS" and to the
use of our report dated March 3, 1995, except for Note M as to which the date is
June 5, 1995, in Amendment No. 1 to Registration Statement (Form S-3 No.
33-58881) and related Prospectus of The Lincoln Electric Company for the
registration of its Class A Common Shares.
    
 
                                            ERNST & YOUNG LLP
 
Cleveland, Ohio
   
June 6, 1995