EXHIBIT 23.1
    
 
   
                         INDEPENDENT AUDITORS' CONSENT
    
 
   
    We consent to the incorporation by reference in this Registration Statement
of Merrill Lynch & Co., Inc. (the "Company") and Merrill Lynch Preferred Funding
I, L.P. and Merrill Lynch Preferred Capital Trust I on Form S-3 of our report
dated February 26, 1996 appearing in or incorporated by reference in the Annual
Report on Form 10-K of the Company for the year ended December 29, 1995 and to
the reference to us under the heading "Experts" in the Prospectus, which is a
part of this Registration Statement. We also consent to the inclusion in this
Registration Statement of our reports dated December 4, 1996 relating to the
balance sheets of Merrill Lynch Preferred Funding I, L.P. and Merrill Lynch
Preferred Capital Trust I, appearing in this prospectus, both of which are
included in this Registration Statement.
    
 
   
/s/ Deloitte & Touche LLP
    
 
   
New York, New York
December 4, 1996