FORM 10-Q

                            SECURITIES AND EXCHANGE COMMISSION

                                  Washington, D.C. 20549

                 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                            THE SECURITIES EXCHANGE ACT OF 1934

                        For the quarterly period ended March 31, 1998

                                               OR

                 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                            THE SECURITIES EXCHANGE ACT OF 1934

                    For the transition period from ________ to ________


                              Commission File Number 0-11533


                                   GREEN GOLD CONSOLIDATED
                    __________________________________________________________
                       (Exact name of registrant as specified in its charter)


        CALIFORNIA                                                 33-0023916

      (State or other jurisdiction                           (I.R.S. Employer
  of incorporation or organization)                      Identification Number)

                      591 West Los Angeles Avenue, Moorpark, CA 93021

                    (Address of principal executive office) (Zip Code)


                                    (805) 530-3858
                    (Registrant's telephone number, including area code)

                                         N/A
(Former name, former address and former fiscal year, if changed since last
report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing 
requirements for the past 90 days.

                          Yes [X]     No [ ]

<TABLE>
PART I - FINANCIAL INFORMATION

Item 1.   FINANCIAL STATEMENTS

                           GREEN GOLD CONSOLIDATED
                     (A CALIFORNIA LIMITED PARTNERSHIP)

                                BALANCE SHEET

                                                                                
                                              March 31,        September 30,
                                                  1998               1997    
                                             (Unaudited)
                                              ---------        ------------     
<S>                                          <C>               <C>
ASSETS

Assets:
     Cash and cash equivalents               $  487,000           $  656,000
     Notes receivable                           646,000              807,000
     Inventories of growing crops                15,000               15,000
     Accrued interest receivable                 19,000               32,000
     Property held for sale                   1,195,000            1,159,000
     Other assets                                19,000               16,000
                                             ----------           ----------
          TOTAL ASSETS                       $2,381,000           $2,685,000
                                              =========            =========


LIABILITIES AND PARTNERS' EQUITY

Liabilities:
     Accounts payable and accrued 
            liabilities                      $   41,000           $   49,000
                                             ----------           ----------

          TOTAL LIABILITIES                      41,000               49,000

     Partners' equity                         2,340,000            2,636,000
                                             ----------            --------- 

          TOTAL LIABILITIES AND
          PARTNERS' EQUITY                   $2,381,000           $2,685,000
                                              =========            =========

See accompanying notes to financial statements
</TABLE>

<TABLE>
                                  GREEN GOLD CONSOLIDATED
                            (A CALIFORNIA LIMITED PARTNERSHIP)

                                STATEMENTS OF OPERATIONS
                                      (Unaudited)


                                                                                
                                                    For the Six Months Ending
                                                            March 31,
                                                        1998         1997
                                                   -----------     ---------   
<S>                                                <C>             <C>
CROP SALES                                         $   110,000     $   82,000

OPERATING COSTS AND EXPENSES:
     Cultural Cae Costs                                 80,000         96,000 
     Professional services                              77,000         66,000 
     Depreciation, property tax and other               42,000         29,000 
                                                   -----------     ----------
          Total Operating Costs and Expenses           199,000        191,000 

LOSS FROM OPERATIONS                                   (89,000)      (109,000)

OTHER INCOME (EXPENSES):
     Realized gross profit                              27,000         14,000 
     Interest income                                    91,000        101,000 
     Other income                                        6,000          7,000 
                                                    ----------      ----------

NET INCOME                                         $    35,000     $   13,000
                                                   ===========     ==========

NET INCOME PER LIMITED 
PARTNERSHIP INTEREST                               $    .0035      $   .0013
                                                   ===========     ===========

Weighted average number of limited partnership
interests outstanding during the period used
to compute earnings per limited partnership
interest                                           9,986,000        9,986,000  
                                                   =========        =========

See accompanying notes to financial statements
</TABLE>

<TABLE>
 
                                   GREEN GOLD CONSOLIDATED
                              (A CALIFORNIA LIMITED PARTNERSHIP

                                  STATEMENTS OF OPERATIONS
                                         (Unaudited)

                                                                                
                                                 For Three Months Ending
                                                        March 31,               
                                                    1998            1997        
                                              ----------         ---------
<S>                                           <C>                < c>
CROP SALES                                    $   74,000         $  82,000     

     Cultural Care Costs                          40,000            52,000
     Professional Services                        40,000            37,000
     Depreciation, property tax and other          8,000             4,000
                                              ----------         ---------

         Total Operating Costs and Expenses       88,000            93,000

     INCOME (LOSS) FROM OPERATIONS               (14,000)           (11,000)

     OTHER INCOME (EXPENSES):
         Realized gross profit                    25,000             8,000
         Interest Income                          45,000            47,000
         Other Income                              2,000             2,000
                                               ----------         ---------

     NET INCOME                               $   58,000         $  46,000
                                              ==========         =========      

NET INCOME PER LIMITED
PARTNERSHIP INTEREST                          $    .0058         $   .0046 
                                              ==========         =========

Weighted average number of limited partnership
interests outstanding during the period used
to compute earnings per limited partnership
interest                                      9,986,000          9,986,000
                                              =========          =========

See accompanying notes to financial statements
</TABLE>

<TABLE>
                            GREEN GOLD CONSOLIDATED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                             STATEMENT OF CASH FLOWS

               For the Six Months Ended March 31, 1998 and 1997
                                  (Unaudited)
                                                                                

                                                     March 31,      March 31,
                                                       1998            1997  
                                                   -----------     ----------
<S>                                                <C>             <C>
Cash flows from operating activities:

     Net income                                    $    35,000     $   13,000
     Adjustments to reconcile net income 
     to net cash provided by operating activities:
          Depreciation and amortization                    -0-          1,000 
          Deferred profit recognized                   (27,000)       (14,000)
          Changes in assets and liabilities:
             Decrease in interest receivables           13,000          5,000
             (Increase) decrease in other assets        (3,000)         1,000
             (Decrease) increase in accounts payable
              and accrued liabilities                   (8,000)         1,000 
                                                    ------------     ---------- 

     Net cash provided by operating activities          10,000          7,000
                                                   ------------     ---------- 
Cash flows from investing activities:
     Collection on notes receivable                    152,000         31,000 
                                                   ------------      ----------
          Net cash provided by investing 
            activities                                 152,000         31,000 
                                                   ------------      ---------- 
Cash flows from financing activities:
     Distributions to limited partners                (320,000)      (250,000)
     Distributions to general partner                  (11,000)       (12,000)
                                                    -----------      ----------
          Net cash used by financing
            activities                                (331,000)       (262,000)
                                                    -----------      ----------

Net (decrease) in cash                                (169,000)       (224,000)

Cash at September 30                                   656,000         591,000 
                                                     ---------        ---------

Cash at March 31                                     $ 487,000       $ 367,000 
                                                      =========       =========

See accompanying notes to financial statements
</TABLE>

                                 GREEN GOLD CONSOLIDATED
                           (A CALIFORNIA LIMITED PARTNERSHIP)

                             NOTES TO FINANCIAL STATEMENTS
                                       (Unaudited)


A.   SIGNIFICANT ACCOUNTING POLICIES

     Property and Depreciation - Property is stated at the lower of cost or net
     realizable value.  Depreciation is provided on a straight-line method over
     the estimated useful lives of the respective assets.

     Inventories - Inventories, consisting of growing crops, is valued at the 
     lower of cost or net realizable value under the first-in, first-out (FIFO) 
     method. Cost is defined as cultural care costs related to the growing 
     crops.

     Income Taxes - The Partnership reports its tax returns on the cash basis of
     accounting.  No provision for income taxes is included in the accompanying
     financial statements as the Partnership's results of operations are 
     distributed to the partners for inclusion in their respective income tax 
     returns.

     Profit Recognition on Real Estate Sales - It is the Partnership's policy to
     defer profit on real estate sales until such time as the purchaser's 
     cumulative investment and continued involvement in the property meet the 
     minimum criteria for full profit recognition as set forth in the Financial 
     Accounting Standards Board Statement No. 66, Accounting for Sales of Real 
     Estate. Until such time as profit can be recognized under the full accrual 
     method, the cost recovery and installment methods are used.

     Net Income Per Limited Partnership Interest - Net income per limited
     partnership interest was calculated using the weighted average of limited
     partnership interests outstanding during the year and the Limited Partners'
     share of the net income.

B.   GENERAL

     Green Gold Consolidated was organized in accordance with the Provisions
     of the California Uniform Limited Partnership Act for the purpose of
     receiving the assets and liabilities of twelve limited partnerships under
     common management and thereby consolidating the operations of those
     partnerships under an exchange transaction effective June 30, 1983.  Under
     the exchange transaction, the Partnership issued 10,000,000 limited
     partnership interests (pro rata) to the holders of interests in the twelve
     individual limited partnerships in exchange for the assets and liabilities 
     of those partnerships.

     Under the provisions of the partnership agreement, profits and losses are
     allocated in the ratio of 93.5% to the Limited Partners and 6.5% to the
     General Partner, provided that prior to the first fiscal quarter during 
     which a distribution is made to the General Partner from the proceeds of 
     the property sales or refinancing, all gains and losses resulting from 
     property sales are allocated in the ratio of 99% to the Limited Partners 
     and 1% to the General Partner.

     The combination of the twelve partnerships into one partnership was treated
     as a reorganization of entities under common control, accounted for similar
     to a "pooling of interest".<PAGE>
C.   NOTES RECEIVABLE

     Notes receivable consist of the following as of:                    

                                                     March 31,   September 30,
                                                         1998          1997   
                                                     ---------     -----------
          
          First trust deed notes                    $ 1,398,000     $ 1,693,000 

          Less:
          Deferred profit on real estate sales         (653,000)       (787,000)
          Allowance for doubtful accounts               (99,000)        (99,000)
                                                     ----------      ---------
                                                    $   646,000     $   807,000 
                                                     ==========      ==========

D.   PROPERTY

     Property is comprised of the following:
                                                     March 31,   September 30,
                                                         1998          1997    

          Land                                      $1,195,000      $1,159,000 
          Farm equipment                               151,000         151,000 
          Trees                                        276,000         276,000 
                                                     ---------       ---------
               Total                                 1,622,000       1,586,000 

          Accumulated depreciation                    (427,000)       (427,000)
                                                     ----------      ----------
                                                    $1,195,000      $1,159,000 
                                                     =========       =========

E.   EARNINGS (LOSS) PER LIMITED PARTNERSHIP INTEREST

     Earnings (loss) per limited partnership interest have been computed by
     dividing the aggregate limited partners' share of net income (loss) by the
     weighted average number of limited partnership interests outstanding during
     the period, 9,986,000 in 1998 and 1997, respectively.

F.   MANAGEMENT AGREEMENT

     The Partnership has an agreement with Las Posas Investment Company and
     Mr. Neno Spondello, Jr. to manage and market the Partnership properties.

G.   STATEMENT BY MANAGEMENT

     In the opinion of the Management, the financial information presented 
     herein reflects all adjustments which are necessary to a fair statement of 
     the results for the interim periods presented.

Item 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION AND RESULTS OF OPERATIONS


Results of Operations

Crop sales for the quarter ended March 31, 1998, were $74,000, compared to
$82,000 for the same quarter in 1997.  The quarterly decrease in crop revenue is
attributed to picking 124,000 pounds of avocados this quarter compared to
131,000 the prior year's quarter ended March 31.  Crop prices for the quarter
ended March 31, 1998, averaged $.59 per pound compared to $.63 per pound in
the same quarter in 1997.  Avocado production in 1998 is budgeted at 487,000
pounds; however, this may vary somewhat based on weather conditions, the
impact of the normal tree cycle and the effects of the "avocado" persea mite. 
Pounds produced in 1997 were 416,000.

Operating costs and expenses for the quarter ended March 31, 1998, decreased
$5,000, from $93,000 to $88,000.  Cultural care costs decreased $12,000 from
$52,000 to $40,000.  The main reason for the decrease results from significantly
reduced irrigation and water costs due to the heavy rainfall.

Professional Services increased $3,000 from $37,000 to $40,000.  The increase
results from investor services costs related to the conversion to Windows and
payment of the 2% of gross partnership cash receipts to the "manager" for its
services which was higher than the prior quarter ended March 31, due to a loan
payoff.  

Other expenses increased $4,000 from $4,000 to $8,000 mainly as a result of
$3,000 in property taxes paid on one parcel foreclosed in the quarter ended
December 31, 1997.

Other income increased $12,000 from $46,000 to $58,000.  The increase is
mainly attributed to recognizing deferred profit of $25,000 from the early
payoff of one note totaling $118,000 during the quarter ended March 31, 1998.

There were no sales in the quarter ended March 31, 1998.  The marketing and
sales program is actively underway for all of the remaining 17 parcels totaling
165 acres.  Sales activity is increasing and we expect offers on several parcels
next quarter.

Liquidity and Capital Resources

As of March 31, 1998, the Partnership has cash reserves of approximately
$451,000 to cover operating expenses and the small amount of remaining real
estate development costs.  This is expected to be sufficient to comply with the
business plan.

PART II

OTHER INFORMATION


Item 6.   EXHIBITS AND REPORTS ON FORM 8-K

          (b)  No reports on Form 8-K were filed by the Registrant during the
               quarter ended March 31, 1998.


SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


DATE:     May 13, 1998              GREEN GOLD CONSOLIDATED,
                                    a California limited partnership
                                    (Registrant)


                                    By:       Economic Consultants,
                                         a California Partnership,
                                         General Partner


                                         By:       /s/Daniel Lee Stephenson
                                              Daniel Lee Stephenson,
                                              General Partner


                                         By:       /s/Tom A. Leevers
                                              Tom A. Leevers,
                                              General Partner