1

                                 EXHIBIT 23.01
                         CONSENT OF GRAHAM & JAMES, LLP





Exhibit Index
   2


                         CONSENT OF GRAHAM & JAMES LLP


         The undersigned hereby consents to the reference to it under the
caption "Legal Opinions" and "Federal Income Tax Considerations" in the
Prospectus/Consent Solicitation Statement which constitutes a part of the Form
S-4 Registration Statement for AeroCentury Corp.  The undersigned also consent
to the inclusion in the Registration Statement of its opinions as Exhibit 5.01
and 8.01 thereto.



                                        /s/ GRAHAM & JAMES LLP
                                        ------------------------------------
                                        GRAHAM & JAMES LLP
                                        July 23, 1997