EXHIBIT 23.5


                       CONSENT OF MORGAN JOSEPH & CO. INC.


         We hereby consent to the inclusion of our opinion letter, dated
November 4, 2002, to the Special Committee of the Board of Directors of Tremont
Corporation ("Tremont") as Appendix B to the Proxy Statement/Prospectus that
forms a part of the Registration Statement on Form S-4 of Valhi, Inc. relating
to the proposed merger of Valhi Acquisition Corp., a wholly-owned subsidiary of
Valhi, Inc., with and into Tremont and to the references to such opinion and
Morgan Joseph & Co. Inc. in the Proxy Statement/Prospectus under the sections
captioned "Summary" and "The Merger." In giving such consent, we do not admit
that we come within the category of persons whose consent is required under, and
we do not admit that we are, "experts" for the purposes of, the Securities Act
of 1933, as amended, and the rules and regulations promulgated thereunder.


                                         MORGAN JOSEPH & CO. INC.


November 15, 2002