As filed with the Securities and Exchange Commission on
March 20, 1998

                                   Registration No. 333-


                                        

                  SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 20549

                               FORM S-8

                        REGISTRATION STATEMENT

                                 UNDER

                      THE SECURITIES ACT OF 1933


                          McKESSON CORPORATION
        (Exact name of registrant as specified in its charter)


Delaware                                     94-3207296
(State or other jurisdiction of              (I.R.S. Employer
incorporation or organization)               Identification No.)



One Post Street
San Francisco, California                    94104
(Address of Principal Executive Offices)     (Zip Code)


     McKesson Corporation 1998 Canadian Stock Incentive Plan
                      (Full Title of Plan)


Nancy A. Miller                         Ivan D. Meyerson
Vice President and                      Vice President and
 Corporate Secretary                     General Counsel
One Post Street                         One Post Street
San Francisco, CA 94104                 San Francisco, CA 94104
(Name and address of agents for service)

                         (415) 983-8300
(Telephone number, including area code, of agents for service)


The Registration Statement shall become effective upon filing in
accordance with Rule 462 under the Securities Act of 1933.

H:\WPDATA\DOCS\S8-RPT/S8-MEDIS.98
                    CALCULATION OF REGISTRATION FEE




                          Proposed      Proposed
Title of                  Maximum       Maximum
Securities     Amount to  Offering      Aggregate      Amount of
to be          be Regis-  Price         Offering       Registra-
Registered     tered      Per Share(1)  Price(1)       tion Fee
----------------------------------------------------------------
Common Stock
par value $.01
per share      200,000   $59.438        $11,887,600    $3,507
                              
Rights to
purchase
Preferred
Stock (2)      200,000   N/A            N/A            N/A

Total
Registration
Fee            N/A       N/A            N/A            $3,507


------------

(1)  In accordance with Rule 457, calculated on the basis of the
     average of the high and low prices of the Company's Common
     Stock as reported on the New York Stock Exchange on March
     17, 1998.

(2)  Associated with the Common Stock are Rights to purchase
     Series A Junior Participating Preferred Stock that will not
     be exercisable or evidenced separately from the Common Stock
     prior to the occurrence of certain events.

------------















                             PART I

      INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS


Item 1.   Plan Information.*

Item 2.   Registrant Information and Employee Plan Annual
Information.*

*    Information required by Part I to be contained in the
Section 10(a) prospectus is omitted from this Registration
Statement in accordance with Rule 428 under the Securities Act of
1933, as amended ("the Securities Act"), and the Note to Part I
of Form S-8.


                             PART II

       INFORMATION REQUIRED IN THE REGISTRATION STATEMENT


Item 3.   Incorporation of Documents by Reference.

     The following documents previously filed or to be filed by
the Registrant with the Securities and Exchange Commission are
hereby incorporated by reference in this Registration Statement:

     (a)  Annual Report on Form 10-K for the fiscal year ended
March 31, 1997;

     (b)  Quarterly Reports on Form 10-Q for the quarters ended
June 30, September 30 and December 31, 1997.

     (c)  Current Reports on Form 8-K dated November 22, 1996 (as
amended by Amendment No. 1 on Form 8-K/A filed on January 21,
1997 as further amended by Amendment No. 2 on Form 8-K/A filed on
April 28, 1997), April 7, 1997, June 13, 1997, June 24, 1997,
September 5, 1997, September 24, 1997, October 31, 1997, February
24, 1998, and March 19, 1998.

     (d)  The description of the Registrant's common stock
contained in the Registrant's Registration Statement on Form 10
(File No. 1-13252) and the Rights Agreement dated as of
October 21, 1994 between the Registrant and First Chicago Trust
Company of New York, as Rights Agent, filed as Exhibit 4.1 to
Amendment No. 3 to the Registrant's Registration Statement on
Form 10.

     All documents subsequently filed by the Registrant pursuant
to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange
Act of 1934 shall be deemed to be incorporated by reference in
this Registration Statement and to be part hereof from the date
of filing of such documents until a post-effective amendment of
this Registration Statement is filed which indicates that all
securities being offered hereby have been sold or which 
deregisters all securities then remaining unsold.

Item 4.   Description of Securities.

          Not applicable.

Item 5.   Interests of Named Experts and Counsel.

          The legality of the securities offered hereby will be
passed upon for the Registrant by Ivan D. Meyerson, Vice
President and General Counsel of the Registrant, who owns less
than 1% of the Registrant's Common Stock.

Item 6.  Indemnification of Officers and Directors.

     Paragraph 7 of Article VI of the Registrant's Restated
Certificate of Incorporation provides as follows:

     "7.  The Corporation shall indemnify (a) its directors to
     the fullest extent permitted by the laws of the State of
     Delaware now or hereafter in force, including the advance-
     ment of expenses under the procedures provided by such laws,
     (b) all of its officers to the same extent as it shall
     indemnify its directors, and (c) its officers who are not
     directors to such further extent as shall be authorized by
     the Board of Directors and be consistent with law.  Subject
     only to any limitations prescribed by the laws of the State
     of Delaware now or hereafter in force, the foregoing shall
     not limit the authority of the Corporation to indemnify the
     directors, officers and other employees and agents of this
     Corporation consistent with law and shall not be deemed to
     be exclusive of any rights to which those indemnified may be
     entitled as a matter of law or under any resolution, By-Law
     provision, or agreement."

     Under Section 145 of the General Corporation Law of the
State of Delaware, the state in which the Company is
incorporated, a Delaware corporation has the power, under
specified circumstances, to indemnify its directors, officers,
employees and agents in connection with actions, suits or
proceedings brought against them by a third party, or by or in
the right of the corporation, by reason of the fact that they
were or are such directors, officers, employees or agents.  In
general, Section 145 provides that a corporation has the power to
indemnify directors, officers, employees or agents where the
individual acted in good faith and in a manner such individual
reasonably believed to be in, or not opposed to, the best
interests of the corporation, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe such
individual's conduct was unlawful.  In circumstances where the
individual shall have been adjudged to be liable for negligence
or misconduct in the performance of such individual's duty to the
corporation, indemnification will be allowed only to the extent
that the court considering the action decides, in view of the
circumstances, the individual is entitled to indemnity.

     The directors and officers of the Company and its
subsidiaries are covered by policies of insurance under which
they are insured, within limits and subject to the limitations of
the policies, against certain expenses in connection with the
defense of actions, suits or proceedings, and certain liabilities
which might be imposed as a result of such actions, suits or
proceedings, in which they are parties by reason of being or
having been directors or officers; the Company is similarly
insured, with respect to certain payments it might be required to
make to its directors or officers under the applicable statutes
and its charter provisions.  In addition, pursuant to authority
contained in Article VIII of the Company's Restated By-Laws
("Article VIII"), the Company has entered into indemnification
agreements with its directors and officers.  Those agreements, in
effect, give each director and officer a contractual right to
assert against the Company the indemnification rights provided to
them in Article VIII upon the occurrence of an Indemnifiable
Event (as defined in the agreements).  The agreements further
provide for the funding of a trust by the Company in certain
specified circumstances in an amount sufficient to satisfy the
indemnitees' expenses and liabilities relating to an
Indemnifiable Event.


Item 7.   Exemption from Registration Claimed.

          Not applicable.

Item 8.   Exhibits.

          4.1       Rights Agreement dated as of October 21, 1994
                    between the Registrant and First Chicago
                    Trust Company of New York, as Rights Agent,
                    filed as Exhibit 4.1 to Amendment No. 3 to
                    the Registrant's Registration Statement on
                    Form 10 and incorporated herein by reference.

          5.1*      Opinion of Ivan D. Meyerson, Vice President
                    and General Counsel of the Registrant
                    regarding the legality of the securities
                    being offered.



          23.1*     Consent of Ivan D. Meyerson, Vice President
                    and General Counsel of the Registrant is
                    included in Exhibit 5.1 to this Registration
                    Statement.

          23.2*     Independent Auditors' Consent

          24.1*     Powers of Attorney pursuant to which certain
                    officers and directors of the Registrant
                    signed this Registration Statement.

----------------
* Filed herewith


Item 9.   Undertakings.

     (a)  The undersigned registrant hereby undertakes:

          (1)  To file, during any period in which offers or
sales are being made of the securities registered hereby, a
post-effective amendment to this registration statement:

               (i)  To include any prospectus required by Section
10(a)(3) of the Securities Act of 1933;

               (ii) To reflect in the prospectus any facts or
events arising after the effective date of the registration
statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration
statement.  Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if,
in the aggregate, the changes in volume and price represent no
more than a 20% change in the maximum aggregate offering price
set forth in the "Calculation of Registration Fee" table in the
effective Registration Statement;

               (iii) To include any material information with
respect to the plan of distribution not previously disclosed in
the registration statement or any material change to such
information in the registration statement; provided, however,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed by the
registrant pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934 that are incorporated by
reference in the registration statement.

          (2)  That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective
amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial
bona fide offering thereof.

          (3)  To remove from registration by means of a post-
effective amendment any of the securities being registered which
remain unsold at the termination of the offering.

     (b)  The undersigned registrant hereby undertakes that, for
purposes of determining any liability under the Securities Act of
1933, each filing of the registrant's annual report pursuant to
Section 13(a) or Section 15(d) of the Securities Exchange Act of
1934 that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial
bona fide offering thereof.

     (c)  Insofar as indemnification for liabilities arising
under the Securities Act of 1933 may be permitted to directors,
officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as
expressed in the Securities Act of 1933 and is, therefore,
unenforceable.  In the event that a claim for indemnification
against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of
any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of
its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as
expressed in the Securities Act of 1933 and will be governed by
the final adjudication of such issue.













                           SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933,
the Registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on Form
S-8 and has duly caused this Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in
the City of San Francisco, State of California, on the 20th day
of March 1998.

                                  McKESSON CORPORATION
                                   (Registrant)


                                   /s/ Nancy A. Miller
                                   By:  Nancy A. Miller
                                   Vice President and Secretary


     Pursuant to the requirements of the Securities Act of 1933,
this Registration Statement has been signed by the following
persons in the capacities indicated on the 20th day of March
1998.


Signature                Title 
---------                ----- 


*
-----------------
Mark A. Pulido           President and
                         Chief Executive Officer and Director
                         (Principal Executive Officer)


*
-----------------
Richard H. Hawkins       Vice President and
                         Chief Financial Officer
                         (Principal Financial Officer)


*
-----------------
Heidi E. Yodowitz        Controller
                         (Principal Accounting Officer)


*
-----------------
Alan J. Seelenfreund     Director, Chairman of the Board

*
-----------------
Mary G.F. Bitterman      Director
                    


*
-----------------
Tully M. Friedman        Director


*
-----------------
David S. Pottruck        Director


*
----------------
John M. Pietruski        Director


*
----------------
Carl E. Reichardt        Director


*
----------------
Jane E. Shaw             Director






*By: Nancy A. Miller
     ---------------
     (Attorney-in-Fact)















                        INDEX TO EXHIBITS



Exhibit
 No.                Description    
----------------------------------------------------------------

4.1       Rights Agreement dated as of October 21, 1994 between
          the Registrant and First Chicago Trust Company of New
          York, as Rights Agent, filed as Exhibit 4.1 to
          Amendment No. 3 to the Registrant's Registration
          Statement on Form 10 and incorporated herein by
          reference.

5.1*      Opinion of Ivan D. Meyerson, Vice President and
          General Counsel of the Registrant regarding the
          legality of the securities being offered.

23.1*     Consent of Ivan D. Meyerson, Vice President and
          General Counsel of the Registrant is included in
          Exhibit 5.1 to this Registration Statement.
          
23.2*     Independent Auditors' Consent

24.1*     Powers of Attorney pursuant to which certain         
          officers and directors of the Registrant          
          signed this Registration Statement.




----------------
* Filed herewith


















                                        EXHIBITS 5.1 and 23.1


March 20, 1998


McKesson Corporation
McKesson Plaza
One Post Street
San Francisco, CA 94104




I am General Counsel of McKesson Corporation, a Delaware
corporation (the "Company").  In that capacity I have reviewed
the Registration Statement on Form S-8 to be filed by the Company
with the Securities and Exchange Commission under the Securities
Act of 1933 with respect to 200,000 shares of the Company's
Common Stock, par value $0.01 per share, issuable pursuant to the
McKesson Corporation 1998 Canadian Stock Incentive Plan (the
"1998 Plan").  As General Counsel, I am familiar with the
Company's Restated Certificate of Incorporation and its Restated
By-Laws, as amended to date.  I have also examined such other
documents, corporate records and instruments as I have deemed
necessary or appropriate for the purpose of this opinion.

Based upon the foregoing, I am of the opinion that such shares of
Common Stock of the Company, when issued in accordance with the
1998 Plan, will be legally issued, fully paid and non-assessable.

I hereby consent to the filing of this opinion with the
Securities and Exchange Commission as Exhibit 5.1 to the
Registration Statement.

Very truly yours,





/s/Ivan D. Meyerson
Vice President and General Counsel









                                                  EXHIBIT 23.2





                     INDEPENDENT AUDITORS' CONSENT


We consent to the incorporation by reference in this Registration
Statement of McKesson Corporation ("McKesson") on Form S-8 of our
report dated May 16, 1997 on McKesson's consolidated financial
statements and consolidated supplementary financial schedule,
both such reports appearing in the Annual Report on Form 10-K of
McKesson Corporation for the year ended March 31, 1997, and our
report on FoxMeyer Corporation's consolidated financial
statements dated June 28, 1996 (March 18, 1997 as to paragraph
seven of Note Q), which report expresses an unqualified opinion
and includes an explanatory paragraph relating to the sale of the
principal assets of FoxMeyer Corporation and its Chapter 7
bankruptcy filing, appearing in the Current Report on Form 8-K/A
of McKesson Corporation filed with the Securities and Exchange
Commission on April 28, 1997.



/s/DELOITTE & TOUCHE LLP





DELOITTE & TOUCHE LLP
San Francisco, California
Dallas, Texas



March 19, 1998














                                                  EXHIBIT 24.1




                           POWER OF ATTORNEY



KNOW ALL MEN BY THESE PRESENTS:

          WHEREAS, McKesson Corporation, a Delaware Corporation
(the "Company"), contemplates filing with the Securities and
Exchange Commission at Washington, D.C., under the provisions of
the Securities Act of 1933, as amended, and the regulations
promulgated thereunder, a Registration Statement on Form S-8 (and
amendments thereto, including post-effective amendments), with
respect to shares of Common Stock, $0.01 par value, of the
Company to be issued by the Company pursuant to the McKesson
Corporation 1998 Canadian Stock Incentive Plan; and

          WHEREAS, the undersigned is an officer or director, or
both, of the Company,

           NOW, THEREFORE, the undersigned hereby constitutes and
appoints Ivan D. Meyerson and Nancy A. Miller, and each of them,
his or her true and lawful attorneys-in-fact and agents, with
full power of substitution and resubstitution, for such person
and in his or her name, place and stead, in any and all
capacities, to sign the aforementioned Registration Statement and
any and all amendments (including post-effective amendments)
thereto and other documents in connection therewith, and to file
the same with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents full power and authority
to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully as to
all intents and purposes as he or she might or could do in
person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or their substitutes, may lawfully
do and cause to be done by virtue hereof.

          IN WITNESS WHEREOF, the undersigned has hereunto set
his or her hand this 20th day of March, 1998.



/s/Mark A. Pulido



/s/Richard H. Hawkins



/s/Heidi E. Yodowitz



/s/Alan J. Seelenfreund



/s/Mary G.F. Bitterman



/s/Tully M. Friedman



/s/John M. Pietruski



/s/David S. Pottruck



/s/Carl E. Reichardt



/s/Jane E. Shaw






















March 20, 1998



Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, NW
Washington, DC 20549-1004

Re:  McKesson Corporation - Direct Transmission
     Form S-8 Registration Statement

Ladies and Gentlemen:

On behalf of McKesson Corporation (the "Company"), and in
connection with the registration of 200,000 additional shares of
Common Stock, $0.01 par value, of the Company to be issued by the
Company pursuant to the 1998 Canadian Stock Incentive Plan, we
transmit herewith for filing under the Securities Act of 1933, as
amended, the Company's registration statement on Form S-8,
together with all exhibits, other than those previously filed
with the Commission and incorporated herein by reference.

Payment of the registration fee in the amount of $3,507.00 was
remitted by wire transfer to the Commission's account at Mellon
Bank in Pittsburgh, PA on March 19, 1998.

Should you have any questions concerning this filing, please
telephone me collect (tel. (415) 983-8301) or, in my absence,
Ivan Meyerson, Vice President and General Counsel for the Company
(tel. (415) 983-8319).

Very truly yours,

McKESSON CORPORATION




By /s/NANCY A. MILLER
Vice President and Corporate Secretary

NAM/DTI/it
cc:  New York Stock Exchange, Inc.
     Pacific Exchange, Inc.
[{"type": "S-8", "sequence": "1", "secsgml_size_bytes": 23249}]
{"company-data": {"conformed-name": "MCKESSON CORP", "cik": "0000927653", "assigned-sic": "5122", "irs-number": "943207296", "state-of-incorporation": "DE", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-48339", "film-number": "98569888"}, "business-address": {"street1": "ONE POST ST", "street2": "MCKESSON PLAZA", "city": "SAN FRANCISCO", "state": "CA", "zip": "94104", "phone": "4159838300"}, "mail-address": {"street1": "ONE POST ST", "city": "SAN FRANCISCO", "state": "CA", "zip": "94104"}, "former-company": {"former-conformed-name": "SP VENTURES INC", "date-changed": "19940728"}}
As filed with the Securities and Exchange Commission on
March 20, 1998

                                   Registration No. 333-

                                        

                  SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 20549

                               FORM S-8

                        REGISTRATION STATEMENT

                                 UNDER

                      THE SECURITIES ACT OF 1933

                          McKESSON CORPORATION
        (Exact name of registrant as specified in its charter)

Delaware                                     94-3207296
(State or other jurisdiction of              (I.R.S. Employer
incorporation or organization)               Identification No.)

One Post Street
San Francisco, California                    94104
(Address of Principal Executive Offices)     (Zip Code)

     McKesson Corporation 1998 Canadian Stock Incentive Plan
                      (Full Title of Plan)

Nancy A. Miller                         Ivan D. Meyerson
Vice President and                      Vice President and
 Corporate Secretary                     General Counsel
One Post Street                         One Post Street
San Francisco, CA 94104                 San Francisco, CA 94104
(Name and address of agents for service)

                         (415) 983-8300
(Telephone number, including area code, of agents for service)

The Registration Statement shall become effective upon filing in
accordance with Rule 462 under the Securities Act of 1933.

H:\WPDATA\DOCS\S8-RPT/S8-MEDIS.98
                    CALCULATION OF REGISTRATION FEE

                          Proposed      Proposed
Title of                  Maximum       Maximum
Securities     Amount to  Offering      Aggregate      Amount of
to be          be Regis-  Price         Offering       Registra-
Registered     tered      Per Share(1)  Price(1)       tion Fee
----------------------------------------------------------------
Common Stock
par value $.01
per share      200,000   $59.438        $11,887,600    $3,507
                              
Rights to
purchase
Preferred
Stock (2)      200,000   N/A            N/A            N/A

Total
Registration
Fee            N/A       N/A            N/A            $3,507

------------

(1)  In accordance with Rule 457, calculated on the basis of the
     average of the high and low prices of the Company's Common
     Stock as reported on the New York Stock Exchange on March
     17, 1998.

(2)  Associated with the Common Stock are Rights to purchase
     Series A Junior Participating Preferred Stock that will not
     be exercisable or evidenced separately from the Common Stock
     prior to the occurrence of certain events.

------------

                             PART I

      INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

Item 1.   Plan Information.*

Item 2.   Registrant Information and Employee Plan Annual
Information.*

*    Information required by Part I to be contained in the
Section 10(a) prospectus is omitted from this Registration
Statement in accordance with Rule 428 under the Securities Act of
1933, as amended ("the Securities Act"), and the Note to Part I
of Form S-8.

                             PART II

       INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3.   Incorporation of Documents by Reference.

     The following documents previously filed or to be filed by
the Registrant with the Securities and Exchange Commission are
hereby incorporated by reference in this Registration Statement:

     (a)  Annual Report on Form 10-K for the fiscal year ended
March 31, 1997;

     (b)  Quarterly Reports on Form 10-Q for the quarters ended
June 30, September 30 and December 31, 1997.

     (c)  Current Reports on Form 8-K dated November 22, 1996 (as
amended by Amendment No. 1 on Form 8-K/A filed on January 21,
1997 as further amended by Amendment No. 2 on Form 8-K/A filed on
April 28, 1997), April 7, 1997, June 13, 1997, June 24, 1997,
September 5, 1997, September 24, 1997, October 31, 1997, February
24, 1998, and March 19, 1998.

     (d)  The description of the Registrant's common stock
contained in the Registrant's Registration Statement on Form 10
(File No. 1-13252) and the Rights Agreement dated as of
October 21, 1994 between the Registrant and First Chicago Trust
Company of New York, as Rights Agent, filed as Exhibit 4.1 to
Amendment No. 3 to the Registrant's Registration Statement on
Form 10.

     All documents subsequently filed by the Registrant pursuant
to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange
Act of 1934 shall be deemed to be incorporated by reference in
this Registration Statement and to be part hereof from the date
of filing of such documents until a post-effective amendment of
this Registration Statement is filed which indicates that all
securities being offered hereby have been sold or which 
deregisters all securities then remaining unsold.

Item 4.   Description of Securities.

          Not applicable.

Item 5.   Interests of Named Experts and Counsel.

          The legality of the securities offered hereby will be
passed upon for the Registrant by Ivan D. Meyerson, Vice
President and General Counsel of the Registrant, who owns less
than 1% of the Registrant's Common Stock.

Item 6.  Indemnification of Officers and Directors.

     Paragraph 7 of Article VI of the Registrant's Restated
Certificate of Incorporation provides as follows:

     "7.  The Corporation shall indemnify (a) its directors to
     the fullest extent permitted by the laws of the State of
     Delaware now or hereafter in force, including the advance-
     ment of expenses under the procedures provided by such laws,
     (b) all of its officers to the same extent as it shall
     indemnify its directors, and (c) its officers who are not
     directors to such further extent as shall be authorized by
     the Board of Directors and be consistent with law.  Subject
     only to any limitations prescribed by the laws of the State
     of Delaware now or hereafter in force, the foregoing shall
     not limit the authority of the Corporation to indemnify the
     directors, officers and other employees and agents of this
     Corporation consistent with law and shall not be deemed to
     be exclusive of any rights to which those indemnified may be
     entitled as a matter of law or under any resolution, By-Law
     provision, or agreement."

     Under Section 145 of the General Corporation Law of the
State of Delaware, the state in which the Company is
incorporated, a Delaware corporation has the power, under
specified circumstances, to indemnify its directors, officers,
employees and agents in connection with actions, suits or
proceedings brought against them by a third party, or by or in
the right of the corporation, by reason of the fact that they
were or are such directors, officers, employees or agents.  In
general, Section 145 provides that a corporation has the power to
indemnify directors, officers, employees or agents where the
individual acted in good faith and in a manner such individual
reasonably believed to be in, or not opposed to, the best
interests of the corporation, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe such
individual's conduct was unlawful.  In circumstances where the
individual shall have been adjudged to be liable for negligence
or misconduct in the performance of such individual's duty to the
corporation, indemnification will be allowed only to the extent
that the court considering the action decides, in view of the
circumstances, the individual is entitled to indemnity.

     The directors and officers of the Company and its
subsidiaries are covered by policies of insurance under which
they are insured, within limits and subject to the limitations of
the policies, against certain expenses in connection with the
defense of actions, suits or proceedings, and certain liabilities
which might be imposed as a result of such actions, suits or
proceedings, in which they are parties by reason of being or
having been directors or officers; the Company is similarly
insured, with respect to certain payments it might be required to
make to its directors or officers under the applicable statutes
and its charter provisions.  In addition, pursuant to authority
contained in Article VIII of the Company's Restated By-Laws
("Article VIII"), the Company has entered into indemnification
agreements with its directors and officers.  Those agreements, in
effect, give each director and officer a contractual right to
assert against the Company the indemnification rights provided to
them in Article VIII upon the occurrence of an Indemnifiable
Event (as defined in the agreements).  The agreements further
provide for the funding of a trust by the Company in certain
specified circumstances in an amount sufficient to satisfy the
indemnitees' expenses and liabilities relating to an
Indemnifiable Event.

Item 7.   Exemption from Registration Claimed.

          Not applicable.

Item 8.   Exhibits.

          4.1       Rights Agreement dated as of October 21, 1994
                    between the Registrant and First Chicago
                    Trust Company of New York, as Rights Agent,
                    filed as Exhibit 4.1 to Amendment No. 3 to
                    the Registrant's Registration Statement on
                    Form 10 and incorporated herein by reference.

          5.1*      Opinion of Ivan D. Meyerson, Vice President
                    and General Counsel of the Registrant
                    regarding the legality of the securities
                    being offered.

          23.1*     Consent of Ivan D. Meyerson, Vice President
                    and General Counsel of the Registrant is
                    included in Exhibit 5.1 to this Registration
                    Statement.

          23.2*     Independent Auditors' Consent

          24.1*     Powers of Attorney pursuant to which certain
                    officers and directors of the Registrant
                    signed this Registration Statement.

----------------
* Filed herewith

Item 9.   Undertakings.

     (a)  The undersigned registrant hereby undertakes:

          (1)  To file, during any period in which offers or
sales are being made of the securities registered hereby, a
post-effective amendment to this registration statement:

               (i)  To include any prospectus required by Section
10(a)(3) of the Securities Act of 1933;

               (ii) To reflect in the prospectus any facts or
events arising after the effective date of the registration
statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration
statement.  Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if,
in the aggregate, the changes in volume and price represent no
more than a 20% change in the maximum aggregate offering price
set forth in the "Calculation of Registration Fee" table in the
effective Registration Statement;

               (iii) To include any material information with
respect to the plan of distribution not previously disclosed in
the registration statement or any material change to such
information in the registration statement; provided, however,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed by the
registrant pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934 that are incorporated by
reference in the registration statement.

          (2)  That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective
amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial
bona fide offering thereof.

          (3)  To remove from registration by means of a post-
effective amendment any of the securities being registered which
remain unsold at the termination of the offering.

     (b)  The undersigned registrant hereby undertakes that, for
purposes of determining any liability under the Securities Act of
1933, each filing of the registrant's annual report pursuant to
Section 13(a) or Section 15(d) of the Securities Exchange Act of
1934 that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial
bona fide offering thereof.

     (c)  Insofar as indemnification for liabilities arising
under the Securities Act of 1933 may be permitted to directors,
officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as
expressed in the Securities Act of 1933 and is, therefore,
unenforceable.  In the event that a claim for indemnification
against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of
any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of
its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as
expressed in the Securities Act of 1933 and will be governed by
the final adjudication of such issue.

                           SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933,
the Registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on Form
S-8 and has duly caused this Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in
the City of San Francisco, State of California, on the 20th day
of March 1998.

                                  McKESSON CORPORATION
                                   (Registrant)

                                   /s/ Nancy A. Miller
                                   By:  Nancy A. Miller
                                   Vice President and Secretary

     Pursuant to the requirements of the Securities Act of 1933,
this Registration Statement has been signed by the following
persons in the capacities indicated on the 20th day of March
1998.

Signature                Title 
---------                ----- 

*
-----------------
Mark A. Pulido           President and
                         Chief Executive Officer and Director
                         (Principal Executive Officer)

*
-----------------
Richard H. Hawkins       Vice President and
                         Chief Financial Officer
                         (Principal Financial Officer)

*
-----------------
Heidi E. Yodowitz        Controller
                         (Principal Accounting Officer)

*
-----------------
Alan J. Seelenfreund     Director, Chairman of the Board

*
-----------------
Mary G.F. Bitterman      Director
                    

*
-----------------
Tully M. Friedman        Director

*
-----------------
David S. Pottruck        Director

*
----------------
John M. Pietruski        Director

*
----------------
Carl E. Reichardt        Director

*
----------------
Jane E. Shaw             Director

*By: Nancy A. Miller
     ---------------
     (Attorney-in-Fact)

                        INDEX TO EXHIBITS

Exhibit
 No.                Description    
----------------------------------------------------------------

4.1       Rights Agreement dated as of October 21, 1994 between
          the Registrant and First Chicago Trust Company of New
          York, as Rights Agent, filed as Exhibit 4.1 to
          Amendment No. 3 to the Registrant's Registration
          Statement on Form 10 and incorporated herein by
          reference.

5.1*      Opinion of Ivan D. Meyerson, Vice President and
          General Counsel of the Registrant regarding the
          legality of the securities being offered.

23.1*     Consent of Ivan D. Meyerson, Vice President and
          General Counsel of the Registrant is included in
          Exhibit 5.1 to this Registration Statement.
          
23.2*     Independent Auditors' Consent

24.1*     Powers of Attorney pursuant to which certain         
          officers and directors of the Registrant          
          signed this Registration Statement.

----------------
* Filed herewith

                                        EXHIBITS 5.1 and 23.1

March 20, 1998

McKesson Corporation
McKesson Plaza
One Post Street
San Francisco, CA 94104

I am General Counsel of McKesson Corporation, a Delaware
corporation (the "Company").  In that capacity I have reviewed
the Registration Statement on Form S-8 to be filed by the Company
with the Securities and Exchange Commission under the Securities
Act of 1933 with respect to 200,000 shares of the Company's
Common Stock, par value $0.01 per share, issuable pursuant to the
McKesson Corporation 1998 Canadian Stock Incentive Plan (the
"1998 Plan").  As General Counsel, I am familiar with the
Company's Restated Certificate of Incorporation and its Restated
By-Laws, as amended to date.  I have also examined such other
documents, corporate records and instruments as I have deemed
necessary or appropriate for the purpose of this opinion.

Based upon the foregoing, I am of the opinion that such shares of
Common Stock of the Company, when issued in accordance with the
1998 Plan, will be legally issued, fully paid and non-assessable.

I hereby consent to the filing of this opinion with the
Securities and Exchange Commission as Exhibit 5.1 to the
Registration Statement.

Very truly yours,

/s/Ivan D. Meyerson
Vice President and General Counsel

                                                  EXHIBIT 23.2

                     INDEPENDENT AUDITORS' CONSENT

We consent to the incorporation by reference in this Registration
Statement of McKesson Corporation ("McKesson") on Form S-8 of our
report dated May 16, 1997 on McKesson's consolidated financial
statements and consolidated supplementary financial schedule,
both such reports appearing in the Annual Report on Form 10-K of
McKesson Corporation for the year ended March 31, 1997, and our
report on FoxMeyer Corporation's consolidated financial
statements dated June 28, 1996 (March 18, 1997 as to paragraph
seven of Note Q), which report expresses an unqualified opinion
and includes an explanatory paragraph relating to the sale of the
principal assets of FoxMeyer Corporation and its Chapter 7
bankruptcy filing, appearing in the Current Report on Form 8-K/A
of McKesson Corporation filed with the Securities and Exchange
Commission on April 28, 1997.

/s/DELOITTE & TOUCHE LLP

DELOITTE & TOUCHE LLP
San Francisco, California
Dallas, Texas

March 19, 1998

                                                  EXHIBIT 24.1

                           POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS:

          WHEREAS, McKesson Corporation, a Delaware Corporation
(the "Company"), contemplates filing with the Securities and
Exchange Commission at Washington, D.C., under the provisions of
the Securities Act of 1933, as amended, and the regulations
promulgated thereunder, a Registration Statement on Form S-8 (and
amendments thereto, including post-effective amendments), with
respect to shares of Common Stock, $0.01 par value, of the
Company to be issued by the Company pursuant to the McKesson
Corporation 1998 Canadian Stock Incentive Plan; and

          WHEREAS, the undersigned is an officer or director, or
both, of the Company,

           NOW, THEREFORE, the undersigned hereby constitutes and
appoints Ivan D. Meyerson and Nancy A. Miller, and each of them,
his or her true and lawful attorneys-in-fact and agents, with
full power of substitution and resubstitution, for such person
and in his or her name, place and stead, in any and all
capacities, to sign the aforementioned Registration Statement and
any and all amendments (including post-effective amendments)
thereto and other documents in connection therewith, and to file
the same with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents full power and authority
to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully as to
all intents and purposes as he or she might or could do in
person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or their substitutes, may lawfully
do and cause to be done by virtue hereof.

          IN WITNESS WHEREOF, the undersigned has hereunto set
his or her hand this 20th day of March, 1998.

/s/Mark A. Pulido

/s/Richard H. Hawkins

/s/Heidi E. Yodowitz

/s/Alan J. Seelenfreund

/s/Mary G.F. Bitterman

/s/Tully M. Friedman

/s/John M. Pietruski

/s/David S. Pottruck

/s/Carl E. Reichardt

/s/Jane E. Shaw

March 20, 1998

Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, NW
Washington, DC 20549-1004

Re:  McKesson Corporation - Direct Transmission
     Form S-8 Registration Statement

Ladies and Gentlemen:

On behalf of McKesson Corporation (the "Company"), and in
connection with the registration of 200,000 additional shares of
Common Stock, $0.01 par value, of the Company to be issued by the
Company pursuant to the 1998 Canadian Stock Incentive Plan, we
transmit herewith for filing under the Securities Act of 1933, as
amended, the Company's registration statement on Form S-8,
together with all exhibits, other than those previously filed
with the Commission and incorporated herein by reference.

Payment of the registration fee in the amount of $3,507.00 was
remitted by wire transfer to the Commission's account at Mellon
Bank in Pittsburgh, PA on March 19, 1998.

Should you have any questions concerning this filing, please
telephone me collect (tel. (415) 983-8301) or, in my absence,
Ivan Meyerson, Vice President and General Counsel for the Company
(tel. (415) 983-8319).

Very truly yours,

McKESSON CORPORATION

By /s/NANCY A. MILLER
Vice President and Corporate Secretary

NAM/DTI/it
cc:  New York Stock Exchange, Inc.
     Pacific Exchange, Inc.