Abstract: A double-beam, time-sharing, ratio-recording spectrophotometer in which the reference signal data is evaluated both in an actual demodulation cycle and in a different cycle, which may be either a preceding or a following cycle. The two evaluations are combined to produce derived reference signal data. Ratioing means are included for extracting the ratio between the sample signal data evaluated in an actual demodulation cycle and the derived reference signal data. Predetermined multiplying factors may be used in arriving at the derived reference signal data. The interpolation of reference signal data from actual and non-actual demodulation cycles enables the effect of uncompensation on photometric accuracy to be minimized. Uncompensation results from the fact that in a time-sharing spectrophotometer sample and reference signal data do not occur at the same time and do not therefore relate to the same environment and the same wavelength.