Abstract: A combined compensator and off-loading valve comprising a system pressure gallery connected to a tank or low pressure gallery by a plunger valve, the plunger having a greater area than the valve seating, this differential area being exposed in operation to system pressure, the plunger being hollow and being closed at the end opposite the valve setting by a sliding sleeve bearing against a fixed abutment and having a cross-sectional area equal to the plunger differential area, and a pin bearing against a caged compensator spring, the plunger being urged against the valve seating by a light spring, and means being provided for admitting load pressure to the interior of the plunger. The valve plunger may incorporate a pilot relief valve so that the valve opens when the pressure becomes excessive.