Abstract: A pressure compensated flow control valve (10) embodying the concepts of the present invention is particularly suited for use as a component within the hydraulic system of a fork lift truck (11) in order to permit an unrestricted flow of fluid therethrough to raise the forks (18), either with or without a load (19), and to control the flow of fluid therethrough in order to govern the speed at which the forks (18) lower a load (19). During the lowering of the load (19) the valve (10) is properly responsive to actual, apparent and/or transient loading changes. The valve (10) employs a spool (95) slidable within a cavity (75). The spool (95) has a piston portion (96), and a sleeve (135) is slidably mounted on the skirt (125) of the piston (96).