Abstract
During the first 5 hrs. of pancreatic lipolysis of olive oil, no free glycerol was demon-strated and the acetyl value rose from 5-64. No significant destruction of glycerol was demonstrated. Formation of lower glycerides was not a result of low lipase potency. Material recovered from the intestines of rats showed a proportion of lower glycerides comparable to the in vitro expts. The lower glycerides were separated from the glyceride residue by condensation with phthalic anhydride. A function of lipolysis was to produce 2 components of the fatty acid/bile acid/lower glyceride emulsifying system for fat which was very effective under the conditions of the intestine.

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