1. Glucose phosphorylation rates of about 1 mumole/g./min. have been measured at room temperature in homogenates of human placental chorionic villi, and these rates are relatively constant throughout gestation. 2. This reaction has an apparent K(m) for glucose of 3x10(-5)m both in early and term placenta. 3. Human foetal membranes, the amnion and chorion, also phosphorylate glucose at a rate about equal to that of the placenta. 4. On incubation of intact bits of villus tissue from 8-12-week or full-term placenta with labelled pyruvate, followed by paper chromatography of the tissue extract, the following distribution of label was observed: residual pyruvate, 40-60%; lactate, 30-50%; glucose, 6%; fructose, 7%; sorbitol, 0.6%. 5. The concept of the placenta acting as a foetal liver during early pregnancy is inconsistent with the observation that glucose production by this organ persists up to term.