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                                                                   EXHIBIT 10.23

                           FOURTH AMENDMENT
                          TO LOAN AGREEMENT

THIS FOURTH AMENDMENT TO LOAN AGREEMENT (this "Fourth Amendment") dated as of
November 15, 1996, is made and entered into by and between HASKEL
INTERNATIONAL, INC., a California Corporation ("Borrower"), and UNION BANK OF
CALIFORNIA, N.A., a national banking association ("Bank").

                                   RECITALS:

A.      Borrower and Bank are parties to that certain Loan Agreement dated
February 21, 1995, pursuant to which Bank agreed to extend credit to Borrower
and amendments thereto dated August 30, 1995, February 13, 1996, April 16, 1996
(the "Agreement").

B.      Borrower and Bank desire to amend the Agreement subject to the terms
and conditions of this Fourth Amendment.

                                   AGREEMENT:

In consideration of the above recitals and of the mutual covenants and
conditions contained herein, Borrower and Bank agree as follows:

1.      Defined Terms.  Initially capitalized terms used herein which are not
otherwise defined shall have the meanings assigned thereto in the Agreement.

2.      Amendments to the Agreement.

        (a)  Section 1.1.1 of the Agreement is hereby amended by
substituting the date "November 17, 1997" for the date "November 15, 1996".

3.      Effectiveness of the Fourth Amendment.  This Fourth Amendment shall
become effective as of the date hereof when, and only when, Bank shall have
received all of the following, in form and substance satisfactory to Bank:

        (a)     The counterpart of this Fourth Amendment, duly executed by
        Borrower;

        (b)     Such other documents, instruments or agreements as Bank may
        reasonably deem necessary.

4.      Ratification.  Except as specifically amended hereinabove, the Agreement
shall remain in full force and effect and is hereby ratified and confirmed.

5.      Representations and Warranties.  Borrower represents and warrants as
follows:

        (a)     Each of the representations and warranties contained in the
Agreement, as may be amended hereby, is hereby reaffirmed as of the date
hereof, each as if set forth herein;

        (b)     The execution, delivery and performance of the Fourth Amendment
and any other instruments or documents in connection herewith are within
Borrower's power, have been duly authorized, are legal, valid and binding
obligations of Borrower, and are not in conflict with the terms of any charter,
bylaw, or other organization papers of Borrower or with any law, indenture,
agreement or undertaking to which Borrower is a party or by which Borrower is
bound or affected;

        (c)     No event has occurred and is continuing or would result from
this Fourth Amendment which constitutes or would constitute an Event of Default
under the Agreement.

6.      Governing Law.  This Fourth Amendment and all other instruments or
documents in connection
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herewith shall be governed by and construed according to the laws of the State
of California.

7.      Counterparts.  This Fourth Amendment may be executed in two or more
counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same instrument.

WITNESS the due execution hereof as of the date first above written.


HASKEL INTERNATIONAL, INC.                      UNION BANK

By: /s/ R.M. Greaves                            By: /s/ Allison Berry  
    ---------------------------                     ---------------------------

Title: President                                Title: Associate Vice President
       ------------------------                        ------------------------

By: /s/ Lonnie D. Schnell                       By: /s/ Anita P. Saraiya
    ---------------------------                     ---------------------------

Title: Chief Financial Officer                  Title: Vice President          
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