The evidence for variations in winter phosphate concentration as a com
ponent of the 'Russell Cycle' has been re-examined. The change from hi
gh phosphate concentrations prior to 1930 is the largest apparent vari
ation in concentration through the period 1923-1987. However, these va
lues are the result of a retrospective application in 1938, of a salt
correction factor of 1.35. The justification for this factor is examin
ed. It is concluded that there is sufficient uncertainty in the accura
cy of the pre-1948 measurements of phosphate concentration to preclude
their use in long time-series analysis. A statistical analysis of the
post-1948 data shows that a simple first order autoregression model p
rovides a perfectly adequate description of the data; the data can be
considered as essentially random, with a small component of carry over
from one year to the next. The evidence is weak that variations in wi
nter concentrations of phosphate support the Russell Cycle hypothesis.