An automated apparatus and method for analyzing liquid samples by forming discrete sample aliquots (boluses) in an elongated conduit which contains a hydrophobic carrier liquid. Aliquots may be analyzed by adding at least one reagent to the sample aliquot that reacts selectively with an analyte contained therein. The reaction product, which is selective for the analyte of interest and proportional to its concentration, is measured with an appropriate detector. Intrinsic sample properties of the sample may also be measured without the need for adding chemical reagents. The invention enables simple and accurate testing of samples using time honored wet-chemical analysis methods in microliter volume regimes while producing remarkably small volumes of waste.