The general paraxial particle-optic properties of the hexapole field are summarized and lens formulae derived. Formulae are given for the transmission as a function of particle velocity and system geometry for geometries appropriate to the case of neutral atom beams and of slow neutron beams respectively. These formulae are used to evaluate the hexapole magnet as a velocity selector and polarizer for atomic beams and as a spin polarizer for neutron beams. Some experimental observations on potassium beams are quoted in support of the theory.