  Inclusive $K^0$ and $\Lambda$ photoproduction has been investigated at HERA
with the H1 detector at an average photon-proton center of mass energy of 200
GeV in the transverse momentum range 0.5 <p_t <5 GeV. The production rates as a
function of $p_t$ and center of mass rapidity are compared to those obtained in
deep inelastic scattering at $\av{Q^2}=23 GeV^2$. A similar comparison is made
of the rapidity spectra of charged particles. The rate of strangeness
photoproduction is compared with $p\bar p$ measurements. The observations are
also compared with next-to-leading order QCD calculations and the predictions
of a Monte Carlo model.
