twigs soon end their growth; they all separate their inner space from the principal stem, by means of a cross partition placed close to it. All the ends, and also that of the principal stem, swell about the same time something like a bladder, and on the upper free half of each swelling appear again, simultaneously, several fine protuberances, close together, which quickly grow to little oval bladders filled with protoplasm, and resting on their bearers with a sub-sessile, pedicellate, narrow basis, and which at length separate themselves through a partition as in _Aspergillus_. The detached cells are the conidia of our fungus; only one is formed on each stalk. When the formation is completed in the whole of the panicle, the little branches which compose it are deprived of their protoplasm in favour of the conidia; it is the same with the under end of the principal stem, the limits of which are marked by a cross partition. The delicate wall of these parts shrinks up until it is unrecognizable; all the conidia of the panicle approach one another to form an irregular grape-like bunch, which rests loosely on the bearer, and from which it easily falls away as dust. If they be brought into water they fall off immediately; only the empty, shrivelled, delicate skins are to be found on the branch which bore them, and the places on which they are fixed to the principal stem clearly appear as round circumscribed hilums, generally rather arched towards the exterior. The development of the main stem is not ended here. It remains solid and filled with protoplasm as far as the portion which forms the end through its conidia. Its end, which is to be found among these pieces, becomes pointed after the ripening of the first panicle, pushes the end of the shrivelled member on one side, and grows to the same length as the height of one or two panicles, and then remains still, to form a second panicle similar to the first. This is later equally perfoliated as the first, then a third follows, and thus a large number of panicles are produced after and over one another on the same stem. In perfect specimens, every perfoliated panicle hangs loosely to its original place on the surface of the stem, until by shaking or the access of water to it, it falls immediately into the single conidia, or the remains of branches, and the already-mentioned oval hilums are left behind. Naturally, the stem becomes longer by every perfoliation; in luxuriant specimens the length can reach that of some lines. Its partition is already, by the ripening of the first panicle from the beginning of its foundation, strong and brown; it is only colourless at the end which is extending, and in all new formations. During all these changes the filament remains either unbranched, except as regards the transient panicles, or it sends out here and there, at the perfoliated spots, especially from the lower ones, one or two strong branches, standing opposite one another and resembling the principal stem.