This stage is represented in fig. 30 B. In this figure there is only a small patch of yolk (_yk_) not yet enclosed, which is situated at some little distance behind the embryo. Throughout all this period the edge of the blastoderm has remained thickened: a feature which persists till the complete investment of the yolk, which takes place shortly after the stage last described. In this thickened edge a circular vein arises which brings back the blood from the yolk-sack to the embryo. The opening in the blastoderm, exposing the portion of the yolk not yet covered, may be conveniently called the yolk blastopore. It is interesting to notice that, owing to the large size of the yolk in Elasmobranchs, the posterior part of the primitive blastopore becomes encircled by the medullary folds and tail swellings, and is so closed long before the anterior and more ventral part, which is represented by the uncovered portion of the yolk. It is also worth remarking that, owing to the embryo becoming removed from the edge of the blastoderm, the final closure of the yolk blastopore takes place _at some little distance from the embryo_. The blastoderm enclosing the yolk is formed of an external layer of epiblast, a layer of mesoblast below in which the blood-vessels are developed, and within this a layer of hypoblast, which is especially well marked and ciliated (Leydig, No. 46) in the umbilical stalk, where it lines the canal leading from the yolk-sack to the intestine. In the region of the yolk-sack proper the blastoderm is so thin that it is not easy to be quite sure that a layer of hypoblast is throughout distinct. Both the hypoblast and mesoblast of the yolk-sack are formed by a differentiation of the primitive lower layer cells. Nutriment from the yolk-sack is brought to the embryo partly through the umbilical canal and so into the intestine, and partly by means of blood-vessels in the mesoblast of the sack. The blood-vessels arise before the blastoderm has completely covered the yolk. Fig. 30 A represents the earliest stage of the circulation of the yolk-sack. At this stage there is visible a single arterial trunk (_a_) passing forwards from the embryo and dividing into two branches. No venous trunk could be detected with the simple microscope, but probably venous channels were present in the thickened edge of the blastoderm. In fig. 30 B the circulation is greatly advanced. The blastoderm has now nearly completely enveloped the yolk, and there remains only a small circular space (_yk_) not enclosed by it. The arterial trunk is present as before, and divides in front of the embryo into two branches which turn backwards and form a nearly complete ring round the embryo. In general appearance this ring resembles the sinus terminalis of the area vasculosa of the Bird, but in reality bears quite a different relation to the circulation. It gives off branches on its inner side only.