A venous system of returning vessels is now fully developed, and its relations are very remarkable. There is a main venous ring in the thickened edge of the blastoderm, which is connected with the embryo by a single stem running along the seam where the edges of the blastoderm have coalesced. Since the venous trunks are only developed behind the embryo, it is only the posterior part of the arterial ring that gives off branches. The succeeding stage (fig. 30 C) is also one of considerable interest. The arterial ring has greatly extended, and now embraces nearly half the yolk, and sends off trunks on its inner side along its whole circumference. More important changes have taken place in the venous system. The blastoderm has now completely enveloped the yolk, and the venous ring is therefore reduced to a point. The small veins which originally started from it may be observed diverging in a brush-like fashion from the termination of the unpaired trunk, which originally connected the venous ring with the heart. At a still later stage the arterial ring embraces the whole yolk, and, as a result of this, vanishes in its turn, as did the venous ring before it. There is then present a single arterial and a single venous trunk. The arterial trunk is a branch of the dorsal aorta, and the venous trunk originally falls into the heart together with the subintestinal or splanchnic vein. On the formation of the liver the proximal end of the subintestinal vein becomes the portal vein, and it is joined just as it enters the liver by the venous trunk from the yolk-sack. The venous trunk leaves the body on the right side, and the arterial on the left. The yolk-sack persists during the whole of embryonic life, and in the majority of Elasmobranch embryos there arises within the body walls an outgrowth from the umbilical canal into which a large amount of the yolk passes. This outgrowth forms an internal yolk-sack. In Mustelus vulgaris the internal yolk-sack is very small, and in Mustelus lævis it is absent. The latter species, which is one of those in which development takes place within the uterus, presents a remarkable peculiarity in that the vascular surface of the yolk-sack becomes raised into a number of folds, which fit into corresponding depressions in the vascular walls of the uterus. The yolk-sack becomes in this way firmly attached to the walls of the uterus, and the two together constitute a kind of placenta. A similar placenta is found in Carcharias. After the embryo is hatched or born, as the case may be, the yolk-sack becomes rapidly absorbed. BIBLIOGRAPHY. (40) F. M. Balfour. "A preliminary account of the development of the Elasmobranch Fishes." _Quart. J. of Micr. Science_, Vol. XIV. 1876. (41) F. M. Balfour. "A Monograph on the development of Elasmobranch Fishes." London, 1878. Reprinted from the _Journal of Anat. and Physiol._ for 1876, 1877, and 1878.