Modified techniques have made it possible to investigate structures and inclusions in the lichen Peltigera canina with the primary object of following their development from the growing edge of the thallus to fully differentiated areas towards the centre. At about 60 lira from the growing edge of the thallus an area of cell division occurs. All the fungal material originates in this zone, whose cells have meristematic features. In the phycobiont, polyglucoside granules are specifically differentiated by Thiery's test. Phycobilisomes are identified by a triple staining technique. Cyanophycin granules are clearly stained with phosphotungstic acid at a low pH and this corroborates the protein composition of these granules. Incubation in a lead nitrate medium made it possible to follow the ontogeny of the polyphosphate granules. In the mycobiont, the plasmalemma is strongly invaginated in hyphae close to bluegreen algal cells and may initiate ' mesosome-like ' structures possibly involved in absorption of algal carbohydrates. Two types of vacuoles are demonstrated. The first one [diaminobenzidine (DAB) + and Gomori-] corresponds to common vacuoles which develop in cortical and medullar hyphae. The second one (DAB-and Gomori +) is only found in the hyphae of the algal layer and corresponds to autophagic vacuoles. They are involved in the system ' mesosome-like structure/autophagic vacuole/primary lysosome ', which could participate in the absorption of exogenous carbohydrates. The concentric bodies appear in great numbers in the zone of maximum cell division. As their number diminishes from this zone towards the differentiated parts of the thallus, it is concluded that they are passively distributed in all differentiated hyphae of the thallus. They consist of an electron-transparent core, from which a radiating system of unit membranes arises. Unit membranes are impregnated with a more or less electrondense, granular substance which forms concentric layers surrounding the central core.