Summary. The regulation of adrenal activity during the perinatal period raises different experimental problems ; studies are often limited and their conclusions vary with the species studied. During the perinatal period, the profile of the ratio of adrenal weight to body weight reaches a minimum earlier the more mature is the species ; this minimum occurs before birth in sheep, at birth in guinea-pigs and 10 days after birth in mice.In mature species, fetal plasma cortisol is higher than that of the mother ; it rises sharply near term. In other species, maternal plasma cortisol remains higher than that of the fetus which also rises during the days before birth. In all species, the fetal adrenal is activated concomitantly with a sharp increase of the action of corticosteroid binding globulin on fetal plasma. The (Jost, 1954(Jost, , 1957(Jost, , 1966 (Wintour et al., 1975). In these species, the induction of parturition by the fetal adrenal gland has been extensively described and reviewed (Liggins et al., 1973). 4) Guinea-pigs : these laboratory animals present a relatively long gestation period with fetuses large enough to permit fetal surgical procedures and vessel catheterization. Moreover, the guinea-pig placenta appears to be very active and broadly resembles that of women (Duval, 1889 ;Myers et al., 1936 ;Kaufmann and Davidoff, 1977 (Gay, 1976 (Comline and Silver, 1961), pigs (Dvorak, 1972), goats (Currie and Thornburn, 1977) and calves (Boshier et al., 1980 ;Richet et al., 1984) Thornburn, 1977 ; pigs : F6vre, 1975 (Khaldoun, 1977) and macaques (Robinson and Bridson, 1978).The profile of CBG in neonatal plasma parallels this decrease. Furthermore, a half-life T1 /2 value of about 5 days for CBG has been measured in sheep (Ballard et al., 1982), rats and humans (Sandberg et al., 1964 (Koch, 1969) or in neonatal rabbits (Sereni et al., 1966). In newborn guinea-pigs, the glucocuronide conjugating system is defective (Brown and Zuelzer, 1958), and Dalle et a/. (1985) have demonstrated that, in this species, cortisol metabolism depends on its degradation in the liver and on its distribution volume. This volume develops during the neonatal period (Dalle et al., 1985), paralleling body growth after 10 days postpartum, but more slowly before this stage. Fetal steroid metabolism cannot be investigated without keeping in mind maternal influence on fetal plasma corticosteroid levels. Furthermore, the role of placental enzymes in steroid metabolism has been well documented in several species, especially in humans (Diczfalusy, 1962(Diczfalusy, , 1969Murphy, 1981) (Osinski, 1960 ;Villee et al., 1961 ; Goldkrand et al., 19761. We demonstrated a similar process in guinea-pigs (Dalle and Delost, 1976) showing that the cortisone/cortisol ratio in newborn plasma might be used as an index of adrenal maturity.The origin of fetal corticosteroids was investigated and their metabolism measured by infusing radioactive cortisol to pregnant guinea-pigs or to their fetuses.At the end of gestation, 90 % of the fetal cortisol...