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The hematocrit of Chimaera monstrosa is very low. Among the blood cells a large proportion are leukocytes. The majority of the leukocytes may be regarded as lymphocytes or lymphocyte‐like cells. Granulocytes constitute only a minor portion of the leukocytes of the blood but are abundant in the connective tissue. From morphological grounds it is probable that lymphocytopoiesis takes place in the spleen, the cranial lymphomyeloid tissue, the thymus and possibly also in other less well defined lymphomyeloid structures. An intense production of eosinophilic granulocytes occurs in the cranial lymphomyeloid tissue. The plasma contains globulins but no albumin. Two or three fractions resembling immunoglobulins of higher vertebrates migrate towards the cathode. Age differences were observed. The hypothesis is advanced that globulins originate from lymphocytes or lymphocyte‐like cells of the blood and from blast cells of various lymphomyeloid tissues.