Even at a mere glance at the extensive literature on the influence of elementary molecular oxygen on the alcoholic fermentation in living yeast cells and various yeast preparations it is evident that so far most works have been concerned with the inhibiting effect produced by this gas on the rate and extent of the process mentioned. Particularly the relation between the anoxybiontic fermentation and the respiration as measured by the oxygen consumptionwas and still is one of the main subjects of investigation and speculation. This state of things is confirmed strikingly on studying recent volmnes on cellular biochemistry like the "Proceedings of the International Symposium on Enzyme Chemistry, Tokyo and Kyoto 1957", and the "Ciba Foundation Symposium on the Regulation of Cell Metabolism", which appeared in 1958 and 1959, respectively.