It is only in recent times that infinite-dimensional Lie algebras have been the subject of other than sporadic study, with perhaps two exceptions: Cartan's simple algebras of infinite type, and free algebras. However, the last decade has seen a considerable increase of interest in the subject, along two fronts: the topological and the algebraic. The former, which deals largely with algebras of operators on linear spaces, or on manifolds modelled on linear spaces, has been dealt with elsewhere*). The latter, which is the subject of the present volume, exploits the surprising depth of analogy...