Finite-amplitude convection in the form of rolls and their stability with respect to infinitesimal disturbances is investigated in the case of boundaries of the horizontal fluid layer which exhibit a thermal conductivity comparable to that of the fluid. It is found that even when rolls represent the preferred mode at the onset of convection a transition to square cells may occur at slightly supercritical Rayleigh numbers. The phenomenon of inertial convection in low Prandtl number fluids appears to become more pronounced as the conductivity of the boundaries is reduced. Modulated convection rolls have also been found as solutions of the problem. But they appear to be unstable in general. Experimental observations have been made and are found in general agreement with the theoretical predictions.