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Draft MS letter. Announces that he will answer Wallace's letter frankly, and gives his permission to him to communicate anything in it confidentially 'to the other electors.' States that if he had to decide the election [of the Drummond Professor of Political Economy] the choice would be between Edgeworth and [Langford?] Price, and that he would find it hard to choose.

States that despite Palgrave's credentials in the world of banking, and his talent as a statistician and economist, it would be unwise to introduce 'a man of his age into academic work'. In relation to [Lancelot?] Phelps, does not believe that he is known as an economist outside Oxford. Comments that if the chair were 'Economic History', Ashley would be a good candidate, but believes that 'he would be the first to disclaim any interest in, or faculty of dealing with economic theory...' Of [ ] Smith, states that he only knows his paper in '[Book's] [ ] ["East London [Librar] is [nearly] the title]', which is 'both acute and careful: but it cannot be said to give much evidence of the qualifications required for fitting a chair of Political Economy with real success.'

Maintains that both Price and Edgeworth 'have written enough to show that they have a thorough grasp of economic method, and would if elected advance the subject by good work in books and articles as well as by teaching.' Believes that of the two Edgeworth is the most original, but does not feel sure that he would succeed 'in inspiring a general interest in his line of work in Oxford - where mathematical interest is understood to be confined to a few.' Discusses his manner also. Of Price, states that he is 'a thoroughly safe man...', and that 'he is sure to throw himself into his subject and write and teach in a thoroughly competent way.' Believes, however, that there is a danger of him being 'a little dull.' With emendations.