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Refers to the objection urged at the previous meeting of the General Board, on financial grounds, to the appointment of a Professor of Mental Philosophy and Logic with a full stipend of £700 a year. Declares that the proposal to obviate [the objection] by redressing the stipends temporarily to £500 a year also seems open to objection, as the reduction 'might exclude candidates of merit who would otherwise come forward.' States that this last objection would not apply to a similar reduction in the stipend attached to the Knightsbridge Professorship [of Moral Philosophy] salary as Sidgwick continues to hold it. Asserts that there is a precedent for this arrangement in that adopted in 1884 when the Readership in Law was established. Suggests, therefore, that the stipend attached to the Knightsbridge Professorship of Moral Phoilosophy should be reduced from £700 to £500 per annum, from the time of the appointment of the Professor of Mental Philosophy and Logic to Midsummer 1902, or until the Knightsbridge chair is vacated if that should occur before that time. With emendations and amendments.