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Declares that he had hoped to be first to come to the M[etaphysical?] the previous night, where he and Sidgwick 'might have snatched a moment...to settle the point raised in [Sidgwick's] note' of nine days previously. Failing an interview, has decided to write regarding the matter. States that he has read Sidgwick's piece 'pretty carefully', and thinks that the general public, in consideration of his 'effective and interesting treatment of the questions between Leslie and Lowe, will allow themselves to be tempted into the severer matter of the definitions.' Believes his piece to be suited to the readers of the Fortnightly Review, and will give to students of economics a subject to reflect upon. Suggests that the short paper 'What is Money?' should be published as the 'next instalment'. Refers to the fact that Leslie might wish to reply to Sidgwick's paper. Reports that he has spoken to the [Rector] about the [Athenaeum] Club, and is awaiting his reply. States that he admires 'the Virgil' much, and observes that 'Myers seems...to have true literary faculty, as [Symonds] has, or Church', and asks why he does not produce more.

Explains that he has promised to insert 'a sort of reply to Lowe by [Cliffe] Leslie' in the Fortnightly Review, and that it should appear in the January number. Hopes that Sidgwick will not object to the delay. Declares that he likes Sidgwick's programme, and hopes that 'it will do good.' Political economy, he says however, is in a bad way. Announces that he is writing the letter 'under the venerable shade of One [Ash.] Rochdale.

Assures Sidgwick of his willingness to print his papers in the Fortnightly Review. Believes that 'there is now a public for these economic discussions'. Asks Sidgwick to send the papers to him, and enquires how many there are, and at what intervals shall he receive them. With regard to the contents of the journal, announces that 'Cliffe Leslie is to demolish Lowe and continue [ ]'s attack' [of] the January issue in February. Asks Sidgwick if he would like his papers to begin in January, and if he wishes them to appear consecutively. Remarks on the brevity of the paper sent to him. Apologises for not having replied to his not more promptly. Asks if he would like to begin in the December number.

1 Sunnyside, Wimbledon. - Mr J. M. Ludlow, a friend of her mother [Elizabeth Gaskell]'s, seeks Friendly Societies Registrarship as Tidd Pratt has died; would Houghton approach Mr Lowe.