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Regrets that he will probably not be able to hear Sidgwick at the [Political Economy] Club on 10 June, as he will be in Manchester with Miss [Meta?] Gaskell at that time. Hopes to get a synopsis of the speech. Voices his concern about the cause of 'Free Trade'; believes that 'theoretical objections should first of all be thrashed out in private'. Describes himself an 'absolutely staunch Free Trader', but is anxious to hear what is to be said by the other side. Gives Bimetallism as an example of a concept, the pros and cons of which are difficult to convey to the public.

Refers to a note from Sidgwick and regrets that he cannot be in town the following day. Discusses Sidgwick's paper, and gives suggestions thereon, e.g., in relation to protection of infant industry, trade protection, and displacement. Suggests that each subject be accompanied by a practical illustration. Expresses his satisfaction that Sidgwick agrees with him on the 'general question' of 'Free Trade'. Refers to a discussion he had with [ ], [Chesterton] and [Leonard?] Courtney on the importation of Indian wheat and corn.