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8 had made in so many different directions. He was afraid he might be treading on delicate ground if he were to indicate the various directions in which he thought that the fortifications of economic truths were assailed. There were the relations of capital and labour—currency questions—the great controversies with respect to the functions of the State. It seemed to him that none of the great problems which were occupying the national mind could be foreign to the studies of the economist, who would be doing a great service if, standing as he did outside the political atmosphere, which might in so many cases warp the judgment, he examined all these great questions and concentrated as much light as possible upon them—light which should not be dimmed in any way by the prejudices of any particular school. He should like to see this new journal a model of all that was impartial, and that, as Mr. Marshall had suggested, scope should be given for the expression of all economical views, and that it should be made the receptacle of all worthy intellectual efforts by men who had devoted themselves to what he believed to be as noble and useful a science as any to which men had given their attention.

Mr. said that, as he understood Professor Marshall, it was proposed to postpone, perhaps for an indefinite period, another subject referred to in the circular. He would ask Professor Marshall how far the close of the first resolution was calculated to postpone that further action in the way of discussions to which reference had been made.

Professor said the question as to the desirability of holding meetings for discussion had been long and frequently debated in private. As he had just said, the question whether they should ultimately hold discussions had been left undecided. But they had almost unanimously come to the conclusion that it would be better not to hold them at present. For such discussions, unless conducted by a very strong Association, might do harm: they might be attended chiefly by people whose time was not very valuable. And, partly because many of their members lived at very great distances from London, they thought it unwise to start public discussions, at all events, until their strength was thoroughly well consolidated. Opportunities for discussion were given by the British Association and the Statistical Society. The Economic Club also was already doing, in a quiet way, the kind of work which could be done by means of meetings.

Mr. said what was wanted was the opportunity of having all sides of economical questions threshed out;