renumeration is allowed, and hence it does not become necessary to make an additional tax upon the students' resources. The conferring; of degrees is also made a very profitable affair. Each candidate for the degree of B. A. pays out £7 to the voracious 'varsity chest, and upon proceeding' to the M. A. a further contribution of £12 is requested. 
Henry Sidgwick, Litt. D., Trinity.
Knightbridge Professor of Moral Philosophy. In this way the university makes about £12,000 a year, and, as though this was not sufficient, she requires a matriculation fee of £5 for every student who becomes a member. By this means another annual £5,000 is obtained. It must be remembered that these fees are entirely separate from the college fees. When the £5 matriculation for the latter is taken into consideration and the £8 a term (at Trinity) for lectures, two thirds of which the student does not attend, when it is understood that all this and more does not include living expenses, which are by no means slight, and that there are three terms instead of two, as with us, it will be obvious that Cambridge adheres very closely to the rule that to them only who have wealth shall her refining influence be given. That the greatest universities in existence should render it almost totally impossible for aught but the rich to obtain the advantages of their unusual educational facilities jars with that idea of democracy of learning which an American training is apt to foster. But, as we shall point out later, an aristocracy of learning may also have its uses.
With all the revenues the university collects from colleges and students, amounting in all to about £65,000, Cambridge still finds herself poor. Some of the colleges, notably King's and Trinity, are extremely wealthy, but the university remains, if not exactly impecunious, at least on the ragged edge of financial difficulties. The various regius and other professorships, inadequately endowed by the munificence of the crown and of individuals, have each to be
