_b_). A little girl of three and a quarter years makes her first trip across a lake. At the landing she does not want to leave the boat and cries bitterly. The time of the trip seems to her to have passed entirely too rapidly. The next morning she says, "_Last night I rode on the lake_." We may add the supplementary fact that this trip lasted longer. _c_). A boy of five and a quarter years is taken on an excursion into the Escherntal near Hallstatt. He had heard that Hallstatt lay at the foot of the Dachstein, and had shown great interest in this mountain. From his home in Aussee there was a beautiful view of the Dachstein, and with a telescope one could discern the Simonyhütte upon it. The child had tried again and again to see it through the telescope, with what result no one knew. He started on the excursion in a joyously expectant mood. Whenever a new mountain came in sight the boy asked, "Is that the Dachstein?" The oftener this question was answered in the negative, the more moody he became; later he became entirely silent and would not take part in a small climb to a waterfall. They thought he was overtired, but the next morning, he said quite happily, "_Last night I dreamed that we were in the Simonyhütte_." It was with this expectation, therefore, that he had taken part in the excursion. The only detail he gave was one he had heard before, "you had to climb steps for six hours." These three dreams will suffice for all the information we desire. 2. We see that children's dreams are not meaningless; they are _intelligible, significant, psychic acts_. You will recall what I represented to you as the medical opinion concerning the dream, the simile of untrained fingers wandering aimlessly over the keys of the piano. You cannot fail to see how decidedly these dreams of childhood are opposed to this conception. But it would be strange indeed if the child brought forth complete psychic products in sleep, while the adult in the same condition contents himself with spasmodic reactions. Indeed, we have every reason to attribute the more normal and deeper sleep to the child. 3. Dream distortion is lacking in these dreams, therefore they need no interpretation. The manifest and latent dreams are merged. _Dream distortion is therefore not inherent in the dream._ I may assume that this relieves you of a great burden. But upon closer consideration we shall have to admit of a tiny bit of distortion, a certain differentiation between manifest dream content and latent dream thought, even in these dreams.