The university's exchequer is supplied partly by its endowment, but chiefly by an assessment on the college incomes, a capitation tax on all undergraduates, and the fees attending matriculation, examinations, and the granting of degrees. The examinations are numerous. Every student on entering is required to pass, or to claim exemption from, an entrance examination. In either case he pays £3 to the university, and upon admission to any honor course or "tripos" to qualify for the degree of Bachelor of Arts £3 more is exacted. The income of the university from these examination fees alone amounts to £9,400 per annum, £4,600 of which goes to pay the examiners. In America this is supposed to be a part of the professor's or instructor's duty, no additional remuneration 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. 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. [Illustration: HENRY SIDGWICK, Litt. D., Trinity. Knightbridge Professor of Moral Philosophy.]