theory is inconsistent with the idea that on this theory, as on the emission theory, the energy in the light wave may instead of being uniformly distributed through space be concentrated in bundles which occupy only a small fraction of the volume traversed by the light, and that as the wave travels out the bundles get farther apart, the energy in each remaining undiminished. Some such view of the structure of light seems to be required to account for the fact that when a plate of metal is struck by a wave of ultra-violet light, it would take years before the corpuscles emitted from the metal would equal in number the molecules on the surface of the metal plate, and yet on the ordinary theory of light each one of these is without interruption exposed to the action of the light. The fact discovered by E. Ladenburg (_Verh. d. deutsch. physik. Ges._ 9, p. 504) that the velocity with which the corpuscles are emitted depends on the wave length of the light suggests that the energy in each bundle depends upon the wave length and increases as the wave length diminishes. These considerations illustrate the evidence afforded by photo-electric effects on the nature of light; these effects may also have a deep significance with regard to the structure of matter. The fact that the energy of the individual corpuscles is independent of the intensity of the light might be explained by the hypothesis that the energy of the corpuscles does not come from the light but from the energy stored up in the molecules of the metal exposed to the light. We may suppose that under the action of the light some of the molecules are thrown into an unstable state and explode, ejecting corpuscles; the light in this case acts only as a trigger to liberate the energy in the atom, and it is this energy and not that of the light which goes into the corpuscles. In this way the velocity of the corpuscles would be independent of the intensity of the light. But it may be asked, is this view consistent with the result obtained by Ladenburg that the velocity of the corpuscles depends upon the nature of the light? If light of a definite wave length expelled corpuscles with a definite and uniform velocity, it would be very improbable that the emission of the corpuscles is due to an explosion of the atoms. The experimental facts as far as they are known at present do not allow us to say that the connexion between the velocity of the corpuscles and the wave length of the light is of this definite character, and a connexion such as a gradual increase of average velocity as the wave length of the light diminishes, would be quite consistent with the view that the corpuscles are ejected by the explosion of the atom. For in a complex thing like an atom there may be more than one system which becomes unstable when exposed to light. Let us suppose that there are two such systems, A and B, of which B ejects the corpuscles with the greater velocity. If B is more sensitive to the