a fact, and _is_; _but,_ nevertheless, is not real. This, at least, is what I am going to assume him to mean. And on this assumption, we are brought face to face with the question as to the meaning of the word "real," and also as to the meaning of these other words "exists," "is a fact," and "is." Mr. Bradley seems to admit, we have seen, that "real" may _sometimes_ be properly used as _merely_ equivalent to these other phrases. We are, however, now supposing that he also holds that in another sense they are not equivalent, but that "real" means something more than the others, so that it is quite consistent to maintain that Time is _not_ "real," and yet _does_ exist, is a fact, and is. In holding this I think he is mistaken; and what I want to do is to explain, as clearly as I can, what sort of a mistake I take him to be making, and what seems to me to be the source of this mistake. I may, perhaps, be quite wrong in thinking that Mr Bradley has made this mistake, and that it is in any degree the source of the distinction he seems to draw between "reality" and "existence." To maintain that it is so is no part of my main object. My main object is simply to make clear the nature of this particular mistake, whether committed by Mr. Bradley or not, and that it is a mistake; because it seems to me that it is a mistake which it is very easy to make, and very important to avoid. I am, of course, not concerned at all to discuss the question whether Time _is_ real or not, but only to discuss the question what sort of things would have to be true, if it were unreal, and whether if those things were true it could still be true that Time either exists, or is, or is a fact.