very grave objections, unless we adopt an answer of the Mill-Russell type. That an answer of this type _is_ the true one, I am not myself, in spite of these objections, by any means convinced. The truth is I am completely puzzled as to what the true answer can be. At the present moment, I am rather inclined to favour the view that what I am judging of this presented object is that it is itself a part of the surface of an inkstand--that, therefore, it really is identical with this part of the surface of this inkstand, in spite of the fact that this involves the view that, where, hitherto, I have always supposed myself to be perceiving of two presented objects that they really were different, I was, in fact, only perceiving that they _seemed_ to be different. But, as I have said, it seems to me quite possible that this view is, as I have hitherto supposed, sheer nonsense; and, in any case, there are, no doubt, other serious objections to the view that this presented object is this part of the surface of this inkstand. THE CONCEPTION OF INTRINSIC VALUE My main object in this paper is to try to define more precisely the most important question, which, so far as I can see, is really at issue when it is disputed with regard to any predicate of value, whether it is or is not a "subjective" predicate. There are three chief cases in which this controversy is apt to arise. It arises, first, with regard to the conceptions of "right" and "wrong," and the closely allied conception of "duty" or "what _ought_ to be done." It arises, secondly, with regard to "good" and "evil," in some sense of those words in which the conceptions for which they stand are certainly quite distinct from the conceptions of "right" and "wrong," but in which nevertheless it is undeniable that ethics has to deal with them. And it arises, lastly, with regard to certain aesthetic conceptions, such as "beautiful" and "ugly;" or "good" and "bad," in the sense in which these words are applied to works of art, and in which, therefore, the question what is good and bad is a question not for ethics but for aesthetics.