If volitional excitement as instanced in imitation, and cognitive excitement, as exemplified in surprise and absorption of thought, cannot be termed neutral, it is quite unlikely that we shall find any neutral feeling-excitement. A person at a horse-race may at first have so small a degree of pleasurable hope and painful fear aroused that the intensity does not force itself into consciousness. The increasingly rapid pendulum-swing of consciousness from hope to fear and back again becomes soon so intense that this objective intensity of feeling forces its way into conscious life as feeling of intensity. This excitement may be mainly regarded as accompaniment, or it may be valued in itself as excitement for excitement’s sake. This absorption in the feeling of intensity is eagerly sought for by the _ennuyé_. The devoted theatre-goer often induces both pleasures and pains simply for this resultant feeling of tension which he regards as enjoyable for its own sake. Feeling-excitement in the simpler and earlier form and in this later artificial form is plainly pleasure or pain coloured by slight element of cognition as recognition of intensity, and by volition in continuing or in stopping the causative activity. Bearing in mind the analysis of excitement just made, the true interpretation of several matters which have been suggested is obvious and clear. Mr. Johnson (_Mind_, xiii. 82) remarks that very intense mental pleasure and pain tends to run into a state of neutral excitement. This I interpret as the mental law that intensity of any mental activity, of any pleasure or pain, tends to displace this activity by feeling of intensity. This feeling of intensity is indeed neutral as regards previous states—that is, it is not, of course, the feeling whose intensity it feels; but, as I have sought to show, it is nevertheless always pleasure or pain. Again, as to the question whether states of mind equally pleasurable or painful may have different degrees of excitement. If excitement means here subjective excitement, then I answer that they do not have any degree of excitement, for feeling of intensity can never be a quality of the feeling whose intensity is felt. If excitement is the objective form, and refers to the intensity in general, then, as has been before said, it is a confusion in terms to apply the terms pleasure and pain to it. The anticipation suggested by Mr. Johnson as a case of neutral excitement is precisely analogous to the case of excitement at a horse-race, which has been analysed. Mr. Johnson concludes that feeling is not only more or less pleasure or pain, but also more or less excitement. The proper way of stating this is: all feelings, including the feeling of excitement, consist of pleasure or pain and have degrees of intensity.