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Without prejudice to other pressing needs of the University it may safely be said that no donation could be more welcome than that applied under the conditions stipulated, to the Ricardo Fellowship. The peculiar feature of this scholarship is, as indicated in the announcement which appears in the CRIMSON today, that it is to be awarded without reference to the pecuniary need, and solely upon the scholarly merits of the candidates. Taking into consideration not only the papers submitted in competition, but also the general capacity shown by each man in his previous academic work. As is well known, practically all scholarships with stipend have hitherto been awarded only to needy students, and there has been a strong sentiment against men applying for them who were not really in need of financial help. These scholarships have their place, because they are meant to do the double duty of stimulating study and helping poor students. There is however a need, which has become much more appreciated within the last few years, of giving more marked recognition to good scholarly work irrespective of pecuniary need. In other words, it is felt that the student in comfortable or well-to-do circumstances has been slighted, and he it is that needs the spur of competition,- if anything, more than the poorer man, whose scant means are a protection against the distractions to which others are liable. Now comes the Ricardo Fellowship to supplement the work which the prize funds have hitherto done alone, and it is to be hoped that the experiment will tend to make our best scholarship more truly democratic.