The Cobden Club, of England, offer a silver medal, under the auspices of the Harvard Finance Club, to any present under-graduate of Harvard College for the best essay on some economic subject.

For the year 1880-81, the following subjects are suggested:

1. The economic effects of the modern system of raising government loans.

2. How far does over-production account for commercial crises?

3. The effect of a protective system upon the home laborer.

A candidate may present an essay on an economic subject other than here mentioned, provided he send in such subject to the secretary of the Finance Club for approval by the committee of award.

The essays must be deposited with the secretary of the Finance Club on or before December 1st, 1881. The title-page must, with an assumed name, state of what class the writer is a member. A sealed letter must be sent in at the same time, under cover with the essay, containing the true name of the writer, and subscribed with his assumed name.

The essays must be written upon letter paper, of the quarto size, with a margin of not less than one inch at the top and bottom, and on each side. The sheets on which the essays are written must be securely stitched together.

The essays must not exceed in length the amount of twenty-five pages of the North American Review.

The author of the successful essay is invited to read it in public at a time and place to be designated by the executive committee of the Finance Club.

Judges-Prof. C. F. Dunbar, Dr. J. Lawrence Laughlin, and Mr. D. A. Goddard.

J. S. MELCHER, Secretary.Cambridge, Mass.The above circular was issued under the auspices of the Finance Club; the prize has been awarded to Mr. Homer Gage, '82, who wrote on subject No. 2. The gentleman will read his essay Thursday evening, June 15th, in Sever 13, beginning at 7.45. The public are cordially invited to attend.