In this paper I propose to take certain notions which we constantly use in our judgements of right and wrong, good and bad, and to analyse them so far as I can and bring out their connexions with each other. The subject is, of course, rather a hackneyed one; but I cannot help thinking that there still remains a good deal which may profitably be said about it. I do not suppose for a moment that my analysis is adequate, and it may well be in part positively mistaken. But I am inclined to think that it may be useful as a beginning of a more adequate and more correct analysis.