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My esteemed friend, Dr. B. Malinowski has asked me to write a preface to his book, and I willingly comply with his request, though I can hardly think that any words of mine will add to the value of the remarkable record of anthropological research which he has given us in this volume. My observations, such as they are, will deal partly with the writer's method and partly with the matter of his book. In regard to method, Dr. Malinowski has done his work, as it appears to me, under the best conditions and in the manner calculated to secure the best possible results. Both by theoretical training and by practical experience he was well equipped for the task which he undertook. Of his theoretical training he had given proof in his learned and thoughtful treatise on the family among the aborigines of Australia; of his practical experience he had produced no less satisfactory evidence in his account of the natives of Mailu in New Guinea, based on a residence of six months among them. In the Trobriand Islands, to the east of New Guinea, to which he next turned his attention, Dr. Malinowski lived as a native among the natives for many months together, watching them daily at work and at play, conversing with them in their own tongue, and deriving all his information from the surest sources - personal observation and statements made to him directly by the natives in their own language without the intervention of an interpreter. In this way he has accumulated a large mass of materials, of high scientific value, bearing on the social, religious, and economic or industrial life of the Trobriand Islanders. These he hopes and intends to publish hereafter in full; meantime he has given us in the present volume a preliminary study of an interesting and peculiar feature in Trobriand society, the remarkable system of exchange, only in part economic or commercial, which the islanders maintain among themselves and with the inhabitants of neighbouring islands.