The purpose of the present brief note is twofold: to correct in certain respects the analysis outlined in my recent note in MLN 71.265-9 (1956),1 while taking account of the relative spate, of late, of published views on this subject; and to carry the analysis a bit farther. 1. Sehrt, in Festgabe fur Theodor Frings 1-11 (1956), has recently argued the old interpretation, which may be summarized as follows (3): 'Dass also die Zeichen ai, au zwei Lautwerte haben, wird wohl kaum zu bestreiten sein.' I see nothing especially fresh in his arguments for a dual interpretation. His reasoning is based entirely on etymological or morphophonemic considerations or on explicit inattention to dialect provenience. Penzl long ago disposed of such arguments, in JEGP 49.228-30 (1950). The main problem outstanding for Sehrt seems to be the decision between a diphthongal or monophthongal, long or short interpretation of supposed older long diphthongs. Again, Sehrt's arguments are all etymological and morphophonemic. Moreover, his solution is a variation on an old theme; for a handy reference to earlier notions on a 'Hiatusgesetz', see Penzl 227 fn. 41. It should be noted that Penzl subscribed to a dual phonemic value, long and short /E/ and /b/.2 This is of course the same as Moss6's view of 1942. While I explicitly declined (265) either to affirm or deny this position, I implicitly chose a unitary SHORT interpretation /e o/ for ai au as the simplest expression of all the observed facts. A further implication of the above, which was not at issue in my earlier note, is that I conceived /e o/ (ai au) to contrast with long /e: o :/ (graphic e o). More recently, Marchand in his review of Moss6's second edition in Lg. 33.236 (1957), has advanced the view that if we accept Wulfila's orthography as being essentially phonemic and if we interpret the digraphs ai and au as being simple monophthongs, there is no room for any long-vowel interpretations at all. One can only applaud the rigor of Marchand's reasoning; on reflection, it seems hard to understand how so many people-for views have been converging on the monophthongal interpretation from a multitude3 of viewpoints-could have missed