A prize of two hundred dollars, with a gold medal, and a life-membership in the Institute, is offered by the Naval Institute for the best essay presented on any subject pertaining to the naval profession, subject to the following rules:
1. The award for the prize shall be made by the Board of Control, voting by ballot and without knowledge of the names of the competitors.
2. Each competitor to send his essay in a sealed envelope to the Secretary and Treasurer on or before January 1, 1904. The name of the writer shall not be given in this envelope, but instead thereof a motto. Accompanying the essay a separate sealed envelope will be sent to the Secretary and Treasurer, with the motto on the outside and writer's name and motto inside. This envelope is not to be opened until after the decision of the Board.