It is the purpose of this paper to present a theory of probability derived from two-valued logic—the logic of which an aspect is given in Part I, Section A, of Principia Mathematica. The symbolic system of Mr. Keynes, given in his Treatise on Probability, will be shown to be a part of our system. We have, however, little if anything in common with his philosophical analysis; a definition of Keynes’ fundamental probability relation, free from psychological or material reference, will be given, enabling us to offset some of the objections to his theory.