A description is presented of a case of encephalopathia subcorticalis chronica (Binswanger''s disease). The pronounced arteriosclerosis of the vessels, the intact cortex and U-fibres, the patchy and occasionally diffuse degenera -tion of the white matter and an "etat lacunaire" of the basal nuclei were all found. In view of the likewise arteriosclerotic vessels in the pia above the intact cortex and the degenerated white matter and in view of the incidental finding of a heterotopic ganglion cell of normal aspect in the centre of an extensive area of degenerated white matter, the author expresses doubt about a vascular anoxaemic pathogenesis of this condition.