Let {Ui, Uij} be an inductive system of normed linear spaces Ui and continuous linear maps uij; Uj → Ui. (We write j ≺ i if uij: Uj → Ui.) An inductive limit of the system with respect to a class of spaces A in and maps f in is a space Uu in Uu and a system ui → Uu of maps in such that (i) whenever j ≺ i, and that (ii) if A is any space in and fi: Ui → A is any system of maps in for which then there is a unique map f: Uu → A in such that fi = fo ui for each i. If is the class of all vector spaces and is the class of linear maps, we obtain the algebraic inductive limit, which we denote simply by U. The usual choice is to take to be the class of locally convex spaces and the class of continuous linear maps; the inductive limit UL then always exists [1, § 16 C]. If is again the continuous linear mappings but contains only normed spaces, the corresponding inductive limit UN may not always exist. However, if in addition we require that contains just contractions (norm-decreasing linear mappings), then an inductive limit Uc will exist if every uij is a contraction [2]. We shall give a condition under which these limits coincide (as far as possible), and consider the corresponding condition for projective limits.