An experiment is described in which time and intensity differences of 2‐kc high‐pass clicks were mutually offset to produce sound images centered in the head. Binaurally correlated and uncorrelated clicks were used, and the trade was tested at 10–70 db SL. The results show that generally the two types of clicks behave similarly, and that up to 60 db SL, at least, as over‐all intensity increases, the time difference compensating a given intensity difference (in db) decreases. A function is derived describing what is interpreted as a physiological intensity‐to‐time conversion. The place of such a conversion in lateralization is discussed.