Previous theories on the surging of axial compressors have been based on a quasi-static theory, whereas a finite rate of growth of the circulation around each blade must occur in practice. An examination of this factor is made in the paper, studying the stability with respect to small changes in speed instead of mass flow as in the normal approach. Effects of capacity are neglected. It is concluded that an instability occurs in the last stage of the compressor, even when that stage is itself unstalled, which could give rise to surge. It has been found necessary to introduce one empirical factor into the analysis but, when this is given a value compatible with other experimental and theoretical evidence, reasonably good agreement with experimental results is obtained.