In a position puzzle, a phrase is meant to be inferred from the position of words on a page. A familiar example is

stand   take    to     takings.
  I     you    throw      my

This can be read “I understand you undertake to overthrow my undertakings.”

“Sometimes the difficulty is increased by using letters and making them suggest words,” noted Household Words in 1882. It offered this example, adding, “This requires some little thought”:

What does it say?