The Elric CRB states 'The percentage of the {magic skill} skill can never exceed the sorcerer's High Speech skill.'

Does this mean that the magic skill cannot be raised higher than the High Speech or that the magic skill can be higher but the chance of success is only as great as that of the High speech skill?

_________________
Listern, whatever is behind this door I can handle it....... aggggghhhhh

The first of those. High Speech is the language of sorcery; your magical skill will only ever be as good as your expertise in High Speech.

_________________
What am I supposed to say?
Where are the words to answer you,
When you talk that way?

Rush - Spindrift

Interesting question

You could probably play it either way without making any impact on the game.

_________________
Darkness Rising
Dark R II
Dilgar War

Thanks for that Loz. I will adjust my NPC's to reflect that, and negotiate with my players to adjust their characters.

_________________
Listern, whatever is behind this door I can handle it....... aggggghhhhh

It affects to how sorcerer uses his/her improvement rolls. For example: Sorcerer Theleb has high speech 86% and rune casting heat 84%. If we use rules as intended then he can raise his rune casting skill only to 86% no matter how many improvement rolls he uses, but if we take the latter interpretation he can raise his casting skill to max 89% with single improvement roll, although he can't use skill's full percentage till he has used improvement roll(s) to high speech.

It's not a big difference, but it makes improving magical skills bit slower, which is IMHO a good thing.