elimination of the capitalist. But they would attain this end by the method of violence, general strike, direct action." But surely a more peaceful and satisfactory method of increasing the worker's partnership and control within his industry is possible than that of violence and uncompromising Memorial College, Brecon. DISENDOWMENT: THE PRESENT POSITION THE Lord Bishop of St. Davids, in a com- munication to the Editor of the Welsh Outlook, refers to the article by Mr. W. Llewelyn Williams, K.C., M.P., on Disendowment The Present Position," which appeared in our October number. His lordship remarks: I am sorry that Mr. Williams should have repeated in the Welsh Outlook the manifest errors which appeared in his letter to the Times of March 26th this year, which I corrected in the Times on April 10th, and to which he made no reply. Under the circumstances I think I have a right to ask you to republish in the Welsh Outlook extracts from my letter to the Times, correcting the four errors which Mr. Williams had made." Extracts from the Bishop of St. Davids Letter to the Times, April 10lh, 1917. "1. The first proposition is that through the two years' post- ponement which has taken place the Church has already bene- fited by the war to the extent of at least £ 314,000," or, as he goes on to add, the real measure of the Church's gain on this head is probably £ 350,000." That is not so. In the case of clergy holding vested interests on the date of the passing of the Act who now hold an ecclesiastical office in the Church in Wales their full income was secured to them by the Welsh Church Act, and the postponement granted under the Suspensory Act of 1914 has made no difference in regard to their income. In the case, how- ever, of benefices held at the passing of the Act by clergy who, through death or some other cause, do not now hold an ecclesias- tical office in the Church in Wales, the Suspensory Act secures to the new incumbents of benefices thus vacated the income from ancient endowments until the date of Disestablishment. Mr. Williams-on what ground I do not know-estimates the number of these vacated benefices at 100, and their annual income from ancient endowments at £ 15,000. Even, on his own figures, therefore, the benefit to the Church from two years' postpone- ment would be neither £ 314,000 nor £ 350,000, but simply £ 30,000. 2. The second proposition is that the surviving life interests on a fair actuarial calculation, must, to a large extent, if not entirely make good the loss sustained by benefices falling vacant." He does not claim on this head any gain for the Church. When the commutation scheme was embodied in the Act its authors did Syndicalists is the mines for the miners and the class hostility. We heartily accept the principle of this Report, viz., the principle of partnership or co-operation of the parties engaged in industry." That is the more excellent way, and we thank the Commissioners for their courage in pointing it out. D. Miall Edwards. not foresee the long interval of suspense created by the war. It will be for experts to ascertain, when the time comes, how far the unexpected interval of suspense may have modified the actuarial calculations upon which the scheme was based, and which were fair, as we were advised, for the short interval originally con- templated. Be that as it may, the lapse of a large number of vested interests has created in practice a very serious difficufty. New incumbents have to be appointed to these vacant benefices, since the rearrangements in the organisation of the Church which may have to be made after the date of Disestablishment cannot be made now. Though these new incumbents acquire no legal vested interests, the Representative Body would be faced at once after the date of Disestablishment with the difficult problem of making provision for these from some other source than the ancient endowments of their respective benefices. 3. The third proposition is that the Church would gain £ 46,000 a year, or a capitalised sum of over 1600,000 from the recent rise in tithe. That is not so at all. Commutation is a business transaction under which, instead of the payment of annual vested interests in tithe by the County Councils in which the tithe is vested after the date of Disestablishment, a capital sum is paid over to the Representative Body of the Church in Wales to which is transferred the duty of payment of annual vested interests. The framers of the Act calculated that this capital sum would be just sufficient to meet the charge placed upon it. The rise of tithe up to the date of Disestablishment is a personal benefit to those clergy who hold vested interests in tithe, for the amount of their vested interests is based upon the value of tithe at the date of Disestablishment. The rise of tithe after the date of Dis- establishment only benefits the county councils to which it passes on that date. It does not benefit the Representative Body before the date of Disestablishment, for the increase of commutation capital, in respect of the rise, will go in payment of a corresponding increase of annual charge upon that capital. "4. The fourth proposition is that through the recent rise of interest the Church would gain £ 45,000 a year." That is not so. Will Mr. Williams find a corporation that will take over the com- mutation business and pay to the Representative Body for the privilege a perpetual secured annuity of £ 45,000 a year or the capital value thereof or anything like it ? I have before me figures drawn up by an eminent actuary when the commutation scheme was before Parliament showing the annual risks from depreciation of capital and the amount of capital which would have to be drawn out annually to pay vested interests. These figures showed there would be a large loss on the commutation scheme unless the com- mutation capital could be invested at 41 per cent. instead of at 31 per cent., the rate upon which it was based. There would be no doubt, at any rate for a time, a benefit to the Church from the