cipally concerned in profitable and safe business and unwilling to take some share of the essential risk in opening up fresh fields for industry and commerce The British Trade Corporation was instituted with this end in view and there does seem need for further efforts in this direction. One wonders how it is that Wales has not its industrial bank and some kind of credit institu- tions would have been extremely useful in the development of Welsh agriculture. A Welsh Raiffeisen system of village banks might be in- stituted. Easy credit for the small husbandman is an absolute necessity. Raiffeisen set to work in South-West Germany on two principles-that he must exact nothing from members joining and that he must make long credit the rule. He argued that to make a loan at all serviceable to a poor or embarrassed man, sufficient time must be given to allow the loan to repay itself. To tax other resources for repayment would be, not to help, but to cripple the borrower. He might want the money for buying manure, or seed or feeding stuffs. In that case he could scarcely be expected to repay it before twelve months. He might The Exile's Corner. RECEPTION AT NIAGARA FALLS. I noticed in my last copy of the "Welsh Outlook" that you were starting an "Exiles Corner," so I am giving you some news of Welsh people in Niagara Falls. On Tues- day evening, June 30th, a very large number of Welsh people and friends gathered at the Parish Hall in Niagara Falls, Ontario, to welcome Professor J. Edwards, F.T.S.C., and his family, and Mr. and Mrs. Webb and family, who arrived in the city on June 27th from Penrhiwceiber, Wales, to make their new home here. The Niagara Falls Welsh Society arranged a grand concert and social reception. The Hon. Harry P. Stephens (Mayor of Niagara Falls, Ontario), was chairman, and officially welcomed them on behalf of the city as chief magistrate, and was ably supported by the Rev. Newton (Baptist minister) and the Rev. Barton (Episcopal Rector), both of Welsh descent, and Mr. Gordon Mitchell (choir leader of Morrison Street Methodist Church). Mr. Morgan J. Rees, secretary of the Niagara Frontier Welsh Society, wished them all prosperity and happiness in the world-famous Power City of the world. The concert which followed was a great success. AUSTRALIAN NOTES. ONE of the best known Welshmen in clerical and Church circles in Sydney is the Rev. Thomas Hughes, vicar of Burwood, who has been doing great work there for many years and is exceedingly popular. The reverend want it to improve his herd of live stock or build a barn or sink a well or else drain a field. In such cases he must be given credit for two years or five or ten or even more. The whole system rests upon the integrity of the individual. We shall hear a great deal about agricultural credits in the near future and it is as well that Wales should develop the system most suitable to her needs. The latest trade returns are distinctly encour- aging for imports have fallen in comparison with June and even with those of July of last year. The decline from the total of June this year is by some £ 12 millions in value and by £ 9 millions as against the value of imports of July, 1924. The imports of foodstuffs is lower by over a million. Great leeway, however, must be made up in the matter of exports. The trade returns, on the whole, seem to indicate that the hardships upon industry which followed the resumption of gold payments have now passed and with the lowering of the Bank rate and less interference with monetary conditions there are signs of a real revival. gentleman, who is now home in Wales for a well- earned holiday, is a brother of the Vicar of Trelech-ar-Bettws, and also brother of Vicar Hughes, of Birkenhead, while a sister of his, Mrs. Brittain (formerly of Llanover), at present resides at the Old Parsonage, Llangyfelach, near Swansea. This distinguished family of clerics -it need hardly be mentioned-come from Sir Aberteifi. The Rev. I. Garnon-Owen, formerly of North Wales, and a well-known Calvinistic Methodist minister, has a flourishing church at Fitzroy (Melbourne) attached to the Presbyterian Church of Australia. Both Mr. and Mrs. Owen are well supported by an excellent staff of enthusiastic workers, and progress is recorded throughout all the church activities. Sebastopol (Victoria) has been celebrating its 38th Annual Eisteddfod. Sixty years ago, in the days of gold mining, the township had four Welsh churches, but now very little Welsh is heard in the streets and gold mining is extinct. Welshmen in Australia are not so well organ- ised and banded together as in America and other parts of the world. True, there are few Welsh societies here and there, and the Melbourne St. David's Society again this year kept green the memory of Dewi Sant by duly celebrating the national event. Two thousand ardent Cymry went by boat to Queen's Cliff, and at the banquet the principal guest, the Rev. B. Ceitho Davies, who is on a health trip from Wales, delivered a rousing- speech, which, by the way, was widely published by the leading daily press of Australia. Caotain David Jones, of Aberayron, Cardigan- shire, president of the Melbourne Welsh Society, occupied the chair.