quality:correction
The Exile, Dial poetry award

In 1925 a new literary magazine, This Quarter, dedicated its first issue to Pound, including tributes from Hemingway and Joyce. In Hemingway's contribution, "Homage to Ezra", he wrote that Pound "devotes perhaps one fifth of his working time to writing poetry and in this twenty per cent of effort writes a large and distinguished share of the really great poetry that has been written by any American living or dead—or any Englishman living or dead or any Irishman who ever wrote English."

With the rest of his time he tries to advance the fortunes, both material and artistic, of his friends. He defends them when they are attacked, he gets them into magazines and out of jail. He loans them money. He sells their pictures. He arranges concerts for them. He writes articles about them. He introduces them to wealthy women. He gets publishers to take their books. He sits up all night with them when they claim to be dying and he witnesses their wills. He advances them hospital expenses and dissuades them from suicide. And in the end a few of them refrain from knifing him at the first opportunity.

Against Hemingway's positive view of Pound, Richard Aldington told Amy Lowell that year that Pound had been almost forgotten in England: "as the rest of us go up, he goes down", he wrote. In the U.S., Pound won the $2,000 Dial poetry award in 1927 for his translation of the Confucian classic Great Learning. Using the prize money, he launched his own literary magazine, The Exile, in March, but only four issues appeared. It did well in the first year, with contributions from Hemingway, E. E. Cummings, Basil Bunting, Yeats, William Carlos Williams, and Robert McAlmon. Some of the poorest work consisted of Pound's rambling editorials on Confucianism or in praise of Lenin, according to biographer J. J. Wilhelm. His parents visited him in Rapallo that year, seeing him for the first time since 1914. His father had retired, so they moved to Rapallo themselves, taking a small house, Villa Raggio, on a hill above the town.