dispensation = stewardship. Greek. oikonomia. See Eph_1:10.
the = that.
grace. App-184.
God. App-98.
is = was.
to . . . -ward. Greek. eis. App-104. The grace of God which concerned them and us. Not the grace of God as to "the kingdom", or "the heavenly calling" (see App-193), but the gospel of God's grace as to the church which is the body of Christ.