 |
| Wall Street spends a lot of time on its mustache. A lot of time. |
Wing Commander R_. C__, RCAFVR, D.F.C. (Bar)
L_. House,
Isle of Axholme,
Lincs., U.K.
Dear Sir:
I hope this letter finds you well, at the threshold of the Christmas season. I hope our little package has found its way to you. It's been over a month in the mails, so please do let us know when you've received it. Business news and family secrets can take a back seat for a moment in our correspondence.
On family matters, you find us well. Your youngest son will have communicated privately that he has passed through his basic flying training close to the head of his class. His path to instrument flying training is clear, and the programme at Berkeley allows him to "dip into" navigational and flight engineering. He has expressed some impatience to me, as, of course, he wants to be a fighter pilot, and suspects me of wanting him to move on to the big patrol planes. (As, of course, I do. But I think I understand young men well enough not to force him onto that path, but rather to bend his course towards the night fighters, as I have intimated before.)
James has received an intimation that he will be permitted to hoist his flag as a Rear Admiral (E) upon retirement beginning in January of 1947. Since he is due for half-pay leave tht he cannot take until Japan is sorted out, hs effective separation from the warm bosom of the Admiralty is not much farther off than the end of this beastly war! The pension notwithstanding, it's something of an empty honour, but an honour nonetheless, and one that,as you know, he has been waiting for. To be fair, he would have to wait until 1950, at least, to receive the promotion in due form! We've not sorted out the niceties of his board memberships and such as yet, but I imagine he will simply set up a consulting practice in the Bay Area and wait for formal incorporation of the shops around the Bay. Bill and David are talking about waiting another decade, making the Admiralty look positively speedy by comparison.
Vancouver is, unfortunately, quite out of the question, but at least you will be on the same continent at last, providing that the RCAF does not suddenly decide that it needs you to keep spying on Germany after the peace, as see below. Your two(?) grandchildren will be close, if not quite on your doorstep --unless you retire to take your ease on the old family homestead, she subtly hinted.
Miss "V.C." has done quite well in her Christmas exams. She will be spending two weeks with her parents in Chicago over the Break, but is eager to return and resume language lessons with Suzie, who will be attending Santa Clara this fall. She is also looking for instruction in Kwakiutl, perhaps via the agency of our new friend, the --landlord, we'll call him? I think we will avoid naming him in the characters, as matters of language are coming ever more clearly into focus. Tommy Wong messages me with more hints of his new assignment in Alaska, such as he grasps of it, with the suggestion that a mastery of Asiatic languages is to be paired with a feel for electronics in a way that reminds one that it is impossible to read other people's mail unless you can get at it, and you can read the language. Though as dramatic as the spying stuff is, much more of his swotting is supposed to be devoted to meteorology. (You can imagine me pouting, now.)
Well, that is the home front for you. Now I need to turn to the Earl's letter. First, I cannot say how pleased I am that you have finally won the Earl over to the case that Cousin Henry really does not know what he is doing in Fontana. I cannot say, however, reading between the lines, that I am likely to be more comfortable with his new investment preferences. I understand that, having turned him away from what must seem, from a certain perspective, a gilt-edged growth equity, that we are turning sour on stocks entirely. That is not the case! Uncle George's preference for equities over Treasuries is not just framed around a few pet businesses and that thrill of being near celebrity that comes of having our friend's confidence. Uncle George believes that we can make more money in equities. Surely that is important, too?
I suppose the controversy here is over the vexed question of whether anything will be made and sold after the war? The vote of Santa Clara is for "yes." I shall have more to say about this below, as our friend, The Economist's "New York Correspondent," reappears to argue the Earl's position that we stand at the precipice of a new era of "secular stagnation." Apparently, wages are far higher in America than productivity gains will permit, and thus there will be a Depression-scale downward ratcheting of wages and prices (somehow?), followed by stagnation ever after as no-one ever invests in anything but Treasury Bonds again.

I guess that I have telegraphed the conclusion ahead of the argument here, but the tradition of these letters is to take a moment to justify the abuses to which we've put the Earl's money ahead of our reading of the press to justify our actions. I can understand his dyspepsia, but I think we've earned some confidence! There will be money spent after the war. I'm certain of it.
"GRACE."