August 21, 1936

Brought home to lunch, Dr. Victor Clark, the economic expert from Washington, who has been here for four months. As we both have been “advisers” of Quezon we chaffed one another about the small amount of “work” given us. I mentioned how I had passed the morning, and he said: “dilute your morning’s work down to 10% and you’ll get mine.” I told him how safe Quezon was on questions of currency and government finance, and that the President was determined to avoid the slightest excise for interference by the High Commissioner. He said he was perfectly satisfied with the financial situation here–except for the stock market boom which he thinks is bound to collapse, and he considers it a menace. He sailed for home the next day.

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