Reference Notes

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Abbreviations

References to the eight-volume official biography Winston S. Churchill, written by Randolph Churchill (vols 1 and 2) and Martin Gilbert (vols 3–8) (Heinemann, 1966–88), are shown by volume and page number, e.g., 5:101.

The volumes of companion documents (Heinemann, 1967–2000) are referenced by the volume number, followed by C (for Companion), part number and page number: e.g., 4C2:1123; or, in the case of the The Churchill War Papers volumes, by CW, part number and page number: e.g., CWP1:123.

References to letters written between Churchill and his wife sourced from the late Lady Soames’ collection Speaking for Themselves (Doubleday, 1988) are shown as SFT followed by the page number: e.g., SFT:123.

References to Churchill’s papers in the Churchill Archives Centre at Churchill College, Cambridge, are shown as either CHAR (for the Chartwell Papers, dated up to July 1945) or CHUR (for the Churchill Papers from July 1945 onwards), followed by their series, file and folio numbers: e.g., CHUR 1/25/123.

CHAR 28 includes the papers of Churchill’s father, mother and brother; and also of W. H. Bernau, whose family donated his personal papers to Churchill. Bernau was his bank manager between 1918 and the early 1930s, first at Cox & Co. and then at Lloyds Bank.

Other libraries and collections of papers are abbreviated as follows:

BLBritish Library
CACChurchill Archives Centre, Churchill College, Cambridge University
CURBMSLColumbia University, Rare Books and Manuscripts Library
HLHUHoughton Library, Harvard University
HMCOHoughton Mifflin Company
LBGALloyds Banking Group Archives, London
LoCWLibrary of Congress, Washington, D.C.
NANational Archives, Kew, London
NYPLNew York Public Library, New York
PUFLPrinceton University, Rare Books and Manuscripts Division, Firestone Library
PUMMPrinceton University, Rare Books and Manuscripts Division, Seeley G. Mudd Manuscript Library
RALRothschild Archives, London
RULSCReading University Library, Special Collections
TNL ArchiveTimes Newspapers Ltd Archive, News UK and Ireland Ltd.
WSCDLWinston Churchill Collection, Daniel Longwell Papers

Members of the Churchill family and other individuals or organizations frequently cited are abbreviated in the Notes as follows:

ACBAlbert Curtis Brown
AFMAnthony Moir
AMBAnthony Montague Browne
BLBritish Library
BMBBernard Baruch
BRBBrendan Bracken
CBCurtis Brown Ltd
CSCharles Scribner III
CSCClementine Churchill, née Hozier, Lady Churchill from 1953
DoMDuke (or Duchess) of Marlborough
DoWDuke of Westminster
EHMEdward Marsh
ERImre Revesz, Emery Reves from 1940
JSCJohn Spencer Churchill, known as Jack
KFRKnight Frank & Rutley
LlBkLloyds Bank
LRCLord Randolph Spencer Churchill
LyRCLady Randolph Spencer Churchill, née Jennie Jerome, also Mrs George Cornwallis-West
MWBLord (Max) Beaverbrook, né Maxwell Aitken
NCBNYNational City Bank of New York
NMNicholl, Manisty & Co.
TBThornton Butterworth
VdaCVickers da Costa
WHBW. H. Bernau
WSCWinston Spencer Churchill

1. The Churchills and Jeromes

1. 20 Aug 1873 LRC letter to DoM, cited P. Churchill and J. Mitchell, Jennie, pp. 23–5.

2. 30 Apr 1937 WSC ltr to E. Marsh, Marsh papers, EMAR/2, CAC.

3. 5 Mar 1891 The New York Times, cited A. Sebba, Jennie Churchill, pp. 9–10.

4. E. Kehoe, Fortune’s Daughters, p. 12.

5. M. Lovell, The Churchills, p. 25. Mrs Astor was born Caroline Schermerhorn before marrying William Astor.

6. A. Hays Sulzberger memorandum citing 1950s New York Times research, ‘Meetings with WSC’, box 1, WSCDL, CURBMSL.

7. A. Leslie, The Fabulous Leonard Jerome, pp. 90, 92.

8. A. Sebba, Jennie Churchill, pp. 18, 22.

9. S. Fiske, Eminent New Yorkers (1887), cited A. Leslie, Fabulous Leonard Jerome, p. 167.

10. WSC, Marlborough, p. 32.

11. C. Hibbert, The Marlboroughs, p. 91.

12. D. Cannadine, The Decline and Fall of the British Aristocracy, pp. 710–11. Data given is dated c.1880.

13. C. Hibbert, The Marlboroughs, pp. 336, 348.

14. M. Soames, The Profligate Duke, p. 115.

15. Feb 1820 Blenheim Papers, Add MS 61678 f.182–3, 184, BL.

16. Journal of Mrs Arbuthnot I, p. 304, cited A. Rowse, The Later Churchills, p. 201.

17. M. Lovell, The Churchills, p. 17.

18. Ibid.

19. R. Blake, Disraeli, p. 692.

20. A. Rowse, The Later Churchills, p. 232.

21. J. Bateman, The Great Landowners of Britain and Ireland, pp. 472–3, cited E. Kehoe, Fortune’s Daughters, p. xi; 1873 Return of Owners of Land, cited A. Rowse, The Later Churchills, pp. 229–31; D. Cannadine, The Aristocratic Adventurer, p. 6.

22. 31 Aug 1873 DoM ltr to LRC, 1C1:12–13.

23. U/d Feb 1874 DoM ltr to LRC, 1C1:18.

24. 23 Jan 1874 Shipmond, Barlow, Sarocque, Macfarland ltr, 1C1:18–19.

25. 7 Oct 1873 L. Jerome ltr to J. Jerome, 1C1:17–18. Louisa Catherine, duchess of Leeds (1789–1874), was the third daughter of Richard Caton, a Baltimore merchant. She first married an English baronet and, after his death, the marquess of Clanricarde, later the duke of Leeds.

26. 25 Feb 1875 F. Capon ltr to RSC, 1C1:18–19.

27. 9 Apr 1874 L. Jerome ltr to DoM, 1C1:20.

28. M. Lovell, The Churchills, p. 41.

29. R. Martin, Jennie: The Life of Lady Randolph Churchill, I, p. 91.

2. Spendthrift Parents, 1875–94

1. WSC, Lord Randolph Churchill Vol 1, p. 72.

2. 14, 18 Jan 1876 LRC ltrs to LyRC, CHAR 28/5/13, 15.

3. C. Higham, Dark Lady, p. 61.

4. 29 Jan 1879 LRC ltr to LyRC, CHAR 28/6/65.

5. 12 Jul 1880 LyRC ltr to C. Jerome, cited A. Leslie, Fabulous Leonard Jerome, pp. 216–17.

6. Summary of the duke of Marlborough’s will, CHAR 1/82/2.

7. D. Green, The Churchills of Blenheim, p. 116.

8. M. Lovell, The Churchills, p. 78.

9. S. Buczacki, Churchill & Chartwell, p. 11.

10. Wins in 1889 included the Prince of Wales Handicap (£1,000); Portland Plate (£775); Oaks (£2,600, at odds of 20 to 1). In 1890 Abbesse won the Manchester Cup (£2,200).

11. 5, 14 Aug 1890 LRC ltr to LyRC, CHAR 28/39/10, 28/9/17.

12. D. Kynaston, The City of London 2:13.

13. N. Ferguson, Rothschild: The World’s Banker, p. 877.

14. D. Kynaston, The City of London 2:82.

15. 22 Mar 1891 Transcript, LRC ltr to N. Rothschild 101/22 T 15, RAL.

16. Rothschild 1891 ledger, I/8/13 account 178 LRC Syndicate Account, RAL. Contributions included £1,000 each from Lord Randolph’s mother and sister, Lady Sarah Spencer-Churchill; £2,000 from Lord and Lady Wimborne (another sister, Cornelia); and £1,500 between them from two European friends of the Jeromes, the Marquis de Breteuil and Baron de Hirsch.

17. B. Roberts, Churchills in Africa, p. 14.

18. 30 May 1891 LRC ltr to LyC, CHAR 28/11/13.

19. Ibid.

20. 17 Jun 1891 LRC ltr to LyRC, CHAR 28/11/17.

21. 26 June 1891 LRC ltr to LyRC, CHAR 28/11/19.

22. Cited B. Roberts, Churchills in Africa, p. 38.

23. 13 Sep 1891 LRC ltr to LyRC, CHAR 28/11/36.

24. 29 Sep 1891 LRC ltr to LyRC, CHAR 28/11/39; B. Roberts, Churchills in Africa, p. 79.

25. U/d Jul 1891 LyRC ltr to C. Frewen, Moreton Frewen Papers, LoCW.

26. 23 Sep 1891 LyRC ltr to LRC, CHAR 1/2/9.

27. 13 Dec 1891 LRC ltr to LyRC, CHAR 28/11/49.

28. 1893 Rothschild ledger I/8/15 a/c 198 a/c no.4, RAL.

29. 28 Oct 1891 LyRC ltr to WSC, CHAR 1/8/27.

30. 4 Nov 1891 Mrs Everest ltr to WSC, CHAR 1/4/19.

31. 1 Jul 1890 LyRC letter to WSC, CHAR 1/8/4.

32. 29 Mar 1892 LRC ltr to WSC, CHAR 1/2/62.

33. U/d May 1892 LyRC ltr to WSC, 1C1:333.

34. U/d Sep 1892 LRC ltr to Frances, DoM, 1C1:338.

35. 9 Aug 1893 LRC ltr to WSC, CHAR 1/1/66.

36. 30 Aug 1893 WSC ltr to LRC, 1C1:402–3.

37. 3 Sep 1893 LRC ltr to Frances, DoM 1C1:404.

38. 17 Sep 1893 WSC ltr to LyRC 1C1:413–4.

39. 17 Jan 1894 N. M. Rothschild 1894 ledger, I/8/16 a/c 178, a/c no.4, RAL. Lord Randolph sold 500 Deep Levels shares at over £4 each in October 1893 to raise more than £2,000; and 200 for £5.12s each in February 1894, by which time the company had been renamed Rand Mines.

40. 24 Oct 1893 LRC ltr to Frances, DoM 1C1:423.

41. 21 Apr 1894 LRC ltr to LyRC, CHAR 1/2/78.

42. 22 Apr 1894 LyRC ltr to WSC, CHAR 1/8/59.

43. R. Martin, Lady Randolph Churchill 1, p. 297.

44. 24 Jun 1894 Rothschild 1894 ledger I/8/16 a/c 178 a/c no 4, RAL.

45. 24 Jun 1894 LRC ltr to WSC, CHAR 1/2/84.

46. WSC, My Early Life, p. 49.

47. 8 November 1894 LyRC ltr to C. Frewen, Tarka King Papers.

48. WSC, My Early Life, p. 195.

49. 5 March 1895 The New York Times, p. 5.

50. Rothschild 1894 ledger, I/8/16 a/c 178, RAL.

51. Rothschild 1895 ledger, I/8/17 a/c 178, RAL. Lord Randolph’s executors were Lady Randolph Churchill, the duke of Marlborough and a brother-in-law Lord Curzon (later Earl Howe), who was married to Georgina Churchill. The Rothschilds’ second, larger cheque was dispatched to the executors on 11 April 1895.

52. S. Van Oss, cited D. Kynaston, The City of London 2:110.

53. WSC, My Early Life, p. 195.

54. Epitome, full version of LRC Will, CHAR 1/79/2, 5.

3. Distant Army Duty, 1895–9

1. 21 Feb 1895 WSC ltr to JSC, CHAR 28/152/40.

2. 27 Apr 1895 WSC ltr to LyRC, 1C1: 569–70.

3. £2,000 a year came in rentals from the Manhattan property contributed by the Jeromes to the Churchill marriage settlement (the ‘American settlement’ in some documents); £2,000 in income from Lord Randolph’s will trust’s investments, worth approximately £50,000; and £700 in income from the Churchill family’s contribution to the marriage settlement (‘The English Settlement’ in some documents).

4. In 1868, 2,166 people who recorded more than £5,000 of income were charged under schedule D of income tax. Report of the Inland Revenue, ii pp. 580–4, cited M. Daunton, Trusting Leviathan, p. 160.

5. WSC, My Early Life, p. 75.

6. 1 May 1896, WSC letter to LyRC, 1C1:671–2.

7. 4 August 1896 WSC letter to LyRC, 1C1:675–6.

8. WSC, My Early Life, pp. 101–3.

9. 19 Nov 1896 LyRC ltr to WSC, CHAR 1/8/73.

10. 11 Dec 1896 LyRC ltr to WSC, CHAR 1/8/77.

11. 26 Feb 1897 LyRC ltr to WSC, CHAR 1/8/91.

12. 5 Mar 1897 LyRC ltr to WSC, CHAR 1/8/94. Jennie’s assessment of her annual income at £2,700 is puzzling since it was at least £5,000, as her sons discovered in 1914.

13. 17 Mar 1897 WSC ltr to LyRC, 1C2:741–2.

14. 17 Aug 1897 WSC ltr to LyRC, 1C2:778–9; 4 Nov 1897 CHAR 1/8/117. Lord William Beresford could not cash Churchill’s cheque (repaying a loan made in July) for ten weeks.

15. 22 Aug 1897 B. Blood ltr to WSC, 1C2: 780.

16. 5 Sep 1897 WSC ltr to LyRC, 1C2:784–5.

17. 7 Oct 1897 LyRC ltr to WSC, 1C2:808–9.

18. 25 Oct 1897 WSC ltr to LyRC,1:355-7

19. 12 Sep 1897 WSC ltr to LyRC, 1:358–9.

20. 30 Sep 1897 LyRC letter to WSC, CHAR 1/8/109.

21. 25 Oct 1897 WSC ltr to LyRC, 1C2:811–2.

22. 17 Nov 1897 WSC ltr to LyRC, 1C2:827–8. Messrs A. F. Bernau, tailors; Messrs E. Tautz & Sons, tailors (owed £144.14s. for clothes supplied 1895–7, paid 1902); Sowter, saddler.

23. 11 Nov 1897 LyRC ltr to WSC, 1C2:832–3.

24. 31 Dec 1897 WSC ltr to LyRC, 1C2:840–1.

25. 7 Jan 1898 A. Watt ltr to LyRC, 1C2:852.

26. 20 Jan 1898 LyRC ltr to WSC, CHAR 1/8/125.

27. 27 Jan 1898 LyRC ltr to WSC, 1C2:880.

28. 26 Jan 1898 WSC ltr to LyRC, CHAR 28/24/26.

29. 18, 22 Mar 1898 WSC ltrs to LyRC, CHAR 28/24/49, 54. Longmans Statement Book, MS 1393/F1, pp. 169–71, RULSC. Churchill’s first royalty cheque added £46 to his £50 advance; British sales were only 2,671 copies in fifteen months. Churchill had been expecting to earn £300.

30. 19 Jan 1898 WSC ltr to LyRC, CHAR 28/24/20.

31. 20 Jan 1898 LyRC ltr to WSC, CHAR 1/8/125.

32. 13 Jan 1898 LyRC ltr to WSC, CHAR 1/8/122.

33. 14 Jan 1898 LyRC ltr to WSC, CHAR 1/8/124. Neither the papers nor Lumley’s accompanying letter survive, but the scheme’s features are reconstructed from Churchill’s subsequent correspondence with his mother and the duke of Marlborough.

34. 28 Jan 1898 WSC ltr to LyRC, 1C2:868–9.

35. This is the proportion which Churchill quoted, for example to his cousin Shane Leslie – see S. Leslie, Long Shadows, p.16.

36. 28 Feb 1915 E. Manisty account, as Receiver to Norwich Union Life Assurance Society, CHAR 28/124 1–4. Interest on the loan was 4¾ per cent a year (£807); the life insurance premium on Jennie’s life cost £573 a year.

37. 30 Jan 1898 WSC ltr to LyRC, CHAR 28/24/33.

38. 30 January 1898 WSC letter to JSC, CHAR 28/152/144.

4. The World’s Highest-Paid War Correspondent, 1899–1900

1. 16 Feb 1898 WSC ltr to JSC, CHAR 28/152/148.

2. 18 Mar 1898 WSC ltr to LyRC, CHAR 28/24/49.

3. 27 Mar 1898 WSC ltr to LyRC, CHAR 24/28/65.

4. WSC, My Early Life, p. 165.

5. 25 April 1898 WSC ltr to LyRC, 1C2:922.

6. 3 May 1898 WSC ltr to L. Leslie, CHUR 1/44/215–17.

7. 1 Jun 1898 WSC ltr to LyRC, 1C2:941–3.

8. 10 May 1898 WSC ltr to LyRC, CHAR 28/245/3.

9. D. Kynaston, The City of London 2:146, 248, 252–3, 270, 301.

10. WSC, My Early Life, p. 182.

11. 10 Aug 1898 WSC ltr to LyRC, CHAR 28/25/31.

12. U/d July 1898 WSC note to LyRC, CHAR 28/25/57.

13. 30 Jul 1898 WSC ltr to DoM, 28/25/27 enc. with WSC ltr to LyRC CHAR 28/25/30. Churchill’s uncle John Leslie refused to give the second guarantee; one of Lord Randolph literary executors Ernest Beckett accepted instead.

14. 5 Aug 1898 WSC ltr to LyRC, CHAR 28/25/28–9.

15. 24, 26 Aug 1898 WSC ltrs to LyRC, CHAR 28/25/36.

16. 28 Oct 1898 WSC ltr to M. Frewen, CHUR 2/519/459.

17. 1899 Longmans’ royalty ledger, MS 1393/E5/473, RULSC. As for The River War, there was no advance, but the British royalty was 20 per cent after sales of 1,000 copies, the US 15 per cent and ‘colonial sales’ earned Churchill 3d. per copy.

18. 1899 Longmans royalty ledger, MS 1393/E5/469, RULSC. If Churchill accepted an advance of £100, his royalty rate was 20 per cent after 1,500 copies.

19. 27 Oct 1898 WSC ltr to A. Watt, A. P. Watt Papers, NYPL.

20. Nov 1898 Cox & Co. statement, CHAR 1/21. Interest and life insurance premiums cost £300 a year. From March 1899 Churchill paid his brother £75 monthly (or almost monthly), but there are few other signs that the account was used for the purposes intended. Churchill sent £100 to King & Co. in Bombay; repaid £325 to his mother; and sent £50 to Palmer, his tailor, £12 to Hatchard, the booksellers, and £2 to Waterlow, his stationery supplier. There was nothing for Messrs Tautz, Bernau, Sowter or Day, still owed some £100 each. The Special Account was closed in October 1900, its balance of £292 transferred to Churchill’s Private Account.

21. WSC, My Early Life, pp. 195–6.

22. 29 Dec 1898 WSC ltr to LyRC, CHAR 28/25/55.

23. 19 Jan 1899 WSC letter to LyRC, CHAR 28/26/3. Churchill was to record a profit (after expenses) of more than £8,000 when the book was published seven years later.

24. Mar 1899 WSC ltr to P. Plowden, cited the Observer (9 November 2003).

25. 17 Jul 1899 WSC ltr to A. Harmsworth, Northcliffe Papers, M/s Add 62156/1, BL.

26. Frances, Countess of Warwick, Life’s Ebb and Flow, p. 141.

27. 22 Aug 1899 WSC ltr to LyRC, 1C2:1043–4.

28. Oct 1899 Longmans Group Papers, MS 1393/2/2371343/ii, RULSC. British royalties were set at 15 per cent on the first 3,000 copies; 20 per cent up to 10,000 copies; 25 per cent thereafter. Longmans, Green & Co. also published in the US and Canada at a royalty of 15 per cent.

29. M. Gilbert, Churchill and the Jews, p. 4. Lord Rothschild gave £150; Cassel £100.

30. 1907 Lumley & Lumley account, CHAR 1/58/1. The insurer was Norwich Union.

31. 1899 Randolph Payne & Sons account, 1C2:1052. Costing £27, the consignment included eighteen bottles of ten-year-old whisky, six bottles each of port, vermouth and eau de vie.

32. 24 Oct 1899 Longmans Book Notes, Impression Book, MS 1393/H32/234, Royalty Ledger E5/469, RULSC. Longmans, Green & Co. printed 2,000 copies of the two volumes. It sold 1,306 copies in Britain before Christmas (earning Churchill £352 before agent’s commission), and another 1,000 early in 1900.

33. 30 Oct WSC ltr to JSC, 1C2:1056.

34. WSC, My Early Life, p. 315.

35. L. Field, Bendor, pp. 12, 27, 29, 35.

36. 11 Apr 1900, CHAR 1/26/176. Generals Hamilton and Nicholson helped plead his cause.

37. WSC reminiscence, cited Lord Moran, Churchill: The Struggle for Survival, p. 189.

38. 25 Apr 1898 WSC ltr to LyRC, 1C2:922; 14 Mar 1898 Longmans Book Notes, MS 1393/L9, 15.42, RULSC. Longmans, Green & Co.’s sales notes summarize the plot: Laurania was an imaginary republic in the Mediterranean, ruled by an able despot Molaro, who was opposed by the rebel leader Savrola, ‘a man of culture and a very persuasive orator’. When Molaro sent his beautiful wife to parley with and distract Savrola, she fell for him instead. 1898–1912 Longmans sales ledger, MS 1393/F1, pp. 169–171, RULSC. British sales were 4,704 up to the end of May 1900, but only 170 in the following year; 3,672 were sold in the colonies. Savrola earned Churchill royalties of £306 in its first accounting period.

39. 10 May 1900 WSC Introduction to London to Ladysmith, Longmans MS1393/2/72/398, RULSC.

40. 16 Feb 1900 A. Watt ltr to WSC, CHAR 8/10/1.

41. 21 Mar 1900 WSC ltr to LyRC, CHAR 28/26/52.

42. 1 May 1900 WSC ltr to LyRC, CHAR 28/26/54.

43. 22 May 1900 WSC ltr to LyRC, CHAR 28/26/53.

44. 12 May 1900 LyRC ltr to WSC, 1C2:1176.

45. Ibid.; 15 May 1900 Notes on Books, Longmans MS 1393/L9, RULSC.

46. Longmans royalty ledger and sales ledger MS 1393/E5/481–2 and F1/169–171, RULSC. Compiled from twenty-seven letters and telegrams despatched by Churchill to The Morning Post between 26 Oct 1899 and 10 Mar 1900, 7,571 copies sold within two weeks in Britain and a further 6,125 during the next year. Sales then slowed so sharply that they reached fewer than 15,000 before war broke out in 1914. In the US the book sold 1,850 copies. R. Cohen, Bibliography of the Writings of Sir Winston Churchill, pp. 92–3. Churchill’s royalties failed to reach £1,000.

47. 9 Jun 1900 WSC ltr to LyRC, CHAR 28/26/59.

48. L. Amery, Diaries, p. 17.

5. Bachelor, Author, MP, 1900–5

1. G. Cornwallis-West in conversation with Shane Leslie, cited A. Leslie, Jennie: Life of Lady Randolph Churchill, p. 254.

2. Author’s calculations, 24 May 1900 E. Cassel ltr to WSC, CHAR 1/23/134. Churchill had earned £2,050 from The Morning Post, £1,500 from his three recently published books and £500 from Sir Ernest Cassel’s investments.

3. 31 Jul 1900 WSC ltr to JSC, CHAR 28/152/190–5.

4. 26 Jul 1900 Longmans Agreement with WSC, MS1393/2/237/1343 iii; Longmans Book Notes MS 1393/L9/p.254; Longmans statement ledger and royalty ledger, MS 1393/F1, E5/481–2; RULSC. Compiled from seventeen dispatches to The Morning Post between 31 March and 14 June 1900, with four unpublished letters added. British sales reached 6,216 over ten months after publication to 31 May 1901; then fewer than 200 in the following year. Churchill’s first royalty was £339. In America, records are sparse but R. Cohen speculates fewer copies sold than the 3,000 for London to Ladysmith; 533 copies remained unsold in 1905.

5. Election result 1C2:1208.

6. Ibid.; 27 Oct 1900 WSC ltr to LyRC 1C2:1213–4. The duke was to pay £400 of Churchill’s £1,450 expenses and meet his annual registration fee of £100.

7. 8 Sept 1900 WSC ltr to L. Leslie, 1C2: 1199. See also S. Buczacki, Churchill & Chartwell, p. 21.

8. 29 Oct 1900 The Lecture Agency Schedule, CHAR 1/27/13–15. Receipts totalled £3,782. Christie suggested a second tour in the spring of 1901, covering twelve more cities such as Nottingham and Derby, where Churchill could expect to earn £100. There was a further list of eighteen towns where he could expect £50–75 net. Churchill resumed the tour in March 1901, earning an extra £690. In the autumn of 1892 he made a third tour of thirteen towns, grossing £479 (before agency commission and his travelling expenses). See 1/31/59, 90.

9. 22 Nov 1900 WSC schedule, CHAR 1/21. Churchill’s cash at Cox & Co. totalled £1,033; he had £3,050 invested with Cassel; and £1,000 on its way by cheque from earlier lectures. Other amounts listed included £590 royalties due from Longmans and £1,200 to be earned from future lectures. A ‘Prospective’ category included the duke of Marlborough’s £400 for Churchill’s election expenses and £500 from his publisher.

10. 19 Nov 1900, CHAR 1/27/6. Including solicitor’s fees, Churchill’s debt to Thomas Briggs & Sons was £25.

11. The Oldham Deaf and Dumb Society, Oldham Evangelical Free Church Society, Lancashire and Cheshire Working Men’s Association, The Boys’ Brigade Oldham Branch, The Oldham Temperance Mission, Oldham Rifle Club and Oldham & District Ornithological Society pressed Churchill to offer subscriptions which varied from ten shillings to two guineas a year.

12. 21 Dec 1900 WSC to LyRC, 1C2:1222. Takings varied from £10 in Hartford to £120 in Philadelphia. The full list is at 1C2:1222.

13. 1 Jan 1901 WSC ltr to LyRC, CHAR 28/26/80. Door takings exceeded $2,000, but Pond had sold the evening for a flat fee of $500, of which Churchill’s share was $350.

14. 1 Jan 1901 WSC to LyRC, CHAR 28/26/80.

15. WSC, My Early Life, p. 358.

16. E. Tautz & Sons Ltd. Account, CHAR 1/31/25: Tautz (breeches and trouser makers, military tailors) was paid the balance of his £144 account including 3 guineas for white cashmere racing breeches, 5 guineas for a chocolate satin racing jacket and matching racing cap, 6 guineas for a black angola dinner jacket with silk shirt, all supplied in 1895 or 1896; more recently eight jackets, nine vests and alterations to the waistline of fourteen pairs of trousers; A. F Bernau & Sons account 1/31/24: Bernau (tailor and habit maker) received £145 for items dating back to 1897, including two blue and brown jacket suits, each costing £7.10s.; a dress suit for 10 guineas; and a drab check Cheviot shooting suit for £7.15s.

17. 14 Feb 1900 WSC letter to LyRC, 2C1:27.

18. G. Cornwallis-West, Edwardian Hey-Days, p. 132.

19. U/d 1906 A.Anning Bills Paid in 1905, CHAR 1/55. Miss Anning lists spending items totalling £1,580, but she includes £500 sent to Sir E. Cassel for investment. The author has subtracted this amount, then added £275 for Churchill’s annual rent and property taxes at 12 Bolton Street to which he moved in late 1905.

20. J. W. Allen (bag manufacturer) account, CHAR 1/47/25.

21. F. Smythson account, CHAR 1/31/14.

22. Ranelagh Club account, CHAR 1/31/58, 68, 79; J. Salter account,1/31/2.

23. 13 Mar 1901 WSC ltr to LyRC, CHAR 28/26/96. Jennie helped Churchill to hire a shorthand typist at a cost of 3s.6d. an hour.

24. U/d J. Brabazon ltr to J. Leslie 1C2:1209. Churchill and Pamela agreed to remain ‘best friends’ before he set off in unrequited pursuit of the American actress Ethel Barrymore, and later Muriel Wilson, heiress to a shipping fortune, to whom he proposed in early 1904. She turned Churchill down on the grounds of his poor financial prospects.

25. G. Cornwallis-West, Edwardian Hey-Days, pp. 119–20.

26. 12 Nov 1901 DoM ltr to WSC, CHAR 1/33/12

27. Lumley & Lumley 1906 account, CHAR 1/58/5. Five years later Lumley sent the account for payment to Churchill, not the duke.

28. Lumley & Lumley 1906 account, CHAR 1/58/1.

29. 15 Aug 1902 WSC letter to LyRC, CHAR 28/27/2.

30. Jul 1903 Andrew Stone account, CHAR 1/41/56.

31. M. Daunton, Trusting Leviathan, p. 336, citing L. Chiozza, Money (1907).

32. 19 Jun 1903 Lumley & Lumley ltr to WSC, CHAR 1/38/32; 1902/3 HM Inland Revenue account, 1/41/84.

33. R. Grenfell to C. Grenfell, cited D. Kynaston, The City of London 2:398.

34. 22 Aug 1904 WSC letter to LyRC, 2C1:450–1.

35. 22 Jan 1905 LyRC letter to WSC, CHAR 1/50/76.

36. 22 Aug WSC letter to LyRC, 2C1:450–1.

37. P. Clarke, Mr Churchill’s Profession, p. 55, citing Delaney, Literature, Money and the Marketplace, pp. 107–15.

38. 29 May WSC ltr to Elibank, 2C2:393.

39. 27 May 1905 Lady Wimborne ltr to WSC, 2C1:393.

40. Feb 1905 Warner, Shepherd & Wade account, CHAR 1/52/3.

41. CHAR 1/52/11; 1/54/20, 45, 53. The first and second ponies, unnamed, cost 125 and 100 guineas; ‘Redskin’ and ‘Sweep’ cost £100 and £115.10s.

42. 7 Oct 1905 F. Harris ltr to WSC, 2C1:465–6.

43. 25 Oct 1905 F. Harris ltr to WSC, CHAR 8/21/88. Cassell & Co. bid £2,500, on account of a 30 per cent royalty; 24 Oct 1905 F. Harris ltr to WSC, 8/21/86.

44. 30 Oct 1905 F. Macmillan ltr to WSC, CHAR 8/21/92–3.

45. 30 Oct 1905 WSC ltr to F. Macmillan, Macmillan Archive, M/S Add 55245/2/91, BL.

46. 31 Oct 1905 Longmans letter to WSC, CHAR 8/22/1.

47. 2 Nov 1905 F. Macmillan letter to WSC, 2C1:480–1.

48. 3 Nov 1905 WSC ltr to F. Macmillan, Macmillan Archive, M/S Add 55245/2/98–100, BL.

49. 5 Nov 1905 Bangs ltr to C. Scribner, Scribner’s Archive, Author Files I C0101 Box 31, M/S Div, BLPU.

50. 13 Nov 1905 WSC ltr to F. Macmillan, Macmillan Archive, M/s Add 55245/2/106–8, BL.

51. 15 Dec 1905 WSC ltr to F. Macmillan, Macmillan Archive, M/s Add 55245/2/118–9, BL.

52. Churchill polled 5,639 votes to his Conservative opponent’s 4,398. Nationally, the Liberals won 377 seats compared to the Conservatives’ total of 157.

53. 5 Feb 1906 F. Macmillan ltr to WSC, 2C1:492. Publication date was 3 January 1906. Macmilllan printed 6,250 copies in Britain, where the two volumes sold for a combined price of £1.18s. ($9 in the US).

54. 27, 30 Apr 1906 WSC corresp with F. Macmillan, Macmillan Archive, M/s Add 55245/2/138–9, BL; CHAR 8/24/153–5. Sales to the end of April totalled 5,777: a chart (8/24/39) shows their decline from an intial 2,300 a week to an average of 576 a week for five weeks, then 83 a week for the next five weeks and finally to 30 a week in April. American sales over the same period totalled 603 copies.

55. F. Macmillan, Mark Longman Library, RULSC.

56. 6 Jun 1906 WSC ltr to F. Macmillan, Macmillan Archive, M/s Add 55245/2/140, BL.

57. HM Inland Revenue recognized that authors’ income was irregular, so allowed them to spread a book’s profit for tax purposes over three years: Churchill’s 1906/7 income tax return, submitted in February 1908, therefore included £2,417 of literary profits.

58. 12 Apr 1906 W. Turner Lord & Co account, CHAR 1/63/40, 91.

59. 31 Dec 1906 Hatchard Booksellers account, CHAR 1/69/15. For other booksellers’ bills (and books bought), see 1/63–9. Hatchard’s list ran to four pages; Churchill imported 4 cwt. of books from France.

60. 1906 Harrods account CHAR 1/63/104: Harrods’ items cost £80; 1/69/2 Druce account: linen and soft furnishings from Druce cost £120.

61. 31 May 1906 J. Smith account, CHAR 1/63/71; Mar 1906 National Telephone, Westminister Electric Supply, Gas Light & Coke Co. accounts, 1/63/31, 26, 33.

62. May 1906 Mrs Thornley account January–April, CHAR 1/63/88.

6. Junior Minister and Marriage, 1906–8

1. 22 Mar 1906 Wickwar & Co. account, CHAR 1/63/38.

2. A. Anning Accounts Paid in 1906, CHAR 1/55; Ministerial Salaries factsheet M6 revised Sep 2011, House of Commons Information Office. The author has adjusted Miss Anning’s record to exclude building works, but to include a full year of rent, income tax and amounts Churchill paid ‘on account’ for wine and cigars.

3. 21 Aug 1906 WSC ltr to EM, Marsh papers, EMAR 2, CAC.

4. 26 Aug 1906 WSC ltr to JSC, 2C1:573–4.

5. 14 Sep 1906 WSC ltr to JSC, CHAR 28/152/203.

6. 26 Aug 1906 WSC letter to JSC 2C2:573–4. In December 1906 James Shepherd & Co.’s list of stock exchange prices shows only five shares (of more than 200 quoted) to be those of British-based industrial companies. See D. Kynaston, The City of London 2:460–1, 468.

7. 1 Sep 1906 WSC ltr to LyRC, 2C2:578–9.

8. G. Cornwallis-West, Edwardian Hey-Days, pp. 158–9.

9. 19 Aug 1906 DoW ltr to WSC, CHAR 1/56/30.

10. 18 Sep 1906 LyRC ltr to WSC, CHAR 28/1/56.

11. 22 Jun, 6 Jul 1864 marchioness of Londonderry, epitome of will and probate valuation, CHAR 1/93/3–4.

12. 13 Nov 1906; 3 Jan, 7 Feb 1907; 16, 18 Feb 1921 T. Lumley ltrs to WSC, CHAR 1/57/19; 1/68/1–2, 4; 1/151/5–6, 7–8. Churchill’s valuation, carried out by The Goldsmiths and Silversmiths Company, was £4,595, £170 higher: a compromise figure of £4,500 was agreed.

13. 9 Oct 1906 WSC ltr to H. G. Wells, H. G. Wells Papers, University of Illinois C-238-2, cited R. Toye, Lloyd George and Churchill, p. 56.

14. 11 Oct 1906 WSC speech St Andrew’s Hall, Glasgow, reprinted 1909 WSC, Liberalism and the Social Problem, p. 78, 82–3.

15. G. Beare, Index to the Strand Magazine 1891–1950 (Westport, CT: Greenwood Press), p. xviii. Churchill was to receive another £500 for a book collected from the articles and £30 for suitable photographs.

16. 21 Aug 1907 WSC to LyRC, CHAR 28/27/67.

17. 22 Aug 1907 LyRC ltr to WSC, 2C1:670–1.

18. 24 Sep 1907 JSC ltr to WSC, CHAR 1/66/30.

19. 27 Sep 1907 JSC ltr to WSC, CHAR 1/66/32. Scrivier had distinguished himself briefly in racing circles when he bought the filly Sceptre, which won four classic races before he sold her for £25,000. See CHAR 1/64/4–5.

20. 30 Sep 1907 JSC letter to WSC, CHAR 1/66/34.

21. 25 Oct 1907 JSC letter to WSC, CHAR 1/66/41.

22. 6 Nov 1907 WSC letter to LyRC, 2C2: 692–4.

23. 17 Nov 1907 WSC ltr to JSC, 2C2:699–700.

24. 17 Dec 1907 East Africa Protecorate account, CHAR 1/85/7. Churchill’s share came to £38; the remainder was allocated to the governor’s ‘travelling account’.

25. 22 Apr 1908 British East African Protectorate ltr to EHM, CHAR 1/85/6; Elgin Papers, cited 2C2:797.

26. 14 Nov 1908 JSC ltr to WSC, CHAR 1/66/48.

27. 13 Jan 1908 WSC ltr to JSC, CHAR 28/152/214.

28. 21 Dec 1908 E. Manisty account as Receiver to Norwich Union, CHAR 28/124/1.

29. 13 Feb, 6 Apr 1908 NM ltrs to WSC, CHAR 1/80/14, 38.

30. 18 Jul 1908 Nelke Phillips Lord Randolph Churchill will trust schedule, CHAR 1/79/1. Bank rate had fallen to 3 per cent in March and 2½ per cent in May 1908.

31. M. Soames, Clementine Churchill, p. 31.

32. 12 Aug 1908 WSC ltr (unsent) to Hozier, 2C2:801.

33. In the absence of the bank statements that Churchill did not keep regularly until 1908, the author estimates that Churchill’s income from 1900–8 totalled approximately £13,000 (from his father’s biography, limited journalism, investment dividends and ministerial salary). His private expenditure and tax payments (documented by his secretary and tax adviser) over the period were of a similar order. In mid-1901, Churchill’s investment balance with Sir Ernest Cassel was £6,000, but between 1901–5 he used the account to fund most of his living expenses. His net balance with Cassel was low by early 1906 when he topped it up by transferring to Sir Ernest £6,000 of his advance for Lord Randolph Churchill. Through other advisers, Churchill also bought shares worth £1,000–2,000 between 1901–6. He deposited most of them at Cox & Co. to act as security for his overdraft and loan of £1,000 from the bank.

34. M. Soames, Clementine Churchill, p. 71.

35. 17, 18 Aug 1908 NM ltrs to WSC, CHAR 1/80/47, 51.

36. 19 Aug 1908 WSC ltr to NM, CHAR 1/80/52.

37. 20 Aug 1908 NM ltr to WSC, CHAR 1/80/56.

38. 2 Sep 1908 NM ltr to WSC, CHAR 1/80/61; NM account 1/81/2.

39. 18 May 1909 NM summary, CHAR 1/89/38. Both policies were insured through Phoenix Assurance Company, the main policy costing £138 a year for five years, followed by £261 a year; the ‘reverse annuity’ policy cost £43 a year.

40. 29 Oct 1908 NM ltr to WSC, CHAR 1/81/6.

41. 12 Sep 1908 W. Blunt, My Diaries, p. 618.

42. Mackenzie N, & J, eds The Diaries of Beatrice Webb, 3:100.

43. Dec 1908 Catchpole & Williams account, CHAR 1/92/6. The ring cost £1.3s.6d. Churchill paid the account in 1911.

7. The HMS Enchantress Years, 1909–14

1. 14 Jan 1909 T. Lumley ltr to WSC, CHAR 1/89/1. The letter gave the annual income from the Garron Tower estate as at least £3,650 a year.

2. 1914 WSC schedule, CHAR 1/86/2; Randolph Payne & Sons. Ltd. accounts 1/86/3 et seq; in July 1914 the outstanding balance was £530 per 1/115/128.

3. J. Grunebaum & Sons account, CHAR 1/92/74.

4. 20 Sep 1908 WSC ltr to LyRC, 2C2:819–20.

5. 9 Mar 1909 T. Lumley ltr to WSC, CHAR 1/89/9.

6. 9 Mar 1909 Maple & Co. survey, CHAR 1/89/11.

7. 27 Apr 1909 CSC ltr to WSC, SFT:21. The establishment included a cook, two maids and a manservant.

8. Hodder & Stoughton Papers, CLC/B119/MS16318/001, London Metropolitan Archives; R. Cohen, Bibliography of the Writings of Sir Winston Churchill. 4,000 copies were printed: Churchill presented 350; 3,140 were sold in Britain; and 465 were sent to the US. Later in 1909 Hodder & Stoughton paid an advance of £100 for The People’s Rights Defended, a collection of Churchill’s speeches made in Lancashire. 30,000 copies sold at 1s. each alongside newspapers such as the Yorkshire Observer and Liverpool Daily Post.

9. Dec 1911 Carrington account, CHAR 1/106/14.

10. Jan 1909 N. Rothschild ltr to Rothschild Paris, cited D. Kynaston, The City of London 2:494.

11. 30 Jul 1909 D. Lloyd George speech, 2:325.

12. 4 May 1909 WSC speech Budget debate, House of Commons, printed in Liberalism and the Social Problem, pp. 290–1.

13. 22 Nov 1909 J. Baring, Lord Revelstoke speech to House of Lords, cited D. Kynaston, The City of London 2:498.

14. Cox & Co. statement, CHAR 1/94. Churchill was borrowing £1,000 through a twelve-month loan and £1,162 on overdraft. He had a £670 deposit balance on his ‘Special Account’ (for constituency expenses) and a £48 deposit on his ‘C’ Account.

15. 20 Dec 1909 et seq Cox & Co. passbook, CHAR 2/61/19–20.

16. 1 Apr 1911, ibid.

17. 16 Jan 1911 R. Davies ltr to R. Walden, CHAR 1/87/17–9.

18. 19 Dec 1910 WSC ltr to CSC, SFT:41–2.

19. 14 Oct 1910 W. Blunt, My Diaries, p. 735.

20. 19, 20 Dec 1910 WSC ltr to CSC, SFT:41–2.

21. 30 Apr, 5 May 1910 HM Inland Revenue ltr to EHM, CHAR 1/96/12, 13; A. Atkinson, Top Incomes in the United Kingdom over the 20th Century (University of Oxford Discussion Papers, Economic and Social History 43, Jan 2002), p. 6. The number of super-tax payers in 1911–12, the tax’s third year of operation, was 11,554.

22. 1910 Cox & Co. statements, CHAR 1/94. In 1910 Churchill spent £6,145 from his main bank account, including £1,050 sent to his election agent (to whom he sent another cheque for £500 from his Special Account); he also transferred £980 to Clementine for household spending.

23. Feb, Mar, Nov 1911 Maple & Co., Bretell, Muntzer & Son, J. P. Lowter & Co., Randolph Payne & Sons and Grunebaum & Sons accounts, CHAR 1/101/15, 18, 53.

24. 20 Mar 1911 Cox & Co. ltr to WSC, CHAR 1/100/3.

25. 11 Aug 1911 S. F. Edge account, CHAR 1/101/49, 49, 54. The car was bought from S. F. Edge Ltd of New Burlington Street at a 10 per cent discount off the list price of £620; it cost over £600 after Churchill added extras.

26. 19 Jun 1912 Punch, p. 473, cited G. Searle, Corruption in British Politics 1895–1930.

27. 16 Dec 1911, 12 Jan 1912 Cox & Co. passbook, CHAR 2/61/19–20.

28. 14 Sep 1912 WSC ltr to A. Murray, CHAR 2/61/13. For a summary of the Marconi scandal, see note 33 below.

29. 21, 25 Sep WSC corresp with J. Caird, CHAR 2/61/18, 21–3.

30. 1 Nov 1912 P. Illingworth ltr to WSC, CHAR 2/61/24.

31. June 1915 Cox & Co. statement, CHAR 1/121/11.

32. 5 Aug 1916 Cox & Co statement, CHAR 1/126/11–2.

33. Two years earlier the British government had begun supposedly secret negotiations to build eighteen long-distance wireless stations at points around the empire with Britain’s Marconi Wireless Telegraph Company. Marconi’s managing director Godfrey Isaacs was the brother of Sir Rufus Isaacs, the government’s senior legal official and a personal friend of David Lloyd George. By the time a successful outcome to the negotiations was announced on 7 March 1912, British Marconi’s share price had doubled. A month later, on 19 April, London dealings were to begin in new shares issued by a separate but associated American Marconi Company, of which Geoffrey Isaacs was also a director. Isaacs had travelled to New York before the issue with a well-known London trader, Percy Heybourn, who obtained a supply of the new shares - he paid $1¼ each for most of these. Just before dealings began, American Marconi signed an attractive contract with Western Union and Canada’s Great Northwestern Telegraph. Aware of these contracts, Isaacs’ brother Sir Rufus bought 10,000 new American Marconi shares from Geoffrey and sold on 1,000 each of these to Lloyd George (chancellor of the exchequer) and to the the Master of Elibank (the government’s chief whip). The shares started trading shortly afterwards at $3¼ each. Lloyd George sold and then bought back most of his batch of shares, finishing with a small loss. It was another two months before a journalist voiced suspicions of insider trading. W. R. Lawson wrote in The Outlook: ‘The Marconi Company has from its birth been a child of darkness. Its finance has been of a most chequered and erratic sort. Its relations with certain Ministers have not always been purely official or political’. Forced to make a parliamentary statement, Sir Rufus denied any dealings in the shares of ‘that company’, meaning the British company, without disclosing his dealings in the American company. When they became aware at the end of 1912 that further revelations were imminent, Sir Rufus and Lloyd George offered their resignations to Prime Minister Asquith, who refused to accept them. Leo Maxse, the proprietor of the right-wing National Review, drew a parliamentary investigatory committee’s attention to the fact that neither Isaacs nor Lloyd George had denied owning American Marconi shares. When Paris’s Le Matin reported his evidence, but inaccurately, Sir Rufus took the chance to sue for libel. See G. Searle, Corruption in British Politics 1895–1930, D. Kynaston, The City of London 2:552–5.

34. May, Jun 1913 WSC corresp with Lord Northcliffe, Northcliffe Papers, M/s Add 62156/40–53, BL.

35. 8 Jan 1913 D. Lloyd George ltr to CSC, CSCT 3/13/10, Spencer-Churchill Papers, CAC.

36. G. Cornwallis-West, Edwardian Hey-Days, pp. 264–5.

37. 13 Apr 1911 WSC ltr to G. Cornwallis-West, CHUR 2/519/456–7.

38. 16 Sep 1911 LyRC ltr to WSC, CHAR 1/392/4.

39. 17 Feb 1912 JSC ltr to WSC, CHAR 1/108/2.

40. 29 Nov 1913 WSC ltr to LyRC, CHAR 28/28/11.

41. 3 Dec 1913 LyRC ltr to WSC, CHAR 1/392/17.

42. 4 Apr 1914 LyRC ltr to G. Cornwallis-West, CHAR 28/39/19.

43. Mar 1914–Feb 1915 NM account 1914–5, CHAR 28/124/1; 1913 LyRC note, 28/79/136.

44. 10, 13 Feb 1914 T. Lumley corresp with WSC, CHAR 1/114/33–4, 35.

45. 14 Feb 1914 JSC letter to LyRC, CHAR 28/33/5.

46. 23 Apr 1914 WSC letter to CSC, SFT:85. The Churchills’ Easter holiday in Madrid cost £51 for travel and £130 for their hotel, per April 1914 Cox & Co. statement, CHAR 1/111.

47. 27 Apr 1914 WSC ltr to CSC, SFT:86. During this period of financial strain, her daughter Mary suggests, Clementine took aunt Cornelia’s wedding present, an ‘exquisite’ diamond necklace, to pawn at the jeweller’s to raise money to pay household bills. According to the story, Churchill rushed out to try to reclaim it from the jeweller, but it was already too late. Ibid., p. 109.

48. 1 May 1914 R Cox ltr to WSC, CHAR 1/114/53.

49. 1 Jun 1914 WSC ltr to CSC, SFT:90.

50. 18 Jun 1914 High Court Judgement: Churchill v. Churchill, Justice Sargent, CHAR 28/79/18.

51. 9 Jul 1914 Cox & Co. ltr to WSC, CHAR 1/114/97. On commencement of his £7,000 loan, Churchill’s £3,000 promissory note to Cox & Co. was cancelled; his Special Account was closed; and its balance was transferred to his main account, which then held £1,512.

52. 29 Sep 1914 Randolph Payne & Sons account, CHAR 1/115/128.

8. The Legacy of War, 1914–18

1. 6 Jul 1914 N. Rothschild ltr to Rothschild Paris, cited D. Kynaston The City of London 2:594.

2. 31 Jul 1914 WSC ltr to CSC, 2:714–5. The account for use of HMS Enchantress was £65.

3. 4 Aug 1914 WSC cable to British fleet, 2C3:1999.

4. D. Kynaston, The City of London 3:4.

5. 2, 9 Sep 1914 EHM ltrs to Phoenix Assurance Co., CHAR 28/142/23, 35.

6. 31 May, 19, 24 Jun 1915 F. Smith, Randolph Payne & Sons accounts, CHAR 1/122/21–2; 1/122/55, 58. Churchill ordered 1,600 cigars during the first six months of war.

7. 29 Mar 1915 A. P. Watt Archives 11036, folder 37.18 NYPL; R. Cohen, Bibliography of the Writings of Sir Winston Churchill A1.5, p.26. Churchill conceded 25 per cent of his fee to Longmans, Green & Co. which pointed out that it still owned the copyright. Sales of 6,449 copies over the next ten years failed to cover Churchill’s advance.

8. 9 Jun 1915 WSC ltr to A. Sinclair, cited Winston & Archie, ed. I. Hunter, pp. 12–14.

9. 18 Jun, 17 Jul 1915 Cox & Co. ltr, E. Cassel account, WSC ltr to CSC, CHAR 1/121/11, 21, 42, SFT:111. Sir Ernest looked after two American bond holdings for Churchill; net of margin loans, their value to him was no more than £1,500. Churchill secured his bank overdraft through another £1,000-worth of shares, mainly in the Witbank Colliery; he overlooked another £1,000-worth of shares that he still owned in Pretoria Cement.

10. 19 Jun 1915 WSC ltr to JSC, 3C2:1041–3.

11. EHM, A Number of People, p. 248. Churchill spent £23 in August and September. D. Coombs with M. Churchill, Sir Winston Churchill: Life through his Paintings, p. 12.

12. 17 Jul 1915 WSC ltr to R. Cox, CHAR 1/142/71. Churchill accepted the quote of £147 from the Phoenix Assurance Society, on condition that it included ‘risk from the fire of the enemy, so long as I do not serve as a soldier or take an active part in the hostilities’.

13. 17 Jul 1915 WSC ltr to CSC, SFT:111.

14. 20 July 1915 EHM ltr to R. Cox, CHAR 1/142/80.

15. 28 Sep 1915 WSC ltr to A. Sinclair, 4C:8–9.

16. 12 Oct, 22 Nov 1915 Cox & Co. promissory note, WSC Lloyds Bank statement, CHAR 1/120/64, 28/142/118; 1/123.

17. 19 Nov 1915 WSC letter to JSC, WSC LlBk statement, 3C2:1279–80, CHAR 1/123. Sir Ernest Cassell sent Churchill £125 a month for the next eight months, even after Churchill’s net balance with him had been exhausted.

18. 11 Dec 1915 WSC ltr to CSC, SFT:124.

19. 21, 23 Nov 1915 WSC ltrs to CSC, SFT:115, 116–7.

20. Edward Hakewill Smith (later a Second World War general), who recounted the story to Churchill’s official biographer – see Martin Gilbert, Winston S. Churchill III 1914–1916, p. 632.

21. 11 March 1916, The Spectator.

22. May 1916 Cox & Co. statement, CHAR 1/123.

23. 11 Jul 1916 H. Greenhaugh Smith, ltr to WSC, CHAR 8/30/4.

24. 15 Jul 1916 WSC ltr to JSC, CHAR 28/152/221, John Churchill Papers, CAC.

25. 16 Feb 1916 CSC ltr to WSC, SFT:211.

26. 15 Sep 1916 WSC ltr to A. Sinclair, cited Winston & Archie, ed. I. Hunter, p. 40.

27. 17 Oct 1916 Lumley & Lumley ltr to WSC, CHAR 1/126/21; 1 Dec 1916 NM ltr to WSC, CHAR 1/122/25; 8 Feb 1917 Cox & Co. statement, CHAR 1/123; loan schedule CHAR 1/130/41.

28. 11 Aug 1916 Cox & Co. ltr to WSC, CHAR 1/121/22. In 1917 Churchill had to pay £77 super-tax on his 1914–15 income of £4,778 (£4,500 salary as First Lord of the Admiralty, £282 dividend income). During the war the super-tax threshold had been reduced to £2,500 and the starting rate of tax increased to 9d. in the £. Churchill was allowed to deduct £349 of interest from his income, leaving £1,978 of qualifying income for super-tax.

29. 23 Mar, 15 Apr 1917 E. Wheater ltrs to WSC, CHAR 1/128/15, 17, 18; Cox & Co. schedule, 1/130/41. Churchill acquired 400 Barnsley Smokeless Fuel debentures, 400 British Coalite debentures plus extra share options and 375 Low Temperature Combustion shares. There is no evidence any of them produced a return.

30. 20 Jul 1917 Cox & Co. ltr to WSC, CHAR 1/130/22.

31. 5 Jan 1918 Cox & Co. schedule, CHAR 128/143/2; 14 Jan 1918 NM ltr to WSC, 1/130/1; Jan, Feb 1918 Cox & Co. corresp with WSC, 1/130/4, 6, 15.

32. 27 Feb 1918 Godstone District War Agricultural Committee report, CHAR 1/131/16. Churchill claimed to have tried three German prisoners, but found their work poor.

33. 25 Apr 1918 G. Partridge receipt, CHAR 1/131/55; June 1918 CSC note to EHM, 1/131/69.

34. 4 Apr 1918 WSC ltr to WHB, CHAR 1/130/28; Cox & Co. schedule, 1/130/41.

35. 9 Apr 1918 WHB ltr to WSC, CHAR 28/143/10; 10 Apr 1918 EHM ltr to WHB 28/143/12.

36. Jun 1918 WSC schedule, CHAR 1/130/43.

37. 13, 15 Jul 1918 WSC corresp with WHB, CHAR 28/143/53, 55.

38. 24 Sep 1918 WHB schedule, CHAR 28/143/77.

39. 27 Sep 1918 EHM ltr to R. Cox, CHAR 28/143/79.

9. A Timely Train Crash, 1918–21

1. Loelia, duchess of Westminster, Grace and Favour, p. 94.

2. 9 Jan 1919 D. Lloyd George ltr to WSC, 4C:450.

3. 27 Mar 1919 WHB schedule, WSC shareholdings at Cox & Co., CHAR 28/143/124. Churchill’s share portfolio provided the security of c.50 per cent of his bank borrowings; the rest came from a mixture of inheritance prospects and life insurance policies.

4. 1923 LlBk statement, WSC receipts 1919–21, CHAR 1/130/118. In addition to his ministerial salary, Churchill earned £2,600 from journalism during 1919: £500 from the Sunday Pictorial (15 Jan), £500 from Associated Newspapers (7 Jul) and £1,600 from E. Hulton Co., owners of the Daily Sketch and Evening Standard (25 Nov, 24 Dec).

5. 27 Mar 1919 WHB note of mtg with WSC, CHAR 28/143/123. ‘Marking the yellow strip’ was an internal Cox & Co. procedure for formal authorization of banking facilities such as an overdraft.

6. 24 Mar 1919 WSC ltr to I. Hamilton, CHAR 1/133/7.

7. 13 Apr 1919 Lady Hamilton Diary, Hamilton Papers, cited C. Lee, Jean, Lady Hamilton, p. 206.

8. 21 May 1919 I. Hamilton ltr to WSC, CHAR 1/133/19.

9. 1923 LlBk statement, WSC receipts 1919–21, CHAR 1/130/118.

10. 15 Nov 1923 I. Hamilton ltr to Wood & Walford, Hamilton Papers.

11. 30 Jul 1919 NM ltr to WSC, CHAR 1/132/25. The trustees had paid capital costs of £6,978; the Churchills (technically Clementine as leaseholder) kept the profit of £3,022.

12. 15 Aug 1919 Lycett, Jepson & Co. ltr to NM, CHAR 1/134/30–31.

13. 19 Sep 1919 NM draft ltr to WSC, CHAR 1/134/40–43.

14. 10, 18, 21 Oct 1919 WSC corresp with Foster, NM, CHAR 1/134/50, 15, 61.

15. 7 Oct 1919 WSC schedule, CHAR 1/134/81. The largest rise in value had come from shares in Pretoria Cement (up from £2,125 on 1 Jul 1918 to £4,500 on 7 Oct 1919).

16. 15 Oct 1919 WHB schedules, ltrs to WSC, CHAR 28/143/55, 129–31, 139, 144. Churchill raised £2,100 by halving his holding of Pretoria Cement shares, but asked Bailey to reinvest £500 while sending Cox & Co. £1,600 to reduce his overdraft.

17. 25 Oct 1919 WHB ltr to WSC, CHAR 28/143/133. The payment of £5,497 for Lullenden was made up by £3,022 of profit on the property sale, approximately £2,000 for extra ‘commodities’ and an unexplained further component.

18. 8 Dec 1919 JSC ltr to WSC, CHAR 1/134/73; 19 Nov, 16 Dec 1919 B. Buckingham ltrs to WSC, 8/35/3, 4. Churchill bought £3,000-worth of shares through Bailey and committed to buy up to £2,000 through Vickers da Costa. By the time he was due to pay Vickers, he no longer had £2,000 left, so he asked for a £1,000 bridging loan until he received £1,500 for his recent newspaper articles.

19. 18 Dec 1919 NM ltr to WSC, CHAR 1/134/75.

20. 6 Jan 1920 E. Cassel ltr to WSC, CHAR 1/137/1; 6 Jan 1920 WSC letter to WHB, 28/143/156. 7 May 1920 NM letter to WSC, CHAR 1/137/49, 26 May 1923 LlBk statement of WSC 1920 receipts 1/130/118. In May 1920, after spending money on essential works, Churchill sold the lease to a former army friend Herbert Spender-Clay for £3,150. In the absence of Churchill’s bank records between April 1919 and January 1921, it is unclear whether Churchill repaid Sir Ernest Cassel’s loan of £2,300: no correspondence on the subject with either Sir Ernest or his executors (after his death in 1921) survives.

21. 20 Feb 1920 WSC schedule, CHAR 1/148/84.

22. 10 Feb 1920 WHB ltr to WSC, CHAR 28/143/166.

23. 20–21 Sep 1920 WHB note, CHAR 28/143/182.

24. 27 Apr, 28 May, 3 Jun 1920 WSC ltrs to NM, CHAR 1/137/44, 54, 58; 10 Jul, 23 Sep 1920 WSC ltrs to WHB, 28/143/181, 183.

25. 30 Jul, 1 Sep, 9, 28 Oct 1920 Oct A. Watt corresp with WSC, CHAR 8/38/8, 20, 23, 35. The reference is to a book to be collected from Churchill’s recent newspaper articles, suggested by Watt on behalf of US publisher G. H. Doran, who was prepared to pay an advance of £100 for US rights. Watt was confident of obtaining £300–500 for British rights. Churchill gave up when Hodder & Stoughton made the highest offer, of only £200.

26. 22 Sept 1920 WSC ltr to WHB, CHAR 28/143/183.

27. 23 Sep 1920 R. Cox comment on WHB memo, CHAR 128/143/184.

28. 24 Mar 1920 F. Macmillan ltr to WSC, CHAR 8/38/4. Until December 1916 cabinet ministers enjoyed an unfettered right to retain and quote from their official papers. Prime Minister Lloyd George introduced a new cabinet secretariat led by Sir Maurice Hankey. After the war Sir Maurice drafted new instructions, specifying that minutes and papers ‘were not the personal property of members and on the Minister leaving office it is the duty of the Secretary to recover from him... all cabinet papers issued to him.’ Sir Maurice’s proposal was omitted from the final version of the new rules debated in cabinet on 4 November 1919. Instead the cabinet agreed a rule in order to safeguard secrecy that ‘no-one is entitled [to] make public use of cabinet documents without permission of the king’. See D. Reynolds, In Command of History, pp. 23–4, citing J. Naylor, A Man and an Institution: Sir Maurice Hankey, the Cabinet Secretariat and the Custody of Cabinet Secrecy, pp. 67–9.

29. 1 Nov 1920 A. Dakers ltr to WSC, CHAR 8/38/37, 38–41.

30. 9 Nov 1920 TB ltr to WSC, CHAR 8/38/43.

31. 8 Dec 1920 WHB Note, CHAR 28/144/1. Signed on 28 November 1920, the contract included a royalty of 33? per cent on the publication price of 1½ guineas. It also specified a length of 100,000 words; Churchill dictated 160,000, mostly to a ministerial private secretary H. A. Beckenham, whom he paid £350.

32. The contemporary model of publishing divided a work’s rights into ‘volume’ (or book), ‘first serial’ and ‘second serial’ rights; and geographically between British Empire, America and other ‘foreign’ rights. ‘First serial’ rights were sold to a newspaper or magazine, allowing it to publish up to 40 per cent of the book’s content in advance of the launch of the ‘volume’. ‘Second serial’ rights were sold to less well-known newspapers or magazines and, if sold, usually preceded any ‘cheap’ or ‘popular’ book edition.

33. 14, 16, 17 Dec 1920 H. Wickham Steed corresp with WSC, CHAR 8/38/53–4, 55, 58; 21 Dec 1920 W. Lints Smith corresp with WSC 8/38/59; 29 Dec 1920 WSC ltr to CB; Christie’s sale catalogue 28 November 2011, Malcolm Forbes Collection. The Times paid Churchill £2,000 on signature.

34. 8 Dec 1920 WHB note, CHAR 28/144/1.

35. 20 Dec 1920 C. Kingsley ltr to C. Scribner III, Scribner’s Archive, Author Files 1 C0101, box 31/1, PUFL.

36. 7 Jan 1921 TB ltr to C. S. Scribner II, ibid.

37. 25 Jan 1921 C. Scribner II cable to TB, ibid.

38. 1 Feb 1921 ACB ltr to WSC, CHAR 8/40/10, 14 Mar 1921 Scribner’s Archive Box Author Contracts Box 5/19, PUFL. Scribner’s contract provided for a book of 150,000–200,000 words in two volumes, the first to cost $5. Churchill’s royalty was set at 20 per cent, or 10 per cent on cheaper editions. His advance was split: $4,000 on signature; $5,000 on the first volume’s delivery, $2,500 on its publication; $3,500 on the second volume’s delivery and $3,500 on its publication.

39. Lord Hartwell, William Camrose: Giant of Fleet Street, pp. 95–6; D. Reynolds, In Command of History, p. 24, citing F. Owen, Tempestuous Journey: Lloyd George and his Life and Times (London, 1954), pp. 699–70; George W. Egerton, ‘The Lloyd George War Memoirs: A Study in the Politics of Memory’, Journal of Modern History 60 (1988), esp. pp. 57–61. Curtis Brown represented both Lloyd George and Churchill; the lead buyer for Lloyd George’s rights package in both Britain and the United States was William Berry, later Lord Camrose.

40. U/d 1930s LlBk literary earnings 1920s, CHAR 1/185/26–8, u/d WSC schedule Literary Profits War Book contracts, 1/148/55. Churchill paid £500 to a naval adviser, Admiral Jackson; £280 for printer’s proofs and presentation copies.

41. The new post paid the same £5,000 a year salary as his old one. After an earned income allowance of £200, £4,800 a year was taxed. Income tax of 6s. per £ (30 per cent) was levied at source; if due, super-tax was assessed separately, one year in arrears.

42. 28 Jan 1921 WSC ltr to A. Chamberlain, CHAR 1/138/7.

43. 1 Feb 1921 A. Chamberlain ltr to WSC, CHAR 1/38/8.

44. 27 Jan 1921, WSC ltr to CSC, SFT:224.

45. 6 February 1921 WSC letter to CSC, Spencer–Churchill Papers, 4C2:1333–1334. The articles were to be reused in Thoughts and Adventures (1932) and Painting as a Pastime (1948).

46. J. Pringle, Cambrian Railways Accident at Albemule 26 January 1922, University of Leicester Library.

47. 3 Apr 1913, 24 Jun 1915, 16 Apr 1919 Lumley & Lumley ltrs to WSC, CHAR 1/108/10, 1/120/16, 1/134/17. Sales of houses to the tenants around Carnlough had raised £76,250, the Grosvenor Square property £4,440 and the fire-damaged Garron Tower Hotel £8,000.

48. 27 Jan 1921 T. Lumley ltr to WSC, CHAR 1/148/3.

49. 28 Jan 1921 Cox & Co. statements, CHAR 28/144/2, 1/156.

50. 7 February 1921 CSC ltr to WSC, CHAR 1/139/3.

51. 8 February 1921 CSC ltr to WSC, CHAR 1/39/10.

52. 9, 10, 24 Feb 1921 CSC corresp with WSC CHAR 1/139/11, 14, 45. ‘Too good to miss,’ was the reaction of Churchill, who hoped sell the articles to America for another £600. Ray Long’s International Magazine Company, part of William Hearst’s publishing empire, offered $1,000, equivalent to £200. Churchill held out for more, but Curtis Brown failed to place them at a price acceptable to Churchill – CHAR 8/40/71.

53. 28 Feb 1921 Lord Londonderry ltr to WSC, CHAR 1/151/15. The silver that Churchill inherited was valued by the goldsmiths Garrard & Co at £1,450.

54. 19 Feb 1921 WSC ltr to CSC, CHAR 1/151/5–6.

55. 19, 21 Feb 1921 WSC correspondence with CSC, CHAR 1/151/5–6, 1/139/35.

10. A Country Seat at Last, 1921–2

1. 7 May 1921 Lumley & Lumley ltr to WSC, CHAR 1/151/29.

2. Jun 1921 Cox & Co. schedule of investments, CHAR 28/144/51.

3. 12 Feb 1921 W. Hozier ltr to WSC, CHAR 1/138/14.

4. U/d 1917 NM schedule of LyRC liabilities, CHAR 1/128/31–4. Jennie owed £40,000: £20,000 to Norwich Union and Phoenix Assurance; £10,000 to other official lenders, £4,200 to nine unofficial moneylenders and £3,750 to tradesmen, most of it for clothes. Churchill calculated that she had received an income of £70,000 from her trusts over the previous twenty years, but spent £45,000 of it on paying interest.

5. 6 Feb 1921 WSC ltr to CSC, 4C2:1333–4.

6. 4 Feb 1921 WSC ltr to CSC, CHAR 8/40/11; Mar 1921 H. Wodehouse LyRC account 1921, 8/124; Apr, May 1921 LyRC statement Banca Scaretti, Rome, 28/141/4–5.

7. Vittoria Sermonetta, Sparkle Distant Worlds, p. 11, cited A. Sebba, Jennie Churchill, p. 315.

8. 10 May 1922 H. Wodehouse ltr to W. Haynes, CHAR 1/1616/63; 27 Jan 1922 WSC ltr to CSC, SFT:248; 26 Jul 1922 EHM ltr to WHB, CHAR 28/144/156. The list of creditors included Sir Ernest Cassel’s executors and the Enemy Debts Office, acting for Theodore Einstein & Co. Each eventually received half of what they were owed after Churchill family members waived their own claims.

9. 1921–3 WSC corresp with NM, Marshall & Co., Lincoln Trust, CHAR. 1/149/1, 2, 3, 7, 8, 10, 14, 15, 19, 21, 34, 36, 38, 42, 46, 51–2, 55, 56, 60, 61, 62; 1/161/33, 36–7; 1/169/6, 20. The dollar weakened to $4:£1 by November 1921, having stood at $3.70:£1 when Jennie died in June 1921. Churchill considered suing over the delays, but settled for a contribution of $5,000 by the Manhattan Club towards the brothers’ legal expenses.

10. 21 Oct 1921 NM ltr to WSC, CHAR 1/150/43–4. Churchill’s half-share of Lord Randolph’s will trust was worth £16,500 (half of it already used to buy his Sussex Square lease). His marriage settlement was worth £37,500, after transfers from his parents’ ‘English’ and ‘American’ settlements.

11. 5 Jul 1921 WHB note of mtg with WSC, R. Cox, CHAR 28/144/46.

12. 11 Aug 1921 WSC ltr to Cox & Co., CHAR 28/144/68, 1/148/36–7.

13. 17 Aug 1921 WHB note of mtg with WSC, CHAR 28/144/66.

14. For more background on Chartwell and its history, see S. Buczacki, Churchill & Chartwell, pp. 105–13.

15. 10 Jul 1921 CSC ltr to WSC, CHAR 1/139/58.

16. 11 Jul 1921 CSC ltr to WSC, CHAR 1/139/62.

17. 20 Jul 1921 CSC ltrs to WSC, CHAR 1/139/85, 86.

18. S. Buczacki, Churchill & Chartwell, p.101.

19. Jul 1921–Mar 1922 Nicholl Manisty account, CHAR 1/169/9.

20. 20, 28 Mar 1922 NM ltr to WSC, schedule, CHAR 1/161/19–21,22–3. For more information about the controversy over the use of trusts in 1921–2, see M. Daunton, Just Taxes, pp. 109–11.

21. 19, 22 Aug 1921 Barker & Co. (Coachbuilders) ltr & account, CHAR 1/153/24,27.

22. 18 Aug 1921 CSC ltr to WSC, CHAR 1/139/70.

23. WSC conversation with AMB, cited A. Montague Browne, Long Sunset, p. 147.

24. 23 Aug 1921 W. Blackburn & Son account, CHAR 1/153/38.

25. Nov 1922 Cox & Co. statement, CHAR 1/156.

26. 16 Dec 1921 WSC notes, CHAR 1/148/90. Churchill’s personal assets comprised Garron Tower investments of £46,000, South African shares of £14,000, ‘book money’ and ‘[silver] plate’ of £5,000.

27. 29 Dec 1921 WSC ltr to CSC, 4C3:1706–7.

28. See footnote, 4C3:1713.

29. 1 Jan 1922 WSC ltr to CSC, 4C3:1708–9.

30. Jan 1922 Cox & Co. statement, CHAR 1/156.

31. 4 Jan 1922 WSC ltr to CSC, SFT:247.

32. 30 Jan, 2 Jun 1922 VdaC contracts, accounts, CHAR 1/162/various, 28/144/109, 112. The Churchill brothers’ investment approach was tactical: Victory Bonds bought on 30 January were sold ten weeks later for a profit of 7 per cent; Local Loans bought on 15 February were sold within a month for a profit of 8 per cent, re-bought in April and resold six weeks later.

33. Feb 1922 JSC schedule of WSC investments, CHAR 1/1/162/18. The value of Churchill’s personal portfolio had risen to £60,000, of which three-quarters was invested in bonds, the balance almost all in South African mining shares.

34. 7 Feb 1922 WSC ltr to CSC, 4C3:1757.

35. Apr 1922 Cox & Co. statements, CHAR 1/156, 171.

36. See D. Reynolds, In Command of History, p. 25.

37. Jun 1922 Cox & Co. statement, CHAR 1/156. Churchill bought a mixture of Brazilian bonds and shares of British companies including Imperial Tobacco, Courtauld, Fine Cotton Spinners and J & P Coats.

38. 20 Jul 1922 WSC ltr to CSC, SFT:258.

39. 7, 9 Aug 1922 WSC ltrs to CSC, 4C3:1950.

40. 8 Aug 1922 CSC ltr to WSC, CHAR 1/158/44–5. The Frinton house cost £210 to rent for August.

41. 18 Aug 1922 WSC ltr to CSC, 4C3:1958–9.

42. 8 Aug 1922 CSC ltr to WSC, CHAR 1/158/44–5.

43. 14 Sep 1922 KFR ltr to WSC, CHAR 1/159/20.

44. 14, 15 Sep 1922 WSC corresp with KFR, CHAR 1/159/20/22.

45. Recollections of H. N. Harding, M. Gilbert, In Search of Churchill, p. 299.

46. S. Churchill, A Thread in the Tapestry, p. 22.

47. 22 Sep 1922 WSC ltr to WHB, CHAR 1/162/68; 28/144/61. £3,000 of the £25,000 was represented by a contract for American serial rights, which Churchill described as ‘in view’. Curtis Brown had told Churchill nine days earlier that, after struggling to sell these rights, they now had ‘some hope’ that the United Press Syndicate would pay $15,000 (£3,000). The sale did not materialize.

48. Ibid.

49. 13 Oct 1922 WSC ltr to DoM, CHAR 1/161/75–8.

50. 11, 13, 17 Oct 1922 DoM corresp with NM, WSC, CHAR 1/159/17, 1/161/75–8, 1/161/84.

51. The Times (17 Oct 1922).

52. 7 Nov 1922 WSC ltr to WHB, CHAR 1/162/79. Churchill sold his Brazilian government bonds for £11,250 to raise a net £1,250 after cutting back his bank loan by £10,000. He then borrowed a fresh £4,500 for a year from Cox & Co., using Chartwell as security. In addition, Lord Randolph Churchill’s will trust lent Churchill £4,000 against a mortgage on Chartwell, after he and Jack had agreed how to divide the trust’s assets between them – see Feb 1923 Nicholl Manisty account, 1/169/9

53. WSC, Thoughts and Adventures, p. 213.

11. Out of Office, 1923–4

1. 18 Nov 1922 T. E. Lawrence ltr to WSC, CHAR 1/157.

2. Dec 1922 LlBk statements, CHAR 1/171. The Rêve d’Or cost 15,400 francs (£243) to rent for three months; the Citroën cost 5,000 francs (£81).

3. R. James (ed), Chips: The Diaries of Sir Henry Channon, 29 Jan 1935, cited S. Buczacki, Churchill & Chartwell, p. 121.

4. 25 Aug 1926 T. Jones, Whitehall Diary 2:67, cited R. Toye, Lloyd George & Churchill: Rivals for Greatness, p. 232.

5. P. Tilden, True Remembrances: The Memoirs of an Architect, p. 115.

6. 6 Nov 1922 WSC ltr to CSC, 4C3:2118–9.

7. 28 Nov 1922 TB ltr to WSC, CHAR 8/41/112–3.

8. 27 Jan 1923 WSC ltr to CSC, 5C1:18.

9. 3 Mar 1923 WSC ltr to A. Bonar Law, 5C1:32–6.

10. 10 Jan 1923 WSC ltr to JSC, 5C1:15–6.

11. 4, 10, 30 Jan, 16 Feb 1923 WSC ltrs to JSC, CSC, CHAR 28/152/233, 234; 5C1:23–6, 28.

12. 10 Feb 1923 WSC ltr to JSC, CHAR 28/152/236.

13. 16 Feb 1923 WSC ltr to JSC, 5C1:27–8.

14. 7 Mar 1924 Price Waterhouse & Co. Report on Examination of Safe Custody Securities of Cox’s Nominees Ltd. LBGA A56/2/b/3, pp. 34–52. Bank mergers, under way since the 1880s, had accelerated after the war: National Provincial Bank with Union of London & Smiths Bank; London County Bank with Westminster Bank and Parr’s; London City & Midland Bank with London Joint Stock Bank; Barclays Bank with London, Provincial & South Western Bank; Lloyds Bank with Capital & Counties Bank. See D. Kynaston, The City of London, 3:44.

15. 9 Jul–30 Oct 1918 B. Cockayne corresp with R. Cox, LBGA A56/B/104. A Royal Air Force contact had tipped off the Bank of England’s deputy governor that a £30,000 loan to an aircraft company had taken Cox & Co. outside its area of expertise. The bank’s main political contact was Andrew Bonar Law.

16. 3 Feb 1923 H. Bell ltr to Bank of England, LBGA A56/C/11; O. Hoare ltr to M. Baird LBGA 56/B/104; 9 Jul 1918 B. Cockayne ltr to R. Cox, ibid. Lloyds Bank demanded and received guarantees against loss: it was to treat Cox & Co. as a separate unit for four years, at the end of which it would share any surplus 50:50 with the Bank of England, but the central bank would guarantee losses up to £900,000. The Cox & Co. unit of Lloyds Bank lost £350,000 during 1923–4, then almost broke even in 1925. Lloyds Bank claimed £450,000 against its guarantees, but its payment was reduced to take account of Cox & Co.’s tax losses. Lloyds Bank kept Cox & Co.’s Gracechurch Street and Pall Mall offices (in the latter of which its Cox & Kings branch still trades). LBGA A/56/C/40, 11.

17. 17, 24 Feb 1923 WSC corresp with WHB, CHAR 28/144/183.

18. 4 Jan 1923 WSC ltr to JSC, 5C1:12; 5 Jan 1923 V. Cazalet diary, cited 5C1:13.

19. Jan–Mar 1923 LlBk statements, CHAR 1/171/various.

20. LlBk pass book, CHAR 1/155.

21. M. Soames, Clementine Churchill, p. 72.

22. 29 Mar, 16 May, 2 Aug 1923 TB ltrs to WSC, CHAR 8/50/1–3, 8,21–2; 22 Jun 1923 CSIII ltr to WSC, Scribner’s Archive box 31/1, PUFL. Published in America at $6.50 per copy on 6 April (sales remained below 4,000 in February 1924); in Britain at 30s. on 10 April.

23. 26, 27, 29 Sep, 16 Oct 1923 WSC corresp with W. Lints Smith, TNL Archive Sir Winston Churchill Managerial File MAN/1; 1 Apr 1923 WSC ltr to CSIII, Scribner Archive box 31/2, PUFL; 2 Jun, 2 Aug 1923 TB ltrs to WSC, CHAR 8/5/20,21. Scribner agreed an advance of $6,000.

24. Mar 1923 WSC ltr to P. Tilden, Philip Tilden Papers, cited S. Buczacki, Churchill & Chartwell, p. 128.

25. 10 Jul 1923 P. Tilden ltr to WSC, CHAR 1/395/3–4.

26. 23, 30 Aug 1923 P. Tilden corresp with WSC, CHAR1/167/22,23; 1/395/13; 29 Aug 1923 WSC schedule 1/395/8. The Churchills also specified Gothic windows, wood panelling and other extras to increase the estimate by £320.

27. See M. McMenamin, ‘Winston Churchill and the Litigious Lord’, Finest Hour 95, summer 1997 issue, The Churchill Centre; a summary of a longer article that first appeared in the publication Litigation, winter 1995.

28. 11 Oct 1923, Apr 1924 NM accounts, CHAR 1/169/36; 1/174/6.

29. See M. McMenamin, ‘Winston Churchill and the Litigious Lord’, ibid.

30. See H. Montgomery Hyde, Lord Alfred Douglas, and M. McMenamin, ‘Winston Churchill and the Litigious Lord’, ibid. Lord Douglas was convicted and sentenced to six months in prison.

31. 16 Aug 1923 WSC ltr to CSC, 5C1:54–5.

32. 2 Sep 1923 WSC ltr to CSC, 5C1:56–9.

33. 1 Oct 1923 R. Watson ltr to JSC, CHAR 2/128/18.

34. 5 Sep 1923 WSC ltr to CSC, 5C1:59–60; Sep 1923 LlBk statement, CHAR 1/171. Churchill’s bank account confirms he made three cash withdrawals totalling 15,000 francs at the casino (and one other on the way home), then banked 59,000 French francs and 3,660 Spanish pesetas on return, a profit of more than 30,000 francs.

35. Sep 1923 LlBk statement, CHAR 1/171.

36. 2 Aug, 17, 23 Oct 1923 TB ltrs to WSC, CHAR 8/50/21, 32, 33. The second volume was published in October in time for the Christmas selling season on both sides of the Atlantic. By early 1924 British sales reached 9,587 (compared to the first volume’s 11,848), at which point Churchill had earned British book royalties (for both volumes) of £9,424. US sales reached only 2,700 after three months. See R. Cohen, Bibliography of the Writings of Sir Winston Churchill, pp. 223, 238.

37. 15 Aug 1923 WSC ltr to CSC, 5C1:54–55.

38. A. Atkinson, Top Incomes in the United Kingdom over the 20th Century, p. 7, University of Oxford, Discussion Papers, Economic and Social History, 43, Jan 2002; u/d 1925 Cox & Co. schedule, CHAR 1/185/24.

39. 2 Sep 1923 WSC ltrs to CSC, 5C1:56–59; 20 Nov 1923 R. Waley-Cohen ltr to WSC, 5C1:68–9.

40. 22 Nov 1923 LlBk statement, CHAR 1/171.

41. Jan 1924 B. Bracken, ‘Monthly Notes’, English Life, cited C. Lysaght, Brendan Bracken, p. 60.

42. 16 Jan 1924 Tilden accounts, CHAR 1/395/48–9.

43. 22 Dec 1923, 16 Jan 1924 WSC corresp with P. Tilden, CHAR 1/395/19, 48; 12 Sep 1923 KFR ltr to WSC, 1/167/25. The finished property was due to comprise six reception rooms, twenty-two bedrooms and seven bathrooms.

44. 17 Feb 1924 WSC ltr to CSC, 5C1:105–7.

45. WSC, Thoughts and Adventures, p. 213.

46. 23 Apr 1924 WSC ltr to TB, CHAR 8/199/12; A. Curtis Brown ltr to CSIII, Scribner Archive 3A box 31, PUFL.

47. 12 Jun 1924 E. Nonweiler ltr to WSC, CHAR 1/176/5. Churchill’s 1924/5 tax liability of £1,500 represented an effective tax rate of 26.5 per cent on £5,613 of literary and investment income. His 1925/6 liability of £3,400 worked out at 35 per cent on earnings of £9,713, triggering a greater super-tax liability.

48. 17 Apr 1924 WSC ltr to CSC, 5C1:144.

49. 8 May 1924 W. Bray schedule, CHAR 1/173/17–8;10 Apr, 4 May 1923 P. Tilden ltr to WSC, 1/395/21,23–5; u/d 1924 WSC draft notes, 1/395/6–12.

50. 16 Jun, 2, 4 Jul 1924 W. Bray, J. Leaning & Sons ltrs to WSC, CHAR 1/173/26, 35–6, 37–8; 10 Jul 1924 W. Bray ltr to P. Tilden, 1/395/44; 15 Jul 1924 WSC ltr to W. Bray, 1/395/51–2.

51. 22, 25 Nov, 1 Dec 1924 J. Leaning & Sons report and corresp with WSC, WSC correspond with NM, CHAR 1/173/46, 52, 55, 56; 1/174/30. The sum assured was £19,760.

52. G.M. Young, Stanley Baldwin p.88, cited H. Pelling Winston Churchill, p.296

12. Chancellor under Pressure, 1925–8

1. 8 Nov 1924 WSC ltr to WHB, CHAR 1/176/39.

2. Ibid. 9 Feb 1925 WSC ltr to NM, CHAR 1/184/6. Churchill borrowed an additional £1,150 from Lord Randolph’s will trust.

3. 17 Jan 1925 WSC ltr to WHB, CHAR 28/144/243.

4. 15 Dec 1924 E. Nonweiler ltr to WSC, CHAR 1/176/40. Nonweiler forecast tax bills for Churchill of £4,480 in 1925/6, £5,933 in 1926/7 and £5,745 in 1927/8.

5. 6, 7 Nov 1924 WSC ltrs to W. Lints Smith, TB, CHAR 8/198, 8/199/18.

6. 4 Mar 1925 E. Nonweiler ltr to WSC, CHAR 1/185/6.

7. 15 Dec 1924 R. Hopkins ltr to WSC, CHAR 1/176/44.

8. 21 Oct 1924, 4 Mar 1925 E. Nonweiler ltrs to WSC, CHAR 1/148/56, 1/185/6.

9. 15 Mar 1925 WSC ltr to CSC, SFT:291. Nash’s Pall Mall published one of these articles, Hobbies – for Those Whose Work and Pleasure are One (December 1925); it was reused as a chapter in Thoughts and Adventures (1932) and in Painting as a Pastime (1948). See R. Cohen, Bibliography of the Writings of Sir Winston Churchill, pp. 1348–9.

10. 2 Feb 1925 WSC corresp tr with Hope & Sons, P. Tilden, J. Leaning & Sons, CHAR 1/395/70–1, 72–4.

11. WSC draft memoirs, CHUR 4/76/13 cited R. Toye, Lloyd George & Churchill, p. 256.

12. 28 Apr 1925 WSC speech to House of Commons, Parliamentary Debates 5th ser. 183, 28 Apr 1925, cols 64–5, 85–6. Churchill increased death duties on estates valued from £12,500 up to £1 million in order to cut the basic rate of income tax by 10 per cent, reduce the pension age from 70 to 65 and extend its payment to widows and orphans. See M. Daunton, Just Taxes, pp. 124, 132–7; 9 December 1924 WSC letter to Lord Salisbury, 5C1:297–8

13. May 1925 LlBk statement, CHAR 1/187.

14. 16 Aug 1925 WSC ltr to JSC, CHAR 1/184/62.

15. For more details of the first Chartwell economy drive, see CHAR 1/178/36, 1/182/54, 1/184/63, 66, 1/191/18; Oct 1925 E. Nonweiler schedule, CHAR 1/185/26–7.

16. 27, 28 Dec 1925, 23 Jan 1926 WSC ltrs to J. Leaning, CHAR 1/182/94, 95, 1/189/8.

17. 29 Jan 1926 P. Tilden ltr to Fleetwood, Eversden & King, Tilden Papers, cited S. Buczacki, Churchill & Chartwell, p. 145.

18. 4 Feb 1926 WSC ltr to CSC, 5C1:640–1

19. 25 Mar 1926 WSC ltr to W. Guinness CHAR 1/192/25. Walter Guinness had gifted the lamp to Churchill, who reported feeling ‘decidedly more energetic’ after two ‘doses’.

20. May 1926 LlBk statement, CHAR 1/193.

21. 10 Jun 1926 JSC ltr to WSC, CHAR 1/190/15.

22. U/d 1926 R. Hopkins note, NA IR 40/12833

23. 9 Jun 1926 R. Hopkins note of meeting with WSC, ibid.

24. 30 Jun 1926 R. Hopkins draft ltr, CHAR 1/191/29; 20 Jul 1926 WSC amended ltr to R. Hopkins, 1/191/38. Churchill crossed out the words ‘but not serially’ in a sentence that Hopkins had drafted as: ‘In these circumstances I am now proposing to complete the two books which I had in preparation & to publish them (but not serially) in the spring.’

25. 23 Jul 1926 J. Shaw note to R. Hopkins, NA IR 40/12833.

26. 30 Jul 1926 R. Hopkins ltr to WSC, CHAR 1/191/39.

27. 21 Jun 1926 C. Kingsley ltr to ACB, CHAR 8/207/40; 12 Jul 1926 Scribner contract, 8/205/10. Kingsley offered £700, later squeezed up to £800.

28. 13 May, 2 Jun 1926 TB ltrs to ACB, CHAR 8/207/30; 2 Jun 1926 LlBk guarantee, 8/205/2.

29. 31 Jul 1926 LlBk loan statement, CHAR 1/193, 196. The total includes: £6,500 overdraft; £2,000 bank loan; £12,000 mortgage from Lord Randolph’s will trust; £11,600 loan from Churchill’s Elder Children’s Settlement. CHAR 1/196/1.

30. 27 Jul 1926 W. Lints Smith ltr to WSC, CHAR 8/205/11, 11 Sep 1926 WSC ltr to TB, CHAR 8/206/14, u/d W. Lints Smith internal memo, TNL Archive Sir Winston Churchill Managerial File, MAN/1.

31. Aug 1926 WSC memo to CSC, CSC Papers 3/24, CAC.

32. R. Boothby, Recollections of a Rebel, pp. 44, 46.

33. 11 Sep, 31 Oct 1926 WSC corresp with TB, CHAR 8/206/14, 30; 9 Nov, 7 Dec 1926, 7 Jan 1927 H. Bourne ltrs to WSC, 8/206/34, 42, 8/213/4. Churchill’s final bill for corrections, deletions, errata slips, maps and index on the third volume of The World Crisis exceeded £600.

34. 6 Jan 1927 WSC ltr to CSC, 5C1:906–7.

35. 1 Feb 1927 LlBk statement, CHAR 1/193. Three separate cash withdrawals at Casino R. Ferrand that evening totalled 35,000 francs (£385); on return, Churchill deposited 1,020 francs (£8).

36. 28, 25 Jan 1927 WSC ltrs to CSC, 5C1: 922, 927–9.

37. 18 Mar, 25 Apr 1927 CSIII ltr, cbl to WSC, Scribner’s Archive, Author files I, 3A Box 31/2, PUFL; 26, 27, 30 April 1927 TB ltrs to WSC, CHAR 8/213/15, 18,20; 22 Jul 1927 CSIII ltr to WSC, 8/214/67; 13 May, 2 Jun 1927 TB ltrs to WSC, 8/213/24, 28, 66. The book’s extra length and many maps forced publication in a boxed set of two books, at a higher price. Scribner’s printed 3,150 sets in America reporting sales of only 1,500 in the first six weeks; by late July 1927, they had picked up to 2,800.

38. 20 May 1925 LlBk statement, CHAR 1/193; 27 Mar, 30 Apr WSC ltrs to E. Nonweiler, 1/197, 40, 32.

39. 20 May 1927 WSC memo to O. Niemeyer, 5:238. Sir Otto Niemeyer (1883–1971) was Controller of Finance at the Treasury, 1922–7; he became a director of the Bank of International Settlements (1931–65) and of the Bank of England (1938–52).

40. 18, 23 Aug 1927 C. Fisher corresp with CB, CHAR 8/214/72, 76; 25 Aug, 29 Sep 1927 WHB ltrs to WSC, 1/197/16, 18; 22 Sep 1927 ACB ltr to WSC, 8/214/78; TB and CB statements, 8/214/81, 79.

41. 12 May 1927 Fleetwood, Eversden, King ltr to P Tilden, Tilden Papers, cited S. Buczacki, Churchill & Chartwell. Churchill had first expected the combined costs of purchase and alterations to amount to £13,500. Tilden’s career went into decline; Churchill’s carpenter, Wallace, left Westerham, bankrupt, two years later; the builders, electricians and surveyors disappeared from view, leaving only Henry Hope & Sons, the window and locks contractor, still trading.

42. 2, 4 Dec 1927 ACB corresp with WSC, CHAR 8/207/43, 44; 9 Dec 1927 with C. Kingsley, Scribner’s Archive Author files I, 3A Box 31/2 PUFL; 28 Dec 1927, 16 Jan, 3 Feb 1928 CSIII ltr to ACB, ibid. Scribner first offered $3,000 before settling at $3,600 (£720).

43. 21 Nov 1927 W. Lints Smith ltr to WSC, TNL Archive Sir Winston Churchill Managerial File, MAN/1. The Times cut its fee from £2,500 to £2,000.

44. 29 Feb 1928 WSC contract, International Magazine Company, CHAR 8/219/5.

45. 26 Jan, 27 Feb 1928 WSC corresp with TB, CHAR 8/220/3, 9–10.

46. 1 Mar 1928 WSC ltr to TB, 5C1:1218–19; 2 Apr 1928 TB contract, CHAR 8/220/29; TNL Archive Sir Winston Churchill Managerial File, MAN/1. The Times lent Butterworth half the funding for the extra advance.

47. 6, 9 Dec 1927, 11 Jan, 6 Mar 1928 E. Nonweiler corresp with WSC, CHAR 1/197/24,23, 1/203/3, 9. Churchill introduced a single graduated scale, covering both income and the renamed sur-tax. See M. Daunton, Just Taxes, p. 111.

48. 8 Apr 1928 WSC ltr to CSC, 5C1:1253–4. For Scribner’s contract, see CHAR 8/219/1.

49. Oct, Nov 1928 Hilda Neal account, Miss Bradford expenses, CHAR 8/219/16–18. Miss Bradford and a typewriter cost four guineas a week; she was put up at a hotel in Westerham and given a daily taxi to and from Chartwell.

50. 1 Aug 1928 S. Gaselee ltr to O. O’Malley, CHAR 8/217/41; 4 Aug 1928 C. Fisher letter to S. Gaselee, 8/217/43; 30 Nov 1928 S. Gaselee ltr to O. O’Malley, 8/218/147.

51. 7 Aug WSC ltr to CSC, 5C1:1321–2.

52. 21–3 Sep 1928 Diary of James Scrymgeour-Wedderburn, Dundee papers, cited 5C1:1340–47.

53. 22 Sep 1928 WSC ltr to TB, CHAR 8/220/44.

54. 27 Dec 1928 WSC ltr to W. Lints Smith, CHAR 8/219/40; 7 Jan 1929 WSC ltr to S. Baldwin, Baldwin papers cited 5C1:1411–3.

55. 25 Oct 1928 ACB ltr to WSC, CHAR 8/207/51.

56. 14 Nov 1928 WSC ltr to CSC, 5C1:1378–9.

57. 28 Dec 1928 TB ltr to WSC, CHAR 8/220/68.

58. 6 Mar 1929 R. Dingle ltr to WSC, CHAR 8/225/77.

59. 29 Mar 1929 F. Greenslet ltr to WSC, CHAR 8/225/81–5.

60. 10 May 1921 G. Harrap ltr to WSC, CHAR 8/225/95–6.

61. 23 May 1929 WSC cbl to TB, CHAR 8/226/54.

13. Making – and Losing – a New World Fortune, 1928–9

1. Jun 1929 WSC schedule, CHAR 1/211/6–7.

2. 5 Jul 1929 WSC ltr to W. Lints Smith, CHAR 8/225/162. When serialization began in June 1933, Lord Camrose decided to use The Sunday Times rather than The Daily Telegraph.

3. 30 Jan 1929 G. Blake ltr to EHM, CHAR 8/225/3717; 20 Feb 1929 WSC corresp with G. Blake, 8/225/60, 64.

4. 8 Jun 1929 J. Farquharson ltr to WSC, CHAR 8/228/4.

5. 1925 Dealing Profits and Losses, Baruch Papers, MC006/742, Mudd Manuscript Library, PUMM.

6. 29 Jun 1929 WSC ltr to C. Brown, CHAR 8/227/30.

7. 28 Jun 1929 WSC ltr to BMB, CHAR 1/205/29.

8. Jul 1929 BMB notes on WSC letter, Baruch Papers MC 006 Vol 64, PUMM.

9. 28 Jul 1929 WSC ltr to BMB, Baruch Papers, MC 006 Vol 64, PUMM.

10. 15 Jul 1929 BMB ltr to WSC, CHAR 1/206/17.

11. 30 Jun 1929 LlBk statement, CHAR 1/213. £872 income tax was already overdue for 1927/8; £880 income tax and £2,300 sur-tax was now due for 1928/9; Churchill would have to pay at least £1,200 income tax for 1929/30 in mid-1930.

12. 1, 22 Jul 1929 WSC ltrs to G. Harrap, CHAR 1/210/1–3; C. Scribner 5C2:23.

13. 30 July 1929 WSC ltr to WHB, CHAR 28/145/12.

14. 27 Jun, 16 Jul 1929 ACB ltrs to WSC, CHAR 8/227/31, 33.

15. 8 Aug 1929 WSC ltr to CSC, 2C:37–40.

16. 8 Aug 1929 WSC ltr to CSC, 5C2:37–40.

17. 12 Aug 1929 WSC ltr to CSC, 5C2:43–6.

18. 16 Aug 1929 E. Rich ltr to WSC, CHAR 8/227/2. The Daily Telegraph offered to take ten articles for a fee of £1,000; 29 Aug 1929 J. Wheeler ltr to E. Rich, 8/227/4; The Bell Syndicate guaranteed Churchill a minimum $500 each article for US sales; he was also to keep 60 per cent of Canadian sales. The articles were also sold to South Africa, Australia and Malaya (for a combined £225), and to Holland and France’s Le Figaro. With a foresight to which he paid scant personal heed, Churchill suggested ‘The Great Stock Market Craze’ as an early subject.

19. 16 Aug 1929 WSC ltr to CSC, 5C2:51.

20. 20 Aug 1929 WSC ltr to TB, CHAR 8/226/71.

21. 27 Aug 1929 WSC ltr to CSC, 5C2:60–2. The article,‘Trotsky – the Ogre of Europe’, (fee £450) appeared in Nash’s Pall Mall and Cosmopolitan (US) in December 1929. ‘Lord Ypres’ (formerly Sir John French) and ‘Joseph Chamberlain’ were despatched from New York on 10 October for the magazines’ January and February 1930 editions. After retouching, both featured in ‘Great Men of Our Time’, the News of the World (1936).

22. 28 Aug 1929 J. Richardson ltr to WSC, CHAR 1/211/16. Together, the two stakes cost $6,271.

23. 25 Aug 1929 WSC ltr to CSC, 5C2:55–8.

24. 27 Aug 1929 WSC letter to CSC, 5C2:60–2.

25. 3 Sep 1929 F. Schultz ltr to WSC, CHAR 1/211/29.

26. 4 Sep 1929 WSC ltr to J. Richardson, CHAR 1/211/34. Churchill sold the shares three weeks later for a profit of $1,400.

27. 6 Sep 1929 RSC diary, 5C2:72.

28. 29 Sep 1929 WSC ltr to CSC, SFT:346–7.

29. 19 Sep 1929 WSC ltr to CSC, CHAR 1/207/81.

30. 7 Sep 1929 WSC schedule, CHAR 1/211/43.

31. 25 Sep 1929 WSC ltr to CSC, 5C2:93–6.

32. 30 Sep 1929 H. Vickers cbl to WSC, CHAR 1/211/54.

33. 29 Sep 1929 WSC ltr to CSC, 5C2:96–8.

34. 1 Oct 1929 W. Van Antwerp cbl to WSC, CHAR 1/211/62.

35. Oct 1929 Savoy Plaza Hotel account, Baruch Papers, MC 006 Vol 64, PUMM. For three weeks’ stay, including theatre tickets and valet service, the bill was $1,250.

36. 9 Oct 1929 WSC cbl to W. Van Antwerp, CHAR 1/211/64.

37. 10 Oct 1929 WSC cbl to W. Van Antwerp, CHAR 1/211/67; 9 Oct 1929 Torge & Schiffer cbl to WSC, 1/208/9. The fee of $12,500 for a speech which Churchill gave at New York’s Bond Club (arranged by Baruch and sponsored by McGowan) funded the first cheque – see 14 Oct 1929 E. F. Hutton Account, CHAR 1/211/57. Churchill sent a second cheque for $2,187.

38. 10 Oct 1929 WSC cbl to A. Bailey, CHAR 1/208/25.

39. 12 Oct 1929 WSC corresp with VdaC, CHAR 1/211/71, 75.

40. 10 Oct 1929 WSC cbl to VdaC, CHAR 1/211/69.

41. Dec 1929 VdaC schedule, E. F. Hutton dealings October 1929, CHAR 1/211/140–41.

42. Oct 1929 WSC schedule, CHAR 1/216/44.

43. 25 Oct 1929 Van Antwerp cbl to WSC, CHAR 1/211/92.

44. 25 Oct 1929 WSC cbl to H. McGowan, CHAR 1/208/108.

45. Cited C. Sandys, Chasing Churchill, p. 98.

46. 29 Oct 1929 WSC schedule, CHAR 1/211/98.

47. Averell Harriman Papers, General File, working file 2, CURBMSL.

48. 1929 Income tax computation, Baruch Papers, MC 006/742, PUMM.

49. 30 Oct 1929 BMB cbl to WSC, Baruch Papers, MC 006 Vol 64, PUMM.

50. 31 Oct 1929 B. Baruch cbl to WSC, CHAR 1/211/102. These transactions were the source of the story that Baruch reversed all of Churchill’s New York losses (told in Sir John Colville’s memoirs: J. Colville, The Churchillians, pp. 86–7): ‘When Churchill arrived in New York, unhampered by his wife’s sobering presence,’ Colville wrote, ‘he allowed his gambling instinct to take charge. He went to Baruch’s office, sat down before the price indicator and played the markets. He knew nothing of what he was doing: to him it was like playing roulette at Monte Carlo. He plunged deeper and deeper. Finally he stopped, for he had lost more than he possessed. He realized that he must sell Chartwell and all that he owned. Baruch came into the room and Churchill told him that he was ruined. Baruch explained that, guessing what would happen, he had given instructions that every time Churchill bought Baruch would sell, and every time Churchill sold Baruch would buy. He was therefore all square. Presumably Baruch paid the commissions. Churchill never forgot the debt he owed.’ There is no evidence to back up this story in Baruch’s Financial Records for 1927–36 [Baruch Papers, MC 006, box 742, PUMM]: these record Baruch’s transactions with more than twenty brokers and identify the investments that he made for various third parties (his daughter et al). None of the sixty-seven deals recorded in his October 1929 accounts were originally carried out in Churchill’s name. The deals consist of Baruch’s customary mix of sales and purchases, undermining the legend that he was one of the few financiers to foresee the Crash.

51. 9 Dec 1929 WSC article, Daily Telegraph.

14. A Strategy for Survival, 1930–1

1. 12, 13 Nov 1929 WSC draft, WHB ltr to WSC, CHAR 1/211/106, 28/145/5.

2. 3, 7 Jan 1930 WSC corresp with G. Blake, CHAR 8/273/3, 13.

3. 20 Nov 1929 L Thornley ltr to WHB, CHAR 28/145/26–7; 28 Nov 1929 G. Allen ltr to WHB, 28/145/21; 11 Dec 1929 NM account, 1/211/135. The life insurance premium on Churchill’s £6,000 policy (required to secure a £5,000 loan) cost £263 a year; loan interest at 5¼ per cent a further £262; a combined total of £525 a year.

4. 15 Nov 1929 BMB cbl to WSC, Baruch Papers, MC 006 Vol 64, PUMM.

5. 13, 16, 20 Nov, 3, 16 Dec 1929 WSC corresp with WHB, NM, CHAR 1/211/108, 111, 138; 28/145/26; 18 Nov WSC ltr to MWB, cited K. Young, Churchill and Beaverbrook: a study in friendship and politics, p. 110.

6. 23 Dec 1929 VdaC note, CHAR 1/211/143.

7. 12 Mar 1930 H. Vickers ltr to WSC, CHAR 1/217/75; 7, 10, 13, 27 Feb 1930 Churchill purchases of Simmons shares (aggregating 650 shares, at prices from $761/8 down to 65¾), 1/217/35, 41, 49, 59.

8. Author’s calculations using VdaC contract notes and accounts, CHAR 1/211, 217, 218.

9. 16 Jan 1930 WSC ltr to G. Harrap, CHAR 8/271/7–8.

10. 12, 16 Jan 1930 WSC corresp with TB, CHAR 8/274/1, 5.

11. 28 Jan 1930 G. Dawson memo to W. Lints Smith, TNL Archive Sir Winston Churchill Managerial File, MAN/1.

12. 15 Jan 1930 CSIII ltr to WSC, CHAR 8/277/1–4.

13. 6, 30 Mar 1930 TB ltr to WSC, CSIII ltr to CB, Scribner’s Archive, 3A box 31/3, PUFL.

14. 14 Feb 1930 WSC schedule, CHAR 1/216/41. Churchill forecast surpluses of £5,000 in the first half of 1930 and £7,400 in the following nine months.

15. 12 Mar 1930 H. Vickers ltr to WSC, CHAR 1/217/75.

16. 25 Mar 1930 VdaC ltr to WSC, CHAR 1/217/100.

17. 28 Jul 1930 M. Edwards Unpaid bills, CHAR 1/221/32. Of the total £2,813, Randolph Payne & Sons, wine merchants, accounted for £654. Bank interest would cost £800 for the quarter; life insurance premiums over £1,000.

18. 21 Jun 1930 WSC draft ltr to WHB, CHAR 1/216/13–16.

19. 1 Jul 1930 WHB note, CHAR 128/145/39–40; 12 Jul 1930 A. Bailey ltr to WSC, 1/218/90.

20. 11, 15 Aug, 2 Sep, 16 Oct, 10 Nov 1930 VdaC reports and corresp with WSC, CHAR 1/218/5, 24, 45, 64, 91, 93, 94, 105, 114; 1/219/2; 24 Oct 1930 BMB ltr to WSC, Baruch Papers, MC006 Vol 66, PUMM. Churchill’s profit (before funding and transaction costs) was $2,600.

21. 25, 27, 30 Oct, 1 Nov 1930 Sunday Chronicle corresp with WSC and secretary, CHAR 8/276/315–6. Churchill accepted the newspaper’s offer of £250, plus 25 per cent of any US sale; offered the subject of Moses, he asked whether anyone else was available. The Sunday Chronicle told him Joseph, Noah and David were free, but it thought Moses more fitting for Churchill, as a leader and lawgiver.

22. 16 Aug 1930 WSC ltr to TB, CHAR 8/274/142.

23. 23, 27 Jun 1930 WSC ltr to CSIII, Daily Chronicle ltr to WSC, CHAR 8/274/95, 8/809/1. The newspaper paid £1,500 for the rights, ‘far beyond any price they have previously paid for serials’, Churchill told Scribner.

24. 24 Sep 1930 WSC ltr to S. Baldwin, Baldwin Papers 5C2:186.

25. 5, 19 Dec 1930 CSIII ltrs to WSC, CHAR 8/277/128, 129; 17 Dec 1930 TB ltr to WSC, 8/275/126. Pre-publication orders were 4,830 in Britain; 811 in the US. By the end of 1930, 9,700 copies had sold in Britain and 4,700 in the US. Gross British royalties (£2,145) fell short of Churchill’s £2,500 advance.

26. 9 Dec 1930 H. Vickers ltr to WSC, CHAR 1/218/87.

27. 17 Dec 1930 WSC ltr to NM, CHAR 1/215/62.

28. 14 Jan 1931 VdaC account, CHAR 1/225/17, 19, 20.

29. 12 Jan 1931 H. Frank ltr to WSC, CHAR 1/393/94.

30. 12, 14 Jan 1931 VdaC ltrs to WSC, CHAR 1/225/17, 19, 20. Churchill repaid the £2,000 loan on 15 September 1931.

31. 12 Jan 1931 H. Vickers ltr to WSC, CHAR 1/229/21.

32. 8 Jan 1931 WSC ltr to RSC, 5C2:242; 25 Feb 1931 WSC schedule, CHAR 8/292/19.

33. 22 Jan, 28 Apr 1931 CSIII ltrs to WSC, CHAR 8/296/5, 10; 20–26 Feb 1931 TB corresp with WSC, 8/294/8, 11, 14, 15, 17,20. During the first ten weeks after its publication, the abridged World Crisis sold 2,100 copies in the US and 3,500 in Britain (where – as Butterworth had predicted – the lending libraries shunned it).

34. 21 Mar 1931 WSC ltr to N. Pearn, CHAR 8/295/34. Pearn sold it to the Sunday Pictorial.

35. 17 Dec 1930 C. King opinion, NM brief, NA IR 40/12833.

36. 10, 15 April 1931 WSC corresp with P. Grigg, CHAR 1/224/1–2, 1/397/207.

37. 17 Jun 1931 R. Cave cbl to CSIII, Scribner’s Archive, Author files I, 3A box 31/4, PUFL.

38. 19, 23 Jun 1931 CSIII corresp with J. Carter, ibid.; 19 Jun 1931 C. Scribner letter to WSC, CHAR 8/296/17–19.

39. 21 Aug 1931 BRB ltr to WSC, CHAR 8/816/20–1. The London General Press Agency (LGPA) paid £200, but terminated its remaining contract with Churchill after claiming Curtis Brown had previously hawked the material around the market. Churchill insisted on receiving a further £600, giving rise to lawsuits in both directions. The trial was delayed until late in 1932 by LGPA’s insistence on a Special Jury, but financial difficulties prompted it to settle earlier by paying Churchill £750. LGPA survived, but did not handle any further Churchill material until 1935.

40. 24 Sep 1931 VdaC statement, CHAR 1/226/56; 30 Jun 1931 LlBk statement, 1/229/14. Churchill’s receipts were £3,300; his expenditure before bank interest and investment losses £8,500. He paid £1,200 interest annually to his bankers; £700 of interest and life assurance charges to Commercial Union: £250 of interest to stockbrokers. (These figures exclude the additional interest that Churchill paid on the loans from his family trusts.)

41. 7 Aug 1931 WSC ltr to EHM, Marsh Papers, EMAR/2, CAC.

42. 16, 17 Jul 1931 TB ltr to WSC, cited in WSC reply, CHAR 8/294/99.

43. 16, 17 Jul, 11, 14 Aug 1931 WSC corresp with TB, WHB, CHAR 8/294/99; 28/145/55; LlBk statement 1/229/14.

44. 2, 3 Sep 1931 WHB corresp with E. Merrick-Taylor, LlBk statement, CHAR 28/145/53, 1/397/140, 1/229/21.

45. 3, 4, 5 Sep 1931 WSC corresp with WHB, LlBk statement, CHAR 28/145/64, 65, 68; 1/229/20.

46. Aug 1931 WSC schedule, CHAR 1/239.

47. The records of 1930s holidays during which Churchill drew money from his bank at French casinos suggest he incurred losses on eleven out of twelve occasions. From 1931–6, he averaged losses of approximately £900 a year; in 1937 and 1938 the loss was lower at an average of £125 a year. In January 1939 he won slightly over £100 – author’s estimates from WSC LlBk statements (casino withdrawals, less deposits on return home and an allowance for expenses).

48. Aug, Sep 1931 LlBk statements, CHAR 1/229/18–20.

49. 3 Sep 1931 WSC ltr to G. Harrap, 5C2:355.

50. 10 Sep 1931 WSC ltr to TB, CHAR 8/294/108.

51. 21 Sep 1931 WSC ltr to CSIII, Scribner’s Archive, Authors files I, 3A Box 31/4, PUFL; 9, 23 Oct 1931 CSIII ltrs and contracts to WSC, CHAR 8/296/29, Scribner’s Archive, Authors files I, 3A box 31/4, PUFL. Over the following year, Churchill changed his mind several times about the order in which the two books should be published; in May 1932, he chose Thoughts and Adventures first – see 7 May 1932 5C2:426.

52. RSC memoirs, 5C2:384 footnote 1. RSC earned fees of $12,000.

53. 10, 12 Nov 1931 JSC ltr to WSC, LlBk statement, CHAR 1/226/70, 1/229/27.

54. 3 Nov 1931 WSC ltr to RSC, CHAR 1/226/74.

55. M. Ashley Churchill as a Historian, p. 122.

56. 20 Nov 1931 TB ltr to WSC, TB account, CHAR 8/294/138, 152; 16 Nov 1931 CSIII ltr to WSC, Scribner’s Archive, Authors files I, 3A box 31/4, PUFL; 10 Dec 1931 J. Poli memo to CSIII, ibid. Pre-launch sales in Britain had reached only 3,852 and Churchill’s cheque on publication was for £459. Published in America under the title The Unknown War, sales at publication were 1,500.

15. Trading Futures, 1932–3

1. 23 Dec 1931 WSC ltr to J. McCulloch, CHAR 1/399B/176. Churchill’s hospital bill was $420.

2. U/d Phoenix Assurance ltr to WHB, CHAR 28/145/92.

3. 14 Dec 1931 WSC cbl to WHB, CHAR 28/145/91.

4. 16 Dec 1931 WSC cbl to E. Harmsworth, 5C2:383.

5. Randolph Churchill papers, 5C2:390–2.

6. 15 Jan 1932 WHB ltr to WSC, CHAR 28/145/105.

7. Mar 1932 WSC cbl to JSC, CHAR 1/398/118. On 28 December 1931 Churchill purchased an option to buy £6,000 at an exchange rate of $3.43, valid until the end of March 1932.

8. 12 Jan 1932 CSC ltr to RSC, 5C2:396.

9. WSC schedule, CHAR 1/224/18, 23. His revised forecast of his profits was £4,600.

10. 10 Feb 1932 WSC cbl to R. Boothby, CHAR 1/238/30.

11. 29 Feb 1932 WSC cbl to E. Harmsworth, CHAR 8/309/12.

12. 23 Feb 1932 WSC ltr to L. Levy, CHAR 1/399/142.

13. 9 Mar 1932 C. Vickers cbl to WSC, CHAR 1/398/114. For the first time since Britain left the gold standard London interest rates had fallen from 6 per cent; they reached 2 per cent in June, where they stayed until 24 August 1939.

14. 8 Mar, 8 Jul 1932 NCBNY note to WSC, CHAR 1/239/9, 49, 68; also Mar, Apr 1932 1/239/17, 27, 28, 58, 59. Churchill ‘rolled over’ his first contracts at the end of March, but ‘closed’ them in the first week of April after a surge in sterling, netting $2,600 profit. His second foray, when he bought £4,000 sterling forward in May for July delivery, lost $667.

15. 9 Feb 1932 BRB ltr to WSC, CHAR 1/398/46. CHAR 1/231/2 Churchill’s former girlfriend, Pamela Plowden (now Countess Lytton) could not afford to contribute: ‘Alas that we cannot join the rich acquaintances, but must remain outside as affectionate friends.’ Four press barons (Beaverbrook, Harmsworth, Camrose and Riddell) were contributors, as were Charlie Chaplin, John Maynard Keynes, the prince of Wales, the duke of Westminster, Sir Edwin Luytens and Harold Macmillan.

16. 21 Jun 1932 WSC ltr to H. Vickers, 5C2:435.

17. 22 Jun 1931 H. Vickers ltr to WSC, CHAR 1/235/59.

18. 28 Jul 1932 WSC ltr to JSC, CHAR 1/236/22.

19. 28, 29, 30 Jul 1932 VdaC contract notes, CHAR 1/235/82, 84; 2 Aug 1932 WSC ltr to FNB, 1/238/80.

20. 19 July 1974 K. Feiling ltr to M. Gilbert, 5:437.

21. 11 Aug 1932 VdaC ltr to WSC, CHAR 1/236/48.

22. Aug 1932 VdaC advice notes, CHAR 1/236/56, 85, 90, 91, 92, 96, 98, 102, 105. The sum covers London and New York commission costs.

23. 2 Sep 1932 H. Vickers ltr to WSC, CHAR 1/236/110, 116–17.

24. 16 May 1932 WSC ltr to TB, CHAR 8/312/41.

25. 30 Apr, 31 May 1932 WSC ltrs to EHM, Marsh papers EMAR/2 CAC, CHAR 8/306/40.

26. 5 Aug 1932 WSC ltr to E. Harmsworth, CHAR 8/309/28–9.

27. 26 May 1932 WSC article Daily Mail.

28. 30 Jul 1932 G. Riddell ltr to WSC, CHAR 8/311/2.

29. 2, 5 Aug 1932 WSC corresp with G. Riddell, CHAR 8/311/3–4, 9.

30. 5 Aug 1932 WSC ltr to EHM, CHAR 8/311/11–12.

31. 25, 28 July 1932 N. Pearn corresp with WSC, CHAR 8/313/65–66, 67.

32. 18 Jul 1932 WSC ltrs to G. Harrap, CHAR 8/315/6.

33. 23 Aug 1932 WSC ltr to R. Pakenham-Walsh, 5C2:469–70.

34. Sep 1932 LlBk statements, CHAR 1/229/50–53. Hotel and sanatorium expenses were £750.

35. U/d 1932 V. Pearman ltr to EHM, 5C2:444; C. Hassall, Eddie Marsh, p. 575; 29 Dec 1932 TB ltr to WSC, CHAR 8/312/159; 25 Nov, 20 Dec 1932 CSIII ltr and cbl to WSC, 8/314/42, 46. Thoughts and Adventures was published in Britain on 10 November 1932. Butterworth initially ordered the printing of 4,000 copies, but strong orders filtered through before launch and sales passed 7,000 before the end of the year. The US edition, Amid These Storms (published a fortnight later), sold 3,000 copies by the end of January 1933.

36. 17 Sep 1932 WSC ltr to EHM, CHAR 8/311/23.

37. 11 Nov 1932 WSC ltr to EHM, 5C2:489.

38. 3 Dec 1932 WSC ltr to EHM, CHAR 8/311/105. The Chicago Tribune did not renew.

39. 5 Dec 1932 WSC ltr to EHM, Marsh papers 5C2:501.

40. 30 Oct 1932 WSC ltr to N. Flower, CHAR 8/308/1–5.

41. 7 Oct 1932 WSC cbl to BMB, Baruch Papers MC006 Vol 70, PUMM.

42. 6, 8, 24 Oct 1932 WSC corresp with G. Duis, CHAR 1/239/73, 78b, 83.

43. 12 Nov 1931 NM ltr to WSC, CHAR 1/223/65–7. The Churchills took over the lease, costing £380 a year, from Frances Stevenson, Lloyd George’s mistress.

44. 19 Oct 1932 A. Bailey ltr to WSC, CHAR 1/239/29.

45. 12 Nov, 14 Dec 1932 WSC corresp with H. Osborne, NM, CHAR 1/233/76, 87, 120; Dec 1932 NM ltr to WSC, 1/259/104. Churchill released seven-tenths of the Elder Children’s Settlement’s capital back to himself, reducing his loan from the trust to £3,358. Diana’s marriage lasted only three years until 1935, when she remarried Duncan Sandys MP.

46. 1932 LlBk statements CHAR 1/241; LlBk schedule, 1/304/61; A. Atkinson, Top Incomes in the United Kingdom over the Twentieth Century, author’s calculations using tables in Fig 4, 5, Table A1, pp. 36–40. Apart from investment losses, Churchill’s other main spending headings in 1932 were: £5,700 tax, £2,800 transfers to Clementine (extra to her normal allowances); £1,200 staff (secretarial and literary); £215 club subscriptions; and £900 payments to Randolph and Diana.

47. Jan 1933 LlBk statement, CHAR 1/241/64.

48. 19 Feb 1933 WSC ltr to Arnold, CHAR 1/243/26.

49. 16, 18 Feb 1933 WSC cbls to Frazier Jelke, NCBNY, CHAR 1/246/32, 33; 1/249/36.

50. 16 May 1933 BRB ltr to BMB, Baruch Papers, MC006 Vol 73, PUMM.

51. 18, 21, 22 April 1933 WSC cbls to G. Duis, CHAR 1/251/21, CHAR 1/252/14, 15, 16; 24 Apr 1933 VdaC advice note, CHAR 1/247/78.

52. Apr–Jul 1933 WSC corresp with NCBNY, VdaC, LlBk, CHAR 1/251, 1/246, 1/249/various. On 6 July 1933, Churchill had sold ‘forward’ against sterling: US$50,000, C$40,000 and 200,000 francs.

53. May, Jun 1933 VdaC, Frazier Jelke advice notes; 29 Jun 1933 VdaC New York account, CHAR 1/246/91 et seq., 138; 1/247/28. For example, Churchill judged Worthington Pump’s trading range as between prices of $17 and $20: he twice switched in and out of the stock successfully, then kept ‘shorting’ it as it rose to $21, $23½ and $26. He finally cut his losses when the price had doubled to $35.

54. 10, 11 Jul 1933 H. Vickers ltr to WSC, VdaC summary, CHAR 1/247/21, 30.

55. 24 Jul, 10, 11 Aug 1933 VdaC ltrs to WSC, CHAR 1/247/54, 71, 73.

56. 11 Aug 1933 VdaC ltr to WSC, CHAR 1/247/76; 24 Oct 1933, LlBk advice note, 1/248/35.

57. 20, 28 Mar, 10 Apr 1933 N. Pearn corresp with WSC, V. Pearman, CHAR 8/336/40, 41, 45, 53.

58. 9 Mar 1933 G Riddell ltr to WSC, CHAR 8/332/63–5; 14 Mar 1933 G. Tingay ltr to WSC, 8/335/76–73; Oct 1933 V. Pearman note to WSC, 8/328/57.

59. 6, 12 Oct 1932 W. Harrap ltr to WSC, CHAR 8/324/66; V. Pearman note, 8/324/91; 28 Jul 1933 CSIII ltr to WSC, 8/337/16; 1/251/61. Churchill expected Harrap’s advance to be £4,000, but their contract stated £3,000, which was reduced to £2,728 by bills for indexing, printers’ corrections and presentation copies. The US edition was published on 10 November: Charles Scribner’s warning that the book ‘may prove to be a little too solid’ for the American public was vindicated when the 4,000 copies printed took ten years to sell. Churchill received a cheque for $6,440 after Scribner deducted $560 US income tax from the $7,000 advance.

60. 7 Oct 1933 S. Baldwin ltr to WSC, 5C2:663.

61. 15 Oct 1933 WSC cbl to BMB, Baruch Papers MC006 Vol.73, PUMM.

62. Sep 1931 BMB schedule, Baruch Papers, MC006/742, PUMM.

63. 20 Sep 1933 WSC ltrs to LlBk, CHAR 1/250/39, 51.

64. 17, 18 Oct G. Mason corresp with WSC, CHAR 1/250/69, 73.

65. 28 Sep 1933 VdaC valuation, CHAR 1/248/4; 10 Jan 1935 NM ltr, 1/276/3.

66. 31 Dec 1933 LlBk statement, CHAR 1/241/ 98, VdaC accounts 1/230/8–28. Stock market losses were £6,000; gambling losses approximately £1,000.

16. Summoning More Ghosts, 1934–5

1. 15, 18 Nov 1933 W. Blackwood corresp with WSC, CHAR 8/333/1–2, 13. Blackwood proposed £50 per article.

2. See 5C2:502. Publications included: Pearson’s Magazine, Pictorial Weekly, the Evening Standard and the Sunday Chronicle.

3. 30 Oct 1987 Chartwell Memories – Early Encounters, G. Hamblin speech to International Churchill Society, Dallas, Texas.

4. 26 Dec 1933 WSC ltr to G. Harrap, CHAR 8/325/166–9.

5. 1, 5 Jan 1934 WSC corresp with Ld Camrose letter to WSC, 5C2:694–5, 697–8.

6. 23 Mar 1933 R. Crossett ltr to WSC, CHAR 8/36/44.

7. 1 Mar 1934 WSC ltr to H. Osborne, NM, CHAR 8/495/7–12.

8. 19 Mar 1934 LlBk statement, CHAR 1/241/109.

9. An informant had told Churchill that evidence originally given to the India Select Committee by the Manchester Chamber of Commerce (representing Lancashire’s important textile interests and hostile to the proposed reform) had been kept locked up in the India Office, while the secretary of state, Sir Samuel Hoare, and others persuaded the chamber to send a harmless replacement. Churchill raised the issue with the Speaker, who referred it to the Privileges Committee of senior parliamentarians. Churchill spent £500 of his own money obtaining legal advice before appearing in front of the committee late in April 1934. The committee refused Churchill’s requests to question other witnesses or examine the correspondence between Sir Samuel and his alleged accomplices. It found unanimously against Churchill early in June, arguing that any ‘pressure’ applied to the Manchester Chamber was not illegitimate, since the committee was not a ‘judicial body’. The India Bill passed into law in June 1935.

10. 22 Jun 1934 WSC ltr to EHM, Marsh Papers, Berg Collection, NYPL. ‘One must regard the hyphen as a blemish to be avoided wherever possible,’ Churchill told Marsh, whom he considered overfond of the device.

11. 11, 13 Apr 1934 WSC ltrs to N. Flower, K. Feiling, CHAR 8/506/8, 10.

12. 10 May 1934 W. Blackwood ltr to WSC, CHAR 8/492/60.

13. 13 May 1934 A. Marshall Diston ltr to WSC, CHAR 8/493/25.

14. 2 Jul 1934 The Times.

15. Jan 1934 LlBk contracts, statement, CHAR 1/63/various, 1/241/101.

16. 27, 30 Apr 1934 WSC cbl corresp with BMB, CHAR 1/255/6, 7. ‘Reasonably priced around 40, cheap at 30,’ Baruch replied. 5, 7, 10, 11 May VdaC contract notes, 1/261/5, 11, 15, 17.

17. 4 Jul 1934 LlBk ltr to WSC, statement CHAR 1/264/20, 1/241/116. 15 Sep 1934 WSC schedules, 1/264/77, 78.

18. 16 Aug 1934 WSC ltr to CSC, 5C2:847–9.

19. 20, 23 Aug 1934 G. Riddell cbl, ltr to WSC, CHAR 8/491/1, 3.

20. 25 Aug 1934 WSC ltr to CSC, 5C2:856.

21. 26 Aug 1934 CSC ltr to WSC, 5C2:861–2.

22. 27 Aug 1934 WSC ltr to CSC, 5C2:862–3.

23. Aug 1934 LlBk statement, CHAR 1/241/22.

24. 13 Sep, 11 Dec 1934 NM ltrs to WSC, CHAR 1/259/83, 121.

25. 23, 25 Sep 1934 WSC corresp with A. Korda, CHAR 8/495/64–5, 69.

26. 31 Oct, 5 Dec 1934 C. Wood ltrs to WSC, CHAR 8/486/201, 257. Sales were 9,500 in the first month, then slowed.

27. 30 Oct 1934 LlBk statement, CHAR 1/241/26,6. Churchill paid £2,383 of 1932/3 income tax and £1,730 of 1932/3 sur-tax. Scribner was due to pay $7,000 – he paid in February 1935 although he delayed the US launch until March 1935. R. Cohen, Bibliography of the Writings of Sir Winston Churchill, p. 429: 3,040 copies were printed; slow sales resulted in the stock lasting until December 1941. 17 August 1935 WSC ltr to CSIII, 8/517/17; Churchill shared Scribner’s disappointment: ‘I am full of the deepest gloom at the ill success of all our joint projects. You are the only publisher I have ever dealt with who has not profited by our collaboration.’

28. 24 Oct 1934 P. Davies ltr to WSC, CHAR 4/491/30; 30 Oct 1934 V. Pearman ltr to P. Davies, 8/491/32; 19 Nov 1934 C. Everitt cbl to WSC, 8/493/93. Curtis Brown sold the series to the Chicago Tribune for $6,000, but the paper’s insistence that all material must be ‘first-run’ meant Churchill had to re-employ Diston to paraphrase the material taken from My Early Life.

29. 10 Nov 1931 NM ltr to WSC, CHAR 1/223/59–60.

30. 18 Dec 1934 WSC ltr to NM, CHAR 1/259/13.

31. 21 Dec 1934 WSC cbl to CSC, 5C2:969.

32. 1 Jan 1935 WSC ltr to CSC, SFT:369–70; LlBk statements CHAR 1/241.

33. U/d Jan 1935 WSC schedule, CHAR 1/279/1. Churchill still based his spending estimates on household running costs of £500 a month; records show that the two households cost approximately £950 a month to run.

34. 18 Jan 1935 WSC ltr to CSC, SFT:373–4.

35. 21 Jan 1935 WSC ltr to CSC, 5C2:1037–40.

36. 23 Jan 1935 WSC ltr to CSC, 5C2:1044–6.

37. 23 Jan 1935 A. Korda ltr to WSC, CHAR 8/514/112–14.

38. 1 Jan 1935 WSC ltr to CSC, 5C2:979–83.

39. 11 Jan 1935 WSC ltr to P. Cudlipp, CHAR 8/508/4.

40. 2 Apr 1935 Secretary’s note on A. Cranfield ltr to WSC, CHAR 8/509/15.

41. 13 Apr 1935 WSC ltr to CSC, 5C2:1137–41. It took three more months for lawyers to agree a final settlement: Churchill was to receive £7,000 in 1935 and the early part of 1936, of which £4,000 would be treated as compensation (exempt from tax).

42. Ibid. May 1935 LlBk statement, CHAR 1/269/46; SFT:299. The outstanding amounts, exceeding £1,000, were owed to Randolph Payne & Sons (wine merchants) and two tailors. According to her daughter, Clementine bought a pair of diamond earrings with the gift.

43. Cabinet Minute Cab.11 (34) 5, CAB 23/78; Cabinet Paper CP 69 (34), CAB 24/248, NA, cited D. Reynolds, In Command of History, pp. 26–8.

44. 19 Nov 1934 WSC ltr to R. Howorth, 5C2:925. Nine former ministers, including Lloyd George, held out.

45. 18, 27 Jun 1935 WSC corresp with M. Hankey, 5C2:1198–9, 1203–4. See D. Reynolds, In Command of History, pp. 26–8.

46. 6, 8 Jul 1935 WSC corresp with JSC, CHAR 1/277/90, 91; 27 Jun 1935 VdaC account, 1/277/92.

47. 1–28 Aug, 2–9 Sept 1935 VdaC reports and contract notes, CHAR 1/278/1, 3, 7, 10, 11, 13, 39–46, 50, 52, 54. At the end of August, Churchill’s accumulated loss was $9,250.

48. 16–23 Sep 1935 VdaC contract notes, CHAR 1/278/67–82.

49. 5 Oct 1935 WSC cbl corresp with BMB, CHAR 1/272/19, 20. Churchill bought 100 shares at $423? each.

50. 20 Sep 1935 C. Thornton-Kemsley, Sir Colin Thornton-Kemsley Diaries, 5C2:1262–4.

51. 11 Sep 1935 WSC ltr to CSC, 5C2:1257–9.

52. Sep 1935 LlBk statement, CHAR 1/269/58.

53. 14, 26 Sep 1935 WSC corresp with S. Williams, CHAR 1/279/152–3, 161.

17. Films, Columns and Debts, 1935–7

1. 3 Oct 1935 WSC ltr to G. Harrap, CHAR 8/504/56.

2. WSC, The Second World War, 1:141.

3. 12, 15, 23 Jul 1935 P. Davies corresp with WSC, CHAR 8/511/26, 25, 32; 12, 17 Oct 1935 A. Diston corresp with V. Pearman, WSC, 5/511/39, 40, 46, 49. Churchill received c.£350 for each article (before foreign sales or subsequent re-publication in book form); he paid Diston £15 for each draft (on Clemenceau, Balfour, French, Curzon, Morley, Chamberlain and Fisher).

4. 11 Sep 1935 W. Chenery ltr to C. Everitt, CHAR 8/512/85.

5. 2, 3 Dec 1935 WSC corresp with S. Williams, CHAR 1/279/197, 9. Churchill’s £8,000 overdraft was secured by his holding in Sir Henry Strakosch’s Union Corporation shares (worth £4,125), by gilt-edged stock (£1,750) and by the surrender value of his 1908 life insurance policy (valued by his bank at £3,500).

6. 9 Aug 1935 Randolph Payne & Sons ltr to WSC, CHAR 1/283/36; 11 Dec 1935 Lord Sandhurst ltr to V. Pearman, 1/275/150; Dec 1935 account, 1/283/39.

7. Dec 1935 Secretaries’ analysis: 1935/6 Wines and spirits supplied, CHAR 1/318/4–12. In addition to the champagne, 1935’s deliveries included £96 of brandy, £62 of whisky and £40 of port. Economy measures, including a switch to the less expensive 1926 Pol Roger vintage, reduced the cost in 1936 to £740.

8. 30 Dec 1935 WSC ltr to CSC, SFT:404–5.

9. 8 Jan 1936 WSC ltr to CSC, SFT:406–8.

10. 21, 29 Jan 1936 E. Carr cbl, ltr to WSC, CHAR 8/533/3, 13.

11. 31 Jan 1936 WSC corresp with R. Shaw, A. Diston, CHAR 8/535/1, 2, 6, 13.

12. 26 Nov 1935 WSC ltr to ACB, CHAR 8/516/71.

13. 28 Mar 1936 V. Pearman note re H. Long tel call, WSC ltr, CHAR 8/538/44, 43; 2 Apr 1936 WSC Evening Standard contract, 8/534/32–4.

14. 22, 27 Feb, 11, 19, 24 Mar, 2 Apr 1936 WSC corresp with W. Hearst, C. Everitt, H. Long, CHAR 8/813/78, 8/536/16, 8/538/32–4, 37, 38.

15. 3, 14 Apr 1936 WSC ltr to W. Hearst, H. Long ltrs to WSC, WSC cbl to Hyde, editor Today, 5C3:89, CHAR 8/538/56, 51, 8/536/31. Churchill and Curtis Brown lowered the price to interest other US buyers, but sold only two articles, one at a trial price of $100 and another at $250.

16. 18 Apr 1936 WSC ltr to K. Feiling, 5C3:104.

17. 18, 20 May 1936 WSC corresp with G. Harrap, CHAR 8/529/115–7, 122–3. The first volume of Marlborough had sold 13,000 copies, the second 9,500.

18. 23, 27 May 1936 WSC ltrs to CSIII, W. Hadley, CHAR 8/529/126, 8/528/195.

19. 6, 7, 11 Aug 1936 N. Flower corresp with WSC, CHAR 8/532/195, 196–7, 200.

20. 28 Aug, 7 Sep 1936 The Sunday Times, G. Harrap ltrs to WSC, CHAR 8/528/183, 8/530/112. The Sunday Times paid £500 at the end of August; Churchill’s corrections, deletions and extra proof copies reduced Harrap’s cheque to £2,624 (from £3,000).

21. 5 Sep 1936 WSC ltr to CSC, 5C3:336–8.

22. Sep 1936 LlBk statement, CHAR 1/269/90.

23. 29 Apr 1936 RSC ltr to WSC, CHAR 1/284/110; 13 May, 3 Sep 1936 NM ltrs to WSC, CHAR 1/290/31, 53; 3 Aug 1936 RSC cbl to WSC & CSC, 1/285/116. In April 1936 Randolph admitted to new debts (since his last rescue) of £1,180, mostly as a result of gambling losses. Churchill approved a fresh loan from Lord Randolph Churchill’s will trust to Randolph, because bankruptcy would have ruined his hopes of a political career. By the time the trust completed formalities in September, it had advanced Randolph £7,200 and he declared himself ‘definitely cured of casinoitis’.

24. 21 Feb 1936 WSC ltr to CSC, 5C3:52–4.

25. 5 Jun, 2 Jul 1936 Chadbourne, Stanchfield & Levy reports, CHAR 1/288/7, 21.

26. 20 Sep 1936 WSC cbl to RSC, CHAR 1/288/40.

27. 15, 17, 27 Oct 1936 P. Cudlipp corresp with WSC, CHAR 8/534/41–2, 39, 52.

28. 23 Oct 1936 WSC ltr to H. Long, CHAR 8/538/156.

29. 2 Oct 1936 Secretary note to WSC, CHAR 2/283/20.

30. D. Irving, Churchill’s War: The Struggle for Power vol.i; E. Spier, Focus, pp. 20–2, pp. 160–2. Between 1936–9 Spier contributed £9,600 to Focus, which held several further lunches at The Savoy (29 October 1936, 19 April, 14 June, 16 December 1937, January 1938); public meetings at the Royal Albert Hall (3 December 1936), in Manchester and other cities (spring 1937); and in Manchester and Sheffield (May 1938).

31. 27 Sep 1936 J. Landau ltr to WSC, 5C3:251–2. The visit was planned by a group of friends led by Jacob Landau, an Austrian-born Jewish journalist, founder of the Jewish Telegraphic Agency in London and New York. Churchill marked Landau’s letter ‘Secret’.

32. 13, 15, 21 Oct, 26 Nov, 15 Dec 1936 R. Shaw corresp with WSC, CHAR 8/534/41–6; 13 Nov 1936 P. Cudlipp ltr to WSC, 8/534/57.

33. A. de Courcy, The Viceroy’s Daughters, p. 229.

34. 21 Oct 1936 G. Mason ltr to WSC, CHAR 1/292/97. The amount claimed was £1,014.

35. 27 Nov 1936 WSC ltr to CSC, 5C3:438–9.

36. 28 Nov 1936 RSC cbl to WSC, 5C3:445.

37. 8 Dec 1936 H. Nicolson, Diary, Nicolson Papers.

38. 18 Dec 1936 H. Everitt ltr to WSC, CHAR 8/536/60. The offer was from the Chicago Tribune.

39. 1 Jan 1937 WSC ltr to BMB, CHAR 1/298/3.

40. 7 Jan 1937 WSC ltr to CSC, CHAR 1/303/2.

41. 2 Feb, 26 Mar 1937 WSC ltrs to S. Oliver, CHAR 1/330/21, 44.

42. 31 Dec 1936 LlBk statement, CHAR 1/297/102. Churchill’s overdraft finished 1936 at £8,080.

43. 28 Dec 1936 WSC ltr to S. Williams, CHAR1/292/117–18. The long-term loans totalled £4,000.

44. December 1936 Harrods and other accounts, CHAR 1/311–2.

45. U/d 1936 V. Pearman memo, CHAR 1/310/1; 24 Mar 1937 Inventory of wine at Chartwell, 1/318/34–5. The inventory listed 180 bottles and thirty half-bottles of Pol Roger champagne, twenty bottles and nine half-bottles of other champagne, over a hundred bottles of claret, 117 bottles and 389 half-bottles of Barsac, thirteen bottles of brandy, five of champagne brandy and seven of liqueur whisky.

46. U/d WSC memo, CHAR 1/310/2–3.

47. 1 Mar 1937 Secretaries’ schedule of accounts outstanding, CHAR 1/310/26–8.

48. 2 Feb 1937 WSC ltr to CSC, 5C3:572–6.

49. 2 Feb 1937 WSC letter to N. Flower, CHAR 8/550/1.

50. The loans included: £7,000 from Commercial Union, £5,000 from National Mutual, £4,000 from Lloyds Bank, where Churchill’s overdraft stood at £6,500.

51. U/d WSC memo, CHAR 1/310/2–3.

18. Bracken and Partner to the Rescue, 1937–8

1. 24, 25 Feb 1937 W. Robertson memos to P. Cudlipp, CHAR 8/552/149–150, 152.

2. 1 Mar 1937 ER ltr to WSC, CHAR 8/561/10–11.

3. 26 Mar, 18 Apr 1937 V. Pearman note, ER ltr to WSC, CHAR 8/552/48, M. Gilbert (ed.), Churchill and Emery Reves, p. 33.

4. 13, 17, 30 Jun 1937 ER corresp with WSC, CHAR 8/561/19–22, 31–2.

5. 9 Jul 1937 Cooperation accounts, CHAR 8/561/36. The article’s title was ‘Arrest of British Socialism’.

6. 9, 20 Aug 1937 ER ltr to WSC, Cooperation accounts, M. Gilbert, Churchill and Emery Reves, p. 52, CHAR 8/561/81, 8/552/182.

7. 1 Apr 1937 WSC schedule, secretaries’ schedule, CHAR 1/304/7, 1/310/35. Receipts included a £3,500 advance on Marlborough’s fourth volume, £4,200 from the News of the World, £2,100 from thirteen Evening Standard articles, £1,800 from six Collier’s articles, £600 from a renewed brandy bet with Rothermere, and £2,550 from investment income, director’s fees and MP’s salary. Expenditure included £4,500 for nine months’ household spending (at £500 a month), £3,000 tax, £2,000 for his office and old bills, and £1,000 for personal expenditure.

8. Apr 1937 LlBk statement, CHAR 1/297/114.

9. 18 April 1936 WSC ltr to TB, CHAR 8/357/11

10. 19 Apr 1937 WSC ltr to TB, CHAR 8/558/12.

11. 23, 27 Apr, 15 May 1937 TB corresp with WSC, contract, CHAR 8/558/14, 16, 29, 128–31.

12. 16 Jun 1937 G. Harrap ltr to WSC, CHAR 8/547/49.

13. 15 Jun 1937 N. Flower ltr to WSC, CHAR 8/550/11.

14. 7 Apr 1937 NM ltr to WSC, CHAR 1/303/48.

15. 13 May 1937 WSC ltr to G. Mason, CHAR 1/304/45.

16. 17 Jun 1937 G. Mason ltr, schedules to WSC, CHAR 1/304/65. 1935/6 income tax (£2,936) was due for payment in January and July 1936, but Churchill had paid only £1,760 by June 1937, leaving £1,176 to settle). 1935/6 sur-tax of £3,465 had been due in January 1937, but Churchill had paid only £1,465, leaving £2,000 to settle. By June 1937, 1936/7 income tax of £2,296 had also become due; Churchill had paid only £119, leaving £2,177 outstanding. 1936/7 sur-tax, estimated at £2,395, would become payable on 1 January 1938.

17. 5 Jun 1937 V. Pearman ltr to KFR, CHAR 1/393/178.

18. 3 Aug 1937 WSC ltr to CSC, 5C3:742–3.

19. K. Hill ltr to M. Gilbert, cited M. Gilbert, In Search of Churchill, p. 162.

20. 26, 27 May, 1 Jun WSC corresp with S. Williams, CHAR 1/304/47, 48, 56.

21. 16 Aug 1937 NM ltr to WSC, CHAR 1/303/114.

22. 1 Jul 1937 Secretaries’ schedule, CHAR 1/303/100, 1/310/60.

23. 13 Aug 1937 NM ltr to WSC, CHAR 1/303/111. Churchill borrowed £1,700 against a mortgage on Wellstreet Cottage, which he had recently built on the edge of Chartwell’s estate.

24. Late Aug or early Sep 1937 WSC schedule, CHAR 1/304/4.

25. 10, 13 Sep 1937 WSC corresp with BMB, CHAR 1/300/8, 16.

26. 18 Oct 1937 WSC cbl to BMB, CHAR 1/300/29.

27. U/d 1936 Male servant licence, CHAR 1/309/31.

28. U/d Nov 1937 Secretaries’ schedule ‘Chartwell Winter Scale’, CHAR 1/332/2-4.

29. Ibid.

30. 29, 21 Oct, 15 Nov 1937 W. H. Haynes Ltd, H & M Rayne, Loufte & Co. accounts, CHAR 1/337/185, 118, 1/340/11.

31. 5 Nov 1937 Surveyor’s report, CHAR 1/408/86. See S. Buczacki, Churchill & Chartwell, pp. 181–3.

32. Nov 1937 Mullett Booker & Co. ltr to CSC, CHAR 1/408/1; 2 Nov 1937, NM ltr to Ecclesiastical Commission, 1/408/3.

33. 31 Dec 1937 WSC note to CSC, CHAR 1/408/32–3. Neither Churchill nor Clementine wished to administer the coup de grâce; Clementine was still discussing plans for storing their silver with the architect in February 1938.

34. 22 Oct 1937 C. Hughes ltr to WSC, CHAR 1/306/10.

35. 22 Oct 1937 D. Cunnynghame ltr to WSC, CHAR 8/557/5.

36. 4 Oct, 24 Dec 1937 TB ltrs to WSC, CHAR 8/559/46, 8/668/108; 27 Jul 1938 TB sales report, K. Hill memo to WSC, 8/605/7, 62: British sales hit 14,000 in July 1938; CHAR 1/321/ 132–62 Churchill received £500 at publication, £248 (net of author’s corrections) in October 1937, £455 in November, £608 in December, £750 in January 1938, £1,459 in February, £430 in May and £266 in June. 25 Dec 1937, 4 May 1938 G. Putnam cbls to WSC, CHAR 8/546/202, 8/605/33: US sales reached 8,000 in May 1938; Churchill received £500 on publication (on account of 15 per cent royalty on the first 7,500 volumes, 20 per cent thereafter). CHAR 8/598/75: Churchill received advances of £30–£75 on sales in France, Holland, Norway, Sweden and Germany (where the chapter on the Kaiser was omitted).

37. 6 Nov 1937 WSC ltr to P. Davies, CHAR 8/551/24–5.

38. 16 Dec 1937 P. Davies ltr to WSC, CHAR 8/551/33–4.

39. 23 Dec 1937 WSC ltr to G. Harrap, CHAR 8/547/218–20.

40. 31 Dec 1937 LlBk statement, CHAR 1/321/ 144; u/d early 1938 WSC schedule, CHAR 1/329/1.

41. 1 Dec 1937 G Mason ltr to WSC, CHAR 1/304/94. Liabilities included £2,364 of income tax and £2,345 of sur-tax.

42. 30 December 1937 H. Peat ltr to WSC, CHAR 1/407/62–4, 66.

43. 3, 10 Jan 1938 WSC ltrs to CSC, SFT:431, 433.

44. 10 Jan 1938 WSC ltr to CSC, 5C3:884–6. The casino lured Churchill before the end of his visit: per CHAR 1/321/147, his bank account shows the withdrawal of 50,000 francs (£330) over five visits at the end of the month. Churchill brought 39,850 francs back to London (a net loss of £71).

45. 9, 11 Jan 1938 G. Mason ltr to WSC, LlBk statement, CHAR 1/329/13, 1/321/146. Two payments (£676 income tax and £1,000 sur-tax) had cleared the 1935/6 tax year, but left £2,177 of income tax and £2,345 of sur-tax owing for 1936/7.

46. 20, 22 Jan 1938, WSC schedule, ltr to S. Williams, CHAR 1/329/6, 18.

47. WSC, The Second World War 1:201.

48. 7, 10 Mar 1938 WSC ltr to S. Williams, NM schedule, CHAR 1/329/29, 1/327/33.

49. 18 Mar 1938 LlBk statement, CHAR 1/321/151. The payment allowed Churchill to pay £1,000 towards 1935/6 sur-tax, while leaving his bank account £1,204 in credit.

50. 21 Mar 1938 WSC schedule, CHAR 1/28/2; 10 Oct 1938 H. Strakosch schedule, 1/328/6. Churchill estimated the shares’ cost at £17,600, but Sir Henry Strakosch’s later schedule showed it to have been £18,162. Churchill estimated the shares’ March value at £5,600; Sir Henry later showed it as £5,692. Original documents are not available, presumed burned with Bracken’s other papers after his death.

51. 22 Mar 1938 LlBk statement, CHAR 1/321/152.

52. 18 Jan 1938 BRB ltr to WSC, CHAR 1/323/10.

53. 19 Mar 1938 WSC ltr to BRB, 5C3:950–1.

54. 19 Mar 1938 WSC draft, ltr to BRB CHAR 1/328/3, 4.

55. 24 Mar 1938 H. Strakosch ltr to WSC, 5C3:959. The shares which Sir Henry Strakosch took over were:

400Otis Elevator
500Worthington Pumps & Co.
1000Consolidated Paper
400Abitibi Paper Preference shares
200Abitibi Paper Common shares
200New York Central

56. 10 Oct 1938 H. Strakosch schedule, CHAR 1/328/6. The portfolio rose in value from £5,692 to £9,000.

57. 3 Apr 1938 WSC ltr to NM, CHAR 1/327/10. There is no sign that the loan was quickly repaid: on its first renewal date in March 1939, Churchill sent Nicholl Manisty a cheque for £1,630, almost certainly representing a £1,500 repayment plus a year’s interest on the £5,000 loan.

58. 9 May 1938 NM account, LlBk statement CHAR 1/327/24, CHAR 1/321/160.

59. 1, 2 Apr 1938 RSC ltr to WSC, extract The Times, 5C3:970–2, The Times 2 April 1938.

60. Sir Henry Strakosch’s membership of The Other Club was proposed by Brendan Bracken, to whom Sir Henry left £2,500 in his will. He also marked out Bracken to succeed him as chairman of Union Corporation.

19. Struggling with History, 1938-9

1. 24 Mar 1938 R. Thompson ltr to WSC, CHAR 8/600/17. Beaverbrook had been giving Sir Samuel Hoare £2,000 a year, in the hope that he would succeed Neville Chamberlain and allow Beaverbrook to resume the influence which he had enjoyed while Bonar Law was prime minister: see R. Cockett (ed.), My Dear Max: The Letters of Brendan Bracken to Lord Beaverbrook, 1925–1958, p. 22.

2. 29 Mar 1938 Secretary ltr to R. Thompson, CHAR 8/600/20.

3. 4 Apr 1938 WSC ltr to Ld Camrose, CHAR 8/601/1–2.

4. 6 April 1938 Ld Camrose ltr to WSC, CHAR 8/601/3.

5. 11, 8 Apr 1938 WSC ltrs to R. Thompson, ER, CHAR 8/600/22–3, 8/607/29–30.

6. 28 Apr, 12, 26 May 1938 Cooperation accounts, CHAR 8/607/105–6, 108, 109.

7. 5, 6, 9 May 1938 ER corresp with WSC, CHAR 8/607/40–42.

8. 9 Jun 1938 WSC ltr to ACB, CHAR 2/353/12; 16 Jun, 1 Jul 1938 H. Hilton ltrs to WSC, 2/353/13, 23.

9. 2 April 1938 WSC letter to G. Harrap, CHAR 8/547/1.

10. 3 Apr 1938 WSC ltr to RSC, CHAR 8/598/1. Arms and the Covenant, consisting of forty-one speeches made by Churchill between October 1928–March 1938, was published in Britain on 24 June and in America (as While England Slept) on 30 September, by G. P. Putnam’s Sons. 12, 18 Sep 1938 C. Wood ltrs to WSC, LlBk statement, CHAR 8/594/54, 63, 1/321/164. £100 of Churchill’s advance was clawed back in September when sales in Britain reached only 2,484; the American print run of 5,000 was sold by the end of 1938.

11. 29 Apr 1938 WSC draft agreement with G. Harrap re ‘Europe since the Russian Revolution’, The Winston S. Churchill Collection of Malcom Forbes, Jr., sold at Christie’s 15 Nov 2011.

12. 1 Nov 1938 WSC ltr to V. Pearman, CHAR 8/594/174. Churchill spoke to Mrs Pearman’s doctor before telling her that he would continue to pay her monthly salary of £12 while she was away. When Mrs Pearman died in 1941 (at the age of forty), Churchill continued to pay her salary to her seven-year-old daughter Rosemary. From 1943 he covenanted £100 a year towards Rosemary’s education. See M. Gilbert, In Search of Churchill, pp. 157, 159.

13. 18 Apr, 20 Jun 1938 H. Peat ltrs to WSC, 5C3:997–8, CHAR 1/407/138.

14. 26 Jan, 15 Apr 1938 H. Peat ltrs to WSC, Memorandum of Agreement, CHAR 1/407/102, 22–6.

15. 30 Jul 1938 H. Peat cbl to WSC, CHAR 1/407/146.

16. 17 Aug 1938 WSC ltr to A. Leve, 5C3:118–19; 19 Dec 1938, 10 Jul 1940 WSC ltr to G. Mason, G. Mason ltr to secretary, CHAR 1/329/52, 1/356, 58. Churchill wanted to claim the $2,000 penalty as a tax-deductible expense, but Mason omitted the item on his tax return. Churchill spotted the omission after checking his return during the Battle of Britain in 1940. Through a secretary, Mason reminded Churchill that he had visited him to advise against making the claim because ‘money paid in default could not be said to be money earned’.

17. 12 Aug 1938 WSC ltr to N. Flower, 5C3:1116.

18. 2 Sep 1938 N. Flower ltr to WSC, CHAR 8/597/34.

19. 14 Sep 1938 WSC ltr to GSH, CHAR 8/597/25.

20. 12 Sep, 10 Nov 1938 C. Wood ltrs to WSC, Harrap account, CHAR 8/598/59, 188; 8/608/56; 13 Oct 1938 CSIII ltr to WSC, 8/595/188. Harrap deducted £309 for author’s corrections from its advance of £3,500. Despite critical acclaim, the book sold only 5,410 copies in the first ten weeks after publication in Britain.

21. 19 Sep 1938 WSC ltr to R. Mortimer Wheeler, 5C3:1166. Sir Robert Mortimer Wheeler CH (1890–1976) was later director of the National Museum of Wales, keeper of the London Museum and director-general of the Archaeological Survey of India.

22. 28 Sep 1938, CB corresp with WSC, CHAR 8/604/79, 80.

23. Recollection of Colin Coote, see 5:988.

24. 19, 29 Dec 1938 WSC ltrs to CSC, 5C3:1316–7, 1327–31. Churchill helped to build Orchard Cottage at Chartwell.

25. 31 Dec 1938 LlBk statement, CHAR 1/321/185, 186. The News of the World cheque was for £4,200.

26. 1 Jan 1939 WSC schedules, CHAR 1/347/1, 1/345/38–39; 1939 LlBk statements, 1/354/187–234.

27. P. Clarke, Mr Churchill’s Profession, p. 219.

28. 18 Jan 1939, WSC ltr to CSC, 5C3:1346–9.

29. Jan 1939 LlBk statement, CHAR 1/321/188.

30. 23 Jan 1939 M. Penman, Penman Papers, 5C3:1352.

31. 31 Jan 1939 WSC cbl to CSC, CHAR 1/344/20.

32. 18 Jan 1939 WSC ltr to CSC, 5C3:1346–9.

33. 28 Jan 1939 Literary account 1939, CHAR 8/639/77; 24 Mar, 2 May 1939 WSC ltrs to G. Young, 8/626, 5C3:1487. Churchill converted Young’s honorarium to a salary within two months.

34. 10 Feb 1939 ER ltr to WSC, CHAR 8/638/19–22.

35. 17, 18, 20 Feb, 2 Mar 1939 WSC cbl corresp with ER, CHAR 8/638/26, 30, 34.

36. 9, 11 Mar 1939 Cooperation accounts, ER ltr to WSC, CHAR 8/638/159, 41.

37. Jan, 8 Mar 1939 RSC, WSC schedules, CHAR 1/345/49, 38; 1/321/ 220. Randolph’s new debts amounted to £4,000; his remaining share of the trust was £1,630. Churchill’s loan from the trust was still £12,000, secured on a mortgage over Chartwell.

38. 22 Feb 1939 H. Strakosch ltr to WSC, CHAR 2/374.

39. 28 Mar 1993 WSC ltr to G. Harrap, CHAR 8/626/135–7.

40. 4, 6, 15, 18 Apr G. Harrap, TB corresp with WSC, CHAR 8/636/28, 31–2, 42, 44, 47. Butterworth sold Step by Step’s US rights to G. Putnam’s Sons for £300. Churchill received cheques for £644 (net of author’s corrections) on publication in Britain (27 June) and £202 in September. It was published in New York on 25 August 1939 and translated into five European languages.

41. 24, 30 Mar 1939 WSC ltrs to M. Ashley, J. Wheldon, 5C3:1404, 5.

42. 6, 22, 24 Jun 1939 WSC ltrs to E. Marsh, G. Young, Chartwell Literary Account, 5C3:1513, 1532–3, 1541. Marsh received £20 per 100,000 words.

43. 27 Apr 1939 C. Thomas ltr to WSC, CHAR 8/633/7.

44. 2 Jun 1939 ER ltr to WSC, CHAR 8/638/79–80.

45. 20 Jun, 11 Jul 1939 ER cbl, agreement with WSC, CHAR 8/638/98, 103–4. Churchill’s first talk (eight minutes long) was aired on 8 August. War broke out and Churchill had taken office before the second could take place (scheduled for 5 September).

46. Jul 1939 LlBk statement, CHAR 1/354/215.

47. D. Kynaston, The City of London 3:458.

48. 20, 9 Jul 1939 WSC ltrs to EHM, N. Flower, CHAR 8/626/58, 5C3:1558.

49. 8 Jul 1939 WSC ltr to E. Carr, 5C3:1557.

50. M. Gilbert, Winston Churchill: The Wilderness Years, p. 260.

51. 20 Aug 1939 P. Maze diary, Maze papers, 5C3:1591.

52. 31 Aug 1939 WSC ltr to N. Flower, CHAR 8/624/205.

20. Early Burdens of War, 1939-41

1. 28 Sep 1939 J. Drawbell corresp with WSC, CHAR 8/631/20, 11–13.

2. 10 Sep 1939 WSC ltr to G. Young, CHAR 8/626/190–3.

3. 6 Oct 1939 WSC ltr to W. Deakin, CWP1:215–6.

4. 10 Nov 1939 WSC ltr to D. Flower, CWP1:355.

5. 19 Nov 1939 WSC ltr to W. Deakin, CWP1:392.

6. 16 Dec 1939 WSC ltr to D. Flower, CHAR 8/626/247.

7. 27 Dec 1939 D. Flower ltr to WSC, CHAR 8/626/245.

8. 31 Dec 1939 LlBk statement, CHAR 1/354/236.

9. 4 Jan 1940 D. Flower ltr to WSC, CHAR 8/658/55.

10. 4 Jan 1940 K. Hill cbl to WSC, CHAR 8//658/52.

11. 4 Jan 1940 BRB ltr to D. Flower, CHAR 8/658/51.

12. Jan 1940 LlBk statement, CHAR 1/354/236, 237, 238.

13. Jan 1969 W. Deakin lecture, University of Basel, published as supplement ‘Churchill the historian’ to Schweizer Monatshefte 1970; CWP1:1152. Although Deakin gives 27 April 1940 as the date of the working session, this is unlikely. By 19 April, Bullock had stood down and Churchill had approved an agreement between Bracken and Flower to postpone History’s publication until after the war. The more likely date is late March or early April 1940.

14. A. de Courcy The Viceroy’s Daughters pp.314–5, D. Kynaston, The City of London 3:471.

15. D. Flower, Fellows in Foolscap, p. 171.

16. WSC, The Second World War Vol. 1 The Gathering Storm, p.522.

17. 9 May 1940 Ld Camrose notes of conversation with Mr Neville Chamberlain, Camrose Papers.

18. J. Wheeler-Bennett (ed.), Action this Day: Working with Churchill, pp. 48–51.

19. Ibid., p.175.

20. 16 Apr 1940 D. Flower ltr to BRB, CHAR 8/658/47; 26 Jun 1940 BRB note to WSC, 8/803/168.

21. 18 Jun 1940 LlBk statement, CHAR 1/354/252.

22. 14 Jan 1941 W. Harrap ltr to BRB, CHAR 8/681/11.

23. 23 Oct 1940 G. Mason ltr to K Hill, CHAR 1/356/66.

24. 31 Jul 1940 ACB ltr to WSC, CHAR 8/663/8–9.

25. 25 Mar 1941 WSC annotation on K. Hill memo, CHAR 8/685/38.

26. 13 Jun 1941 NM ltr to K. Hill, CHAR 8/685/48. Churchill paid £1,515 (including £15 stamp duty).

27. 21 Apr 1941 BRB ltr to D. Jarrold, CHAR 8/685/27.

28. 1 May 1941 TB ltr to WSC, CHAR 8/685/42–3.

29. 7 May 1941 A. Bott letter to K. Hill, CHAR 8/685/40–1.

30. 3 Mar, 16 Jun 1942, D. Macmillan, L. Dickson ltrs to K Hill, CHAR 8/700/5, 38. Churchill earned £1,800 from 95,000 copies sold by the Reprint Society.

31. 15 Oct 1941 S. Bell ltr to K. Hill, CHAR 1/363/42.

32. C. Eden, C.Haste (ed.) A Memoir: From Churchill to Eden, p. 57.

33. 14 Sep 1940 K. Hill ltr to G. Penrudock, CHAR 1/35/3.

34. 14 Sep 1941 Chequers Trust accounts, CHAR 1/365/3. Twelve weekends in May–July 1941 cost Churchill £198, of which telephone calls cost £38.

35. 26 Nov 1940 WSC contract with Cassell & Co., Into Battle, CHAR 8/803/2–3; 16 Dec 1940 A. Gentry ltr to WSC, 8/803/20: G. Putnam’s Sons paid an advance of £650 against a royalty of 15 per cent, while Cassell bought other foreign rights for £600. 28 January 1941, CHAR 8/803/119: Publication in America as Blood, Sweat and Tears was postponed until April 1941 to clinch selection by the Book of the Month Club, which Putnam estimated to be worth an extra 120,000 copies or $15,000 in royalties.

36. 1941 LlBk statements, CHAR 1/354/273-304. The April 1941 budget raised the basic rate of income tax to 50 per cent. A top rate of 47.5 per cent sur-tax applied to marginal extra income as high as Churchill’s.

37. June 1941 Draft WSC contract with Warner Bros, NA 40/12833.

38. 13 Jun 1940 G. Canny ltr to G. Mason, CHAR 1/363/15.

39. 23 Jun 1941 K. Hill letter to G. Mason, CHAR 1/363/17; 17 June 1941 LlBk statement, CHAR 1/354/291.

40. 6 Jun 1941 G. Canny memo to Tucker, NA IR 40/12833.

41. 16 Jun 1941 G. Canny memo to F. Slee, ibid.

42. 9 Jun 1941 G. Mason ltr to G. Canny, copied WSC, CHAR 1/363/22–3.

43. 5 Sep, 15 Sep 1941 K. Hill memo to WSC, S. Ball ltr to K. Hill, CHAR 1/363/33, 42.

44. 8 Nov 1941 F. Slee memo, NA IR 40/12833.

45. Her Majesty’s Revenue and Customs, Capital Gains and Other Taxes Manual, app.37.

46. 13 Jun 1941 WSC annotation on NM ltr to K. Hill, CHAR 8/685/48.

47. 30 May 1941, BRB ltr to WSC, CHAR 8/686/28–30.

48. 3 Aug 1941 WSC–Macmillan agreement, CHAR 8/685/13–15; 28 Aug 1941 Macmillian Archive, M/s Add 55245/2/197-8, BL. Daniel Macmillan declined Mrs Hill’s request to handle the deleted rights informally. He diplomatically suggested that a side-letter should be used to reinstate the appointment; Mrs Hill slipped such a letter into Churchill’s signing folder at the end of August.

49. 14 Nov 1941 Ld Camrose letter to S. Berry, Camrose Papers.

21. Film Turns the Tide, 1942-5

1. 21 Jan 1942 C. Graham-Dixon opinion, NA IR 40/12833.

2. U/d, post 1953 A. Moir reminiscence, Fladgate LLP papers. Moir places his meeting with Churchill on 18 May 1942, but the House of Commons did not sit that day; it began its debate on 19 May.

3. 19 May 1942 E. Grigg, MP for Altrincham, House of Commons speech, Hansard c90.

4. 18 Feb 1942 G. Mason ltr to WSC, CHAR 1/370/8. Churchill had paid Randolph £700; Mason suggested he now transfer an extra £4,200.

5. E. Waugh, Letters, p.151. Randolph joined no. 8 Commando Regiment, a unit trained for special operations by Colonel David Stirling, later the founder of the Special Air Service (SAS).

6. 18 Feb 1942 T. Harris ltr to K. Hill, CHAR 1/370/8. The payment was made on 30 March 1942, the day before Churchill paid his own reduced tax bill of £3,500 (which would otherwise have been approximately £9,000) – see 30 Mar 1942 LlBk statement, 1/354/309.

7. 17 Mar 1942 A. Gentry ltr to K. Hill, CHAR 8/804/107.

8. 20 May 1942 A. Gentry ltr to K. Hill, CHAR 1/804/90.

9. 30 Jun 1942 Macmillan & Co. accounts, CHAR 8/700/58.

10. 9 Nov 1942 K. Hill ltr to D. Macmillan, CHAR 8/700/45.

11. 9, 12 Jun 1942 W. Blatch note of meeting with A. Moir, G. Mason, note to C. Gregg, NA IR 40/12833.

12. 29 Sep, 1 Oct 1942 general commmissioners of taxation decision, C. Gregg note, NA IR 40/12833.

13. 27 Jan, 18 Feb 1943 CHAR 8/805/76, 71, 63. Cassell bid £3,000 for the worldwide rights: Little, Brown cut its contribution by half to $4,000.

14. 22, 30 Jun 1943 LlBk statement, CHUR 1/1/15/329. The balance was £21,464.

15. 6 Sep 1943 C. Nicholl brief to Counsel, CHAR 8/710/13–14.

16. 4 Aug 1943 WSC note, CHAR 8/710/3–6.

17. U/d Oct 1943 C. Henderson KC Opinion, CHAR 8/710/15–21.

18. 13 Oct 1943 WSC ltr to W. Harrap, CHAR 8/710/26–7.

19. 11 Nov 1943 KH note, CHAR 8/710/32.

20. 16, 17 Nov 1943 C. Henderson draft, K. Hill ltr to W. Harrap, CHAR 8/710/35, 39, 41.

21. 18 Dec 1943 WSC ltr to G. Harrap, C. Henderson draft, CHAR 8/710/48, 54.

22. 27 Jul 1943 K. Hill note, CHAR 8/709/3.

23. 20 Dec 1943 William Hickey column, the Daily Express.

24. 13, 23 Aug 1943 K. Hill note to H. Osborne, Two Cities ltr to H. Osborne, CHAR 8/709/5, 10.

25. 19 Sep 1943 K. Hill note, CHAR 8/709/16. The remaining £20,000 was to be paid nine months later, or on completion of the shooting script, whichever occurred earlier.

26. 19 & u/d Sep, 6 Oct 1943, 18 July 1944 K. Hill notes, contract, CHAR 8/709/16, 32, 40, 61; 4 Oct 1943 LlBk statement CHUR 1/1/19/333. The first payment of £30,000 (lodged on 4 October 1943) increased Churchill’s bank account balance to almost £46,000; the other £20,000 followed on 18 July 1944. The film was never made.

27. 16 Nov 1943 Daily Herald, CHAR 8/709/44.

28. 28 Jan 1944 K. Hill note, memo to WSC, CHAR 18/713/3, 1.

29. 5, 8 Feb 1944 Agreement WSC and Cassell & Co., K. Hill ltr to C. Nicholl, CHAR 8/713/5, 4.

30. 7 Mar 1944 BRB ltr to Ld Camrose, CHAR 8/713/14.

31. 13 April 1944 WSC note, CHAR 8/713/21.

32. 18 Apr 1944 C. Nicholl, C. Henderson memo, CHAR 8/713/23.

33. 27 Apr 1944 WSC ltr to D. Macmillan CHAR 8/714/32.

34. 15 Mar 1944 LlBk ltr to WSC, statement, CHAR 1/382/18, CHUR 1/1/338. Sir Henry Strakosh died in September 1943. On payment of his legacy in March 1944, Churchill’s bank balance reached a record £56,806.

35. 10 Aug 1944 WSC ltr to D. Macmillan, CHAR 8/714/50, Macmillan Archive, M/s Add 55245/2/202, 203, BL.

36. 11 Aug, 9 Oct 1944 D. Macmillan ltrs to WSC, CHAR 8/714/51, 57. Macmillan & Co.’s accounts for Churchill’s book earnings for year to 30 June 1944 showed profits (£3,714) double the previous year. My Early Life contributed over £2,000 (selling 5,200 copies through bookshops and 79,785 through the World Book Club); Great Contemporaries took second place with £857 (selling 3,000 copies) – see 17 Oct 1944 CHAR 8/714/59–60.

37. 23 Aug 1944 C. Nicholl ltr to K. Hill, CHAR 8/710/106.

38. Ibid.

39. 4 Sep 1944 WSC note to BRB, CHAR 8/710/112–13.

40. 4 Sep 1944 K. Hill note, CHAR 8/710/114–15.

41. 7 Sep 1944 W. Harrap ltr to WSC, CHAR 8/710/117.

42. U/d Sep, 23 Dec 1944 BRB cbl to WSC, WSC corresp with C. Nicholl, CHAR 8/710/123, 168, 169. Each side paid its own legal costs. The arbitrator, Sir William Raeburn, decided not to charge. Churchill wanted to send him an honorarium of 100 guineas but Nicholl persuaded him to send 25 guineas (which Raeburn donated to the Overseas Tobacco League for Soldiers Abroad).

43. 24 Oct 1944 WSC ltr to Ld Camrose, CHAR 8/713/32.

44. 8 Nov 1944 Ld Camrose note, Camrose Papers.

45. 10 Nov 1944 WSC ltr to Ld Camrose, CHAR 8/713/61.

46. 21 Nov 1944 C. Nicholl ltr to K Hill, CHAR 8/713/71; 26 Apr, 2 Aug 1945 C. Nicholl ltr to K. Hill, WSC letter to C. Nicholl, 8/720/16, 20. In April 1945, Colonel Charles Nicholl raised the question of Churchill’s legal fees with some diffidence. Both he and Charles Henderson KC had spent hundreds of hours during the war on Churchill’s affairs, but neither wished to charge their normal rates. They felt Churchill’s unique responsibilities had left him short of time and exposed to serious public damage from any mis-step. Each suggested a token fee of 250 guineas. Churchill paid and thanked them after he left office (‘I think these charges are indeed moderate and I thank you’). 30 Dec 1960 CHUR 1/117/115–6: there was a codicil fifteen years later, after Nicholl’s death, when the two remaining partners of Nicholl, Manisty Co. merged with Withers & Co., its larger neighbour. One of the partners, J. W. Roome, explained to Churchill that, while he was clearing up loose ends before the merger, he had noticed the firm had never charged Churchill for any post-war work. ‘I understand it was Colonel Nicholl’s wish and intention that the Firm should not make any charge for the work involved,’ Roome wrote. While he proposed to ‘treat the bills... as having been discharged’, he asked Churchill to reimburse cash payments (such as stamp duty) made by the firm on his behalf. Churchill obliged with a cheque for £200.18s.7d.

47. 19, 20, 21 Nov 1944 C. Henderson draft of WSC ltr to N. Flower, K. Hill note to WSC, WSC ltr to Ld Camrose, C. Henderson advice, C. Nicholl ltr to K. Hill, CHAR 8/713/68–70, 65, 81–3, 84–6, 72, 71.

48. 24 Nov 1944 WSC ltr to N. Flower, CHAR 8/713/97–99. The second letter is ibid./100.

49. 30 Nov 1944 ACB ltr to K. Hill, CHAR 8/715/12; Lord Southwood’s letter of 23 November is at CHAR 8/715/13.

50. 21, 22 Dec 1944 C. Henderson draft for K. Hill ltr to ACB, amended by WSC, signed version, CHAR 8/715/17, 19.

51. 5 Dec 1944, 13 Mar 1945 K. Hill notes to BRB, CHAR 8/713/105, 8/720/8.

52. 14, 26 Mar, 6 Apr 1945 K. Hill note to WSC, C. Nicholl ltr to K. Hill, K. Hill note CHAR 8/720/10, 11, 14.

53. 1 Dec 1944 LlBk statement, CHUR 1/1/33; 2, 17, 19 Nov 1945 LlBk ltrs to WSC, 1/11/23, 25, 29; 1 Jan 1946 8:25; Scribner Archives C0101, Author files III, box 12, folder 9, PUFL. Churchill’s 1945 bank statements do not survive, but these receipts, taken together with Korda’s £50,000 April 1945 payment for History’s film rights added at least £86,450 to Churchill’s last known balance (December 1944) of £52,000. Churchill’s major outlay during the first half of 1945 was £24,696 for the purchase of 28 Hyde Park Gate. In August 1945, he told Lord Camrose that he had ‘between £110,00 and £120,000 in the bank’.

22. Minting the Memoirs, 1945-6

1. 29 Sep 1945 Treasury Chambers letter to WSC, CHUR 1/16/112.

2. 28 Jan 1945 CSC ltr to M. Soames, cited M. Soames, Clementine Churchill, p. 418; 13 Dec 1945 KFR account, CHAR 1/389/36. The Churchills later leased the first and second floors of the adjoining 27 Hyde Park Gate for seven years at £350 per annum, until they bought the property for £7,000 in February 1946 – see 18 Feb, 22 Aug, 17 Oct 1946, WSC cbl to KFR, NM ltrs to WSC, CHUR 1/17/116, 164, 172.

3. 26, 27, 31 Jul, 2 Aug 1945 ER cbls & ltrs to WSC, K. Hill reply, CHAR 8/721/2, 4, 5, 7

4. 8 Aug 1945 ER ltr to WSC, CHAR 8/721/8–9.

5. 7 Aug 1945 Ld Camrose note, Camrose Papers; Ld Hartwell, William Camrose, Giant of Fleet Street, pp. 333–4.

6. 30 Nov 1945 WSC ltr to H. Macmillan, CHAR 8/722/60.

7. 1 Aug 1945 W. Graebner ltr to WSC, CHUR 4/15/572. LIFE (a weekly pictorial news magazine), TIME and Fortune formed the core of a publishing empire founded by Henry Luce. Luce was brought up in China, before he made his way to England, aged fourteen, and then to Yale University. He founded LIFE in 1936. Ten years later it enjoyed a readership of five million and contributed two-thirds of the group’s $96 million annual revenue – see R. Elson, The World of Time Inc., pp. 182–3.

8. W. Graebner, My Dear Mr Churchill, p. 2.

9. 17 Nov 1945 TIME-LIFE ltr to WSC, CHUR 4/15/555. LIFE’s January 1946 edition pp. 44–52 carried pictures of eighteen paintings under the heading ‘The Paintings of Winston Churchill’, pp. 44–52. Mrs Hill negotiated a further fee of £1,000 for The Strand’s use of seventeen paintings in spring 1946.

10. 10 Oct 1945 A. Moir ltr to G. Mason, CHUR 4/15/570.

11. 24 Sep 1945 WSC ltr to CSC, SFT:540–1.

12. 12 Feb 1946 J. Wood ltr to WSC, CHUR 1/17/367–8, schedules 369–ff.

13. Lord Hartwell, William Camrose, Giant of Fleet Street, p. 336.

14. 19 Dec 1945 House of Commons, Hansard vol 417 cc13124.

15. U/d Sep 1945 Ld Camrose note, Chartwell file, Camrose papers.

16. NM account, Camrose Papers, Chartwell file.

17. 25 Oct 1945 Westminster Bank, Temple Bar branch statement, Camrose papers.

18. 1946 Country House file, Camrose papers; 13 Dec 1954 A Moir ltr to J. Colville, CHUR 1/28/290, A. Moir ltr to WSC, 7 Oct 1958, 1/37/43–4;13 Dec 1954 1/28/290. Camrose finally raised £95,000 from seventeen names, interest raising the total to £95,343. Churchill was paid £50,000 on 4 October 1946, before the purchase completed formally on 29 November; the National Trust received its endowment on 2 December. After lawyers were paid, £8,931 remained in the Chartwell subscription account, so £8,728 was added to the National Trust’s endowment in March and April 1947, taking the endowment to £43,728; investment gains and accumulated income raised the endowment’s value to £60,000 at the end of 1954. Lord Camrose’s son, Lord Hartwell, made the list of donors public in 1989. Apart from Lord Camrose’s £15,000, each donor subscribed £5,000: Viscount Bearsted (art collector and philanthropist), Lord Bicester (merchant banker at Morgan Grenfell), Sir James Caird (ship owner), Sir Hugo Cunliffe-Owen (businessman, British American Tobacco), Lord Catto (governor of the Bank of England), Lord Glendyne (stockbroker), Lord Kenilworth (motor manufacturer), Lord Leathers (shipping), Sir James Lithgow (ship builder), Sir Edward Mountain (underwriter), Viscount Nuffield (motor manufacturer and philanthropist), Sir Edward Peacock (merchant banker), Viscount Portal of Laverstoke (paper manufacturer), J. Arthur Rank (flour miller and film-maker), James de Rothschild (Liberal politician and philanthropist) and Sir Frederick Stewart (engineer).

19. M. Daunton, Just Taxes, pp. 198–9. The budget reduced the standard rate of income tax from 50 to 45 per cent, while the top rate of sur-tax remained 47.5 per cent. The combined top rate was restored to 97.5 per cent six months later.

20. 5 Oct 1945 K. Hill note to WSC, CHAR 8/716/61. Sir Alexander Korda bought the film rights to The River War for £35,000 (paying a first instalment of £25,000 in August 1946). The film was never made.

21. U/d, c16 Oct 1945 WSC note, CHUR 1/15/9–13.

22. 17, 24 Oct 1945 WSC ltr, memo to Ld Camrose, CHAR 8/718/4, 5–9, 8/713/38–42. The Cambridge professor was Denis Brogan.

23. 1 Nov 1945 WSC ltr to N. Flower, CHAR 8/718/14.

24. 12 Dec 1945 WSC draft for G. Mason, CHAR 1/388/30.

25. 17 Sep 1945 ACB ltr to K. Hill, CHUR 4/6/107–9.

26. 19 Nov 1945 M. Field III ltr to WSC, CHUR 4/6/165–6; 17 October 1945 S. Curtis Brown ltr to WSC, 4/6/104–5. Curtis Brown’s estimate of the US rights’ value was $1.1 million, close to the figure achieved a year later.

27. 15 Oct 1945 WSC ltr to Ld Camrose, CHUR 4/6/157.

28. 8 Nov, 10 Dec 1945 T. Harris ltrs to WSC, CHUR 1/9/3, 12. Churchill bought £10,000 of 2½ per cent Consols, £20,000 of 3 per cent Local Loans, £10,000 of 3 per cent Savings Bonds 1965/75, £2,000 of railway preferences shares and £1,000 of Bolsover Colliery shares (despite the the threat of nationalization). 8 Jan, 18 Feb 1946 WSC ltrs to T. Harris, CHUR 8/1/46; 1/9/14, 87; 1/41/194. The day before he left for New York, Churchill gave Lloyds Bank authority to invest a further £20,000 for him, using a pre-agreed list of shares (including Union Corporation, Allied Bakeries and two investment trusts, Select Trust and African & European).

29. 17 Dec 1945 W. Graebner, My Dear Mr. Churchill, p. 4.

30. 17 Dec 1946 H. Luce comment on W. Graebner cable, box 1, WSCDL, CURBSML.

31. 8, 15 Jan 1946 W. Graebner ltr to WSC, WSC ltr to H. Luce, CHUR 4/5/263, 254–7.

32. 19 Dec 1946 ER ltr to WSC, CHAR 8/721/16–17.

33. The advance had been made in 1944 by the introduction of a ‘Pay As You Earn’ or PAYE system, through which employers deducted income tax at source before they paid salaries to their employees.

34. 8 Jan 1946 C. Graham-Dixon Opinion, CHUR 4/41/17–18.

35. 24 Jan 1946 G. Mason cbl to WSC, citing C. Graham-Dixon, CHUR 1/7/77.

36. ER conversation with RSC, cited M. Gilbert WSC 8:187–8.

37. R. Elson, The World of Time Inc., p. 157.

38. 18, 24 Apr, 7 Jun, 25 Jul 1946 N. Pearn corresp with WSC, N. Sturdee, CHUR 4/29/200, 218, 221, 227, 8–10, 114. Pearn, Hollinger & Higham raised almost £5,000 for outright sales: 60,000 French francs from Le Figaro, £300 for Spanish rights, £100 for Scandinavian and Dutch rights.

39. 18 Feb 1946 Fladgate & Co., Schemes, C. Graham-Dixon Opinion, CHUR 4/41/13–18, 11–14.

40. 5 Mar 1946 WSC speech, Westminster College, Missouri.

41. 20 Mar 1946 ER ltr to WSC, CHUR 4/12/321–2.

42. 11 Apr 1946 WSC memo to A. Moir, CHUR 4/41/127–31; May 1952 E. Sturdee note, 4/41/289–90. Omitted from the list were the 1939–45 Prime Minister’s office files, known as the ‘Premier’ files, which had been moved to the Cabinet Office basement, but to which Churchill could have laid claim under war cabinet guidelines. Moir only heard of their existence in 1952, when it was too late to include them in the trust.

43. May 1946 A. Moir Draft Chartwell Literary Settlement deed, CHUR 4/41/20–7.

44. 19 May, 31 Jul 1946 WSC ltr to A. Moir, Chartwell Literary trust deed, CHUR 4/41/29, 59–6. The trust’s final form gave half to Randolph on winding-up and half to his other children. It excluded Churchill and Clementine as beneficiaries.

45. 31 Jul 1946 Fladgate & Co. Chartwell Literary Settlement Trust deed, CHUR 4/41/51, 52.

46. 4 Aug 1946 WSC letter to Camrose, CHUR 4/42/124–5.

47. 10 May 1946 CP (46) 188, NA CAB 129/9.

48. 29 May 1946 WSC to C. Attlee, NA CAB 21/3740.

49. 23 Sep 1946 WSC ltr to E. Bridges, Camrose Papers.

50. 27 Sep 1946 E. Bridges memo WSC, NA CAB 21/3747.

51. 10 Oct 1946 E. Bridges ltr to WSC, Camrose Papers.

52. 25 Sep 1946 WSC schedules, CHUR 1/8/129–31; 13 Sep 1945 VdaC list of WSC securities, 1/16/226–7.

53. 1941 My Early Life £7,500, London Film Productions (A. Korda)/Warner Bros.; 1944 Marlborough: His Life and Times £50,000, Two Cities Films (del Giudice)/J. Arthur Rank; 1945 A History of the English-Speaking Peoples £50,000, London Film Productions (A. Korda)/MGM; 1946 Savrola £35,000 London Film Productions (A. Korda).

54. 5 Apr, 23 May 1946 Wood, Willey & Co. schedules, CHUR 1/7/97–104, 1/17/61. Before his tax was computed, Churchill could deduct £1,039 of life assurance payments on policies with Phoenix Assurance, National Mutual Life and Commercial Union, £668 interest on loans from Lord Randolph’s will trust (£12,000) and his settlement for Mary (£1,700). There were also large deductions for his covenanted payments to Pamela Churchill, Sarah Oliver, Randolph and Mary (his £500 a year covenant for Randolph cost a net £180 each year after Churchill made deductions against both his income tax and sur-tax assessments).

55. 14 Oct 1946 www.britishpathe.com/video/winston-churchill-gives-away-a-house/query/sevenoaks. The gift came from C. A. Hopkins. Churchill gave Kippington Court, now Churchill Court, to the British Legion ‘for the comfort of the wounded and the sick’.

23. Selling the Memoirs, 1946-8

1. 17, 19 Oct 1946 Ld Camrose corresp with ER, Camrose papers.

2. 1966 ER recollections to RSC, M. Gilbert, Winston Churchill and Emery Reves, pp. 264–71.

3. Oct 1946 Daily Telegraph New York office memo to Ld Camrose, Camrose papers.

4. 24 Oct 1946 ER cbl to WSC, CHUR 4/31/1.

5. 25 Oct 1946 Ld Camrose cbl corresp with WSC, CHUR 4/31/4, 5, Camrose Papers. Written in early November, the Collier’s article appeared in January 1947 as ‘High Road of the Future’. Churchill donated $4,000 of his $25,000 fee to the British Handling Group of the project for a United States of Europe (his son-in-law Duncan Sandys was treasurer). 7 Nov 1946, 13 Feb 1947 CHUR 4/31/28, 51, 68, 85, 100: The Daily Telegraph paid £400 for British rights; Australian, French, Belgian and Swiss rights fetched £450 and Reader’s Digest paid $1,100 for reprint rights.

6. 22 Aug 1957 D. Longwell interview transcript, TIME-LIFE file A–M, WSCDL, CURBSML.

7. 4 Nov 1946 ER ltr to WSC, CHUR 4/12/284–6.

8. 10 Nov 1946 WSC cbl to ER, CHUR 4/12/282.

9. 15 Nov 1946 Ld Camrose ltr to WSC, Camrose papers.

10. See, e.g., M. Gilbert, Winston Churchill and Emery Reves, pp. 264–71.

11. Appointments Calendars 1945, 1946, Clare Booth Luce papers, box 744, LoCW.

12. 22 Aug 1957 D. Longwell interview, 3:5–13, TIME-LIFE file A–M; memo to E. Thompson, box 4 WSCDL, CURBSML.

13. 20 Nov 1946 W. Graebner cbl to H. Luce, box 2, WSCDL, CURBSML.

14. 0900 23 Nov 1946 Ld Camrose cbl to S. Berry, for passing to WSC, Camrose papers.

15. 24 Nov 1946 WSC cbl to Ld Camrose, Camrose papers.

16. 24 Nov 1946 ER cbl to WSC, CHUR 4/12/265–6.

17. D Longwell memo to E. Thompson, box 4, WSCDL, CURBMSL.

18. D Longwell interview transcript, TIME-LIFE File A–M, WSCDL, CURBMSL.

19. 27 Nov 1946 Ld Cam cbl to WSC, Camrose papers.

20. 28 Nov 1946 Ld Camrose cbl to N. Sturdee, Camrose papers.

21. 11 Dec 1946 North American Newspaper Alliance cutting, Camrose papers.

22. 9 Dec 1946 ER ltr to Ld Camrose, CHUR 4/12/280–1.

23. 6 Jan 1947 A. Moir schedule, CHUR 4/41/119; Ld Hartwell, William Camrose, Giant of Fleet Street, p. 334; author’s estimates. The main amounts were:

LIFE / New York Times$1,150,000£ 287,500
Montreal Standard $ 110,000£ 27,500
Houghton Mifflin$ 250,000£ 62,500
The Daily Telegraph  £ 75,000
Cassell & Co. £ 40,000
Australia serials £ 20,000
Australia book £ 20,000
South Africa serials £ 16,500
Ireland serials £ 2,500
Reves for foreign rights£ 47,500

24. 22 Sep 1946 D. Longwell memo to E. Thompson, box 4 WSCDL, CURBSML.

25. 6 Jan 1947 A. Moir ltr to WSC, CHUR 4/41/117–18; u/d probably 7 Jan 1947 WSC ltr to Ld Camrose, 4/41/118.

26. 6 Jan 1947 ER ltr to P. Brooks, H. J. Frank file, box 318/1 HMCo HLHU. France and Holland paid the equivalent of $300,000.

27. 17, 23 May 1946 JSC schedules, CHUR 1/9/75, 282. Churchill added to existing holdings in Selection Trust and Africa & European, and started new investments in British Oxygen, British American Tobacco and Imperial Tobacco.

28. 15 Dec 1946 VdaC valuation, CHUR 1/9/282. Gains of £3,250, all on bonds, were offset by losses on shares of £1,900.

29. 26 Aug 1945 CSC ltr to M. Churchill, M. Soames, A Daughter’s Tale, p. 363, Clementine Churchill, p. 301.

30. U/d 1946 J. D. Wood particulars, CHUR 1/32/312; 20, 22 Oct WSC corresp with R. Marnham, 1/32/293, 292. Major Marnham’s dairy herd was expected to produce £2,000 of milk during the year.

31. 6, 9, 19 Dec 1946 Fox & Mainwaring ltrs to WSC, CHUR 1/35/16, 6, 18; 1/34/27. The asking price had been £12,500. Contracts were exchanged on 18 March 1947.

32. 13 Nov 1946 T. Harris ltr to WSC, CHUR 1/32/284; 3 Jan 1947 WSC ltr to G. Mason, 1/11/132. The loan of £21,500 carried an interest rate of 3½ per cent.

33. 8 Mar 1947 C. Soames ltr to WSC, CHUR 1/42/295–7.

34. 16, 24 May 1947 Fox & Mainwaring particulars, ltr to WSC, CHUR 1/34/9, 13.

35. 19 Dec 1946 D. Longwell interview transcript, box 4 WSCDL, CURBMSL.

36. 24 Jan 1947 W. Graebner cbl to D. Longwell, box 2 WSCDL, CURBMSL. Churchill crossed out the word ‘nearly’ in front of ‘all’.

37. 1 Apr 1947 D. Longwell ltr to E. James, NYT, box 3, WSCDL, CURBMSL. The Daily Telegraph paid £600; LIFE recouped $5,000 by selling secondary US rights to Reader’s Digest, which also paid Churchill $2,451 (its usual author’s fee of $200 per page plus $1 per word) for use in its international edition. May, Jun 1947 Reves accounts, CHUR 4/43/14, 17, 37: Reves raised £2,530 from other foreign sales, Churchill’s 60 per cent share amounting to £1,518.

38. 5 Feb 1947 Draft agreement, Time Inc., New York Times box 2, WSCDL, CURMSL. LIFE, published weekly on Fridays, The New York Times (read mainly in America’s north-east corridor) daily.

39. 15 Apr 1946 W. Graebner cbl to D. Longwell, box 2 WSCDL, CURBMSL.

40. 3 Jun 1947 Agreement The Daily Telegraph, Time Inc. box 2 WSCDL, CURBMSL, CHUR 4/41/66–74: The Daily Telegraph’s copyright purchase and side agreements with Time Inc. and The New York Times were signed on 23 June and completed on 3 July. Their provisions were relatively simple: The Daily Telegraph bought from the Chartwell Literary Settlement the entire copyright in the records and memoranda of Winston Churchill, employing Churchill to write his memoirs which would ‘relate to the period following the Treaty of Versailles, including the rise to power of Adolf Hitler, as well as the actual period of the said war, and will include a substantial portion of new writing by Mr Churchill in addition to extracts from the documents hereinafter mentioned’. The first volume was to be delivered by 15 October 1947, the second and third during 1948 and the fourth and fifth during 1949 without Churchill being bound to the number of volumes or dates. Outside the US, Churchill retained performing, dramatic, film, radio, television and other mechanical rights. Within the US, Churchill assigned all rights but The Daily Telegraph undertook to use its best endeavours to return them to Churchill as soon as it could. The Daily Telegraph was to pay Churchill £175,000: £35,000 on signature; £35,000 on 1 May 1948 and each of the following three years (providing each volume was delivered on time) with a last payment on 1 May following delivery of the final volume, whichever number volume it might turn out to be (at the insistence of LIFE). The Daily Telegraph was to loan Churchill a further £15,000 without interest, to be repaid by him on delivery of the last volume. The possibility of delays as a result of Churchill resuming office or being incapacitated was addressed: if there was gap of more than eighteen months between instalments, The Daily Telegraph had the right to cancel the agreement or, in certain circumstances, appoint another author (approved by Churchill or his executors) without further payment to Churchill. Churchill and The Daily Telegraph agreed to split in half the risk of unforeseen tax demands by countries outside Britain.

23 June 1947 Agreement The Daily Telegraph, trustees of the Chartwell Literary Settlement CHUR 4/41/75–80: To the Chartwell Literary Trustees, The Daily Telegraph was to pay £375,000: £49,000 on signature, then three instalments of £69,000 on 1 June 1948, 1949 and 1950; and finally £119,000 on 1 June 1951 (or on the dates of delivery if later). The same tax arrangements were to apply as in Churchill’s contract: the trustees and The Daily Telegraph shouldered half of the risk each. The trustees’ agreement included a clause providing for an arbitrator to settle disputes between the two parties if ‘the value or prospects of the said rights of copyright shall be materially affected by war, pestilence, famine, currency trouble, or any other national or international change or chance beyond the control of the vendors or Purchaser’. On behalf of The New York Times as well as itself, Time Inc. was to pay The Daily Telegraph $1,150,000 by five instalments of $230,000, the first on signing and the remainder on delivery of each volume.

4, 5 July 1947 H. Laughlin ltr to D. Flower, Houghton Mifflin agreements with Cooperation Publishing Corporation and The Daily Telegraph, Churchill: Contract and Copyright for memoirs file, 1947 box 318/1, HMCo HLHU: on 4 July Desmond Flower and Henry Laughlin agreed that Cassell & Co. would enjoy exclusivity for English language sales in Europe while Houghton Miflin controlled the ‘Western Hemisphere’, except for Britain’s Caribbean dependencies. On 5 July Houghton Mifflin signed both its agreement with The Daily Telegraph and its side-agreement with Reves.

41. 30 Oct 1947 Ld Camrose ltr to D. Longwell, WSCDL, CURBMSL. Dan, as his American correspondents called Longwell, picked up the signal and replied ‘My dear Lord Camrose’.

42. 30 Aug 1947 WSC ltr to EHM, Marsh Papers, Berg Collection, NYPL.

43. 2, 28 July 1947 LlBk ltrs to WSC, CHUR 1/9/222. Churchill bought 2½ per cent Treasury Stock at a price of 91½. He lost 2¼ per cent of his investment on sale.

44. 31 Jul 1947 BRB ltrs to WSC, CHUR 1/9/232, 235.

45. 5, 7, 11, 22 Aug, 23 Sep 1947 VdaC contracts, CHUR 1/9/248, 256, 258, 261, 262, 269.

46. 24 Sep 1947 W. Judd ltr to WSC, CHUR 1/23/361.

47. D. Reynolds, In Command of History, p. 83.

48. W. Graebner, My Dear Mr. Churchill, pp. 99–102; 22 Oct 1947 D. Longwell memo to W. Graebner, boxes 2, 4 Payments, WSCDL, CURBMSL. Graebner suggested LIFE should fund Rufus’s replacement, but Longwell insisted that he and Graebner meet the cost personally. Rufus II cost $159, but was not a success as he contracted ‘St Vitus’s dance’ after an inoculation against distemper.

49. 11 Oct 1947 W. Graebner cbl to D. Longwell, box 2, ibid.

50. 23 Oct 1947 W. Graebner cbl to D. Longwell, box 2, ibid.

51. 28 Nov 1947 D. Longwell cbl to W. Graebner, box 2, ibid.

52. 13 Nov 1947 P. Brooks memo to H. Laughlin, Book of the Month Club 1948 and 1949 file, box 318/1 HMCo, HMHU.

53. 10 Dec 1947 D. Reynolds, In Command of History, p. 86–7.

54. 24 Nov 1947 T. Cook ltr to WSC, CHUR 1/68/205.

55. 24 Dec 1947 WSC ltr to CSC, CHUR1/44/33–8.

56. 7 Jan 1948 N. Sturdee ltr to L. Marston, CHUR 1/18/42.

57. Dec 1947–Jan 1948 Summary of Mamounia Hotel bills; CHUR 1/69/77, 85, 90–2.

58. 10 Jan 1948 D. Longwell cbl to W. Graebner, box 2, WSCDL, CURBMSL.

59. 18 Jan 1948 N. Sturdee ltr to Banque d’État du Maroc, CHUR 1/68/240; WSC cbl to D. Longwell, box 2, WSCDL, CURBMSL.

60. Jan 1948 Box 4 Vacation Payments to Winston Churchill, WSCDL, CURBMSL.

61. D. Reynolds, In Command of History, p. 90, 131–2.

24. Racing to the Finish, 1948–50

1. 25 Mar 1948 WSC note to Ld Ismay, Ismay papers 2/3/45, cited D. Reynolds In Command of History, p. 68.

2. 28 Apr 1948 A. Sulzberger ltr to WSC, CHUR 4/17/206; 3 Jun 1948 E. Reves ltr to WSC, 4/12/179. See D. Reynolds, In Command of History, pp. 129–33.

3. 21 Apr 1948, BMB ltr to WSC, Baruch Papers, MC006 Book 125, PUMM.

4. Mar 1948 H. Laughlin ltr to ER, WSC ER 1948–51 file, box 318/1, HMCo, HLHU; 28 Jun 1948 ER ltr to WSC, CHUR 4/12/177; U/d HM Co Trade Sales ‘Showings’ 1919–76 file, box 319/7, HMCo, HLHU. The Book of the Month Club accounted for 412,000 sales, Canada 27,700. The Second World War, including the final boxed set and abridged version, grossed Houghton Mifflin $2,240,000 and produced approximately $800,000 contribution to its profits, after it had paid $500,000 profit share to Emery Reves.

5. 4 Feb 1949 Spectator, p. 141, CHUR 4/24/334, cited D. Reynolds, In Command of History, p. 139. Cassell & Co.’s revenue from the first volume reached £275,000.

6. 2 May 1948 W. Graebner cbl to D. Longwell, box 3 WSCDL, CURBMSL.

7. Apr 1948 LlBk statement, CHUR 1/1/35.

8. 26 Jun 1948 W. Graebner ltr to H. Luce, H. Luce note to D. Longwell, box 2, WSCDL, CURBMSL.

9. 1, 2 Jul 1948 W. Graebner cbl corresp with D. Longwell, box 2 WSCDL, CURBMSL.

10. 29 Jul 1948, CSC note to WSC, CHUR 1/71/178.

11. 12 Aug 1948 LlBk statement, CHUR 1/1/58. The payments were of £10,000 each; neither film was ever made.

12. R. Boothby, Reminiscences of a Rebel, p. 60, 63.

13. 25, 26 Aug, 1 Sep 1948 NM corresp with WSC, LlBk statements, CHUR 1/18/141, 168; 1/1/61, 62.

14. 12 Apr 1944 C. Nicholl ltr to WSC, CHUR 1/40/1–6. Churchill’s daughters were only to be entitled to the income, not the capital, from their shares.

15. 17 Feb 1949 NM ltr to WSC, CHUR 1/40/19–29.

16. Aug, Sep 1948 Hôtel René-Roy accounts, Snedaker, TIME-LIFE ltrs to L. Marston, CHUR 1/70/8, 96, 114, 130; CHUR 1/70/143–6.

17. W. Graebner, My Dear Mr Churchill, p. 34.

18. 11 Dec 1948 W. Graebner cbl to Babington-Smith, TIME, box 3, WSCDL, CURBMSL.

19. 12 Nov 1948 W. Graebner ltr to D. Longwell, box 2, WSCDL, CURBMSL.

20. 14 Dec 1948 D. Longwell cbl to W. Graebner, box 3, WSCDL, CURBMSL.

21. 31 Dec 1948 LlBk statement, CHUR 1/1/82.

22. 1948 LlBk statements, CHUR 1/1/37, 40, 46, 61, 73, 81; 24 April 1948 WSC note to C. Soames, CHUR 1/32/416.

23. 30 Nov 1948 A. Moir ltr to H. Boarland, CHUR 4/41/255–6; 5 Nov 1947, 18 Nov, 16 Dec 1948, 24 May 1949 Odhams Press letters, agreement with WSC, 4/40/130, 97, 146–7, 29–30; 12, 22 May 1949 E. Warner ltrs to WSC, 4/40/17, 19; July 1951 CHUR 4/40/85. The £500 payment at issue was small compared with the tax at risk on The Second World War, but Churchill initially refused to accept Charles Graham-Dixon’s view that he should disclose the payment to the Inland Revenue, and offer ‘without prejudice’ to pay tax. Churchill asked Odhams Press to convert his future royalties to a single lump sum: Odhams set the sum at £5,000, provided Churchill’s paintings did not appear elsewhere in book form for five years.

As confidence in sales grew in the run-up to publication in November 1948, the publishers raised their initial print run to 25,000 copies. These sold out; two more print runs followed in 1949 and sales reached 57,000 copies. McGraw Hill published in the US during May 1950: sales were 20,000 after ten days and still running at 1,000 per week. A Japanese edition followed in 1951.

24. 10 Dec 1948 A. Moir ltr to WSC, CHUR 4/41/253–4.

25. 10 Jan–9 Feb 1949 HM Inland Revenue internal correspondence, NA IR 40/12833.

26. 9 Feb 1949 HM Inland Revenue Board minute, NA IR 40/12833; 24 Feb 1949 A. Moir ltr to WSC, CHUR 4/41/252.

27. 21 Feb 1949 V. Timbrell memo to H. Boarland, NA IR 40/12833.

28. 28 Mar 1949 V. Timbrell memo to J. Snellgrove, ibid.

29. 19 Feb 1949 W. Graebner cbl to D. Longwell, box 2, WSCDL, CURBMSL.

30. 25 Feb 1949 D. Longwell ltr to W. Graebner, ibid.

31. 8 Mar 1949 A. Moir ltr to WSC, CHUR 1/28/301.

32. Mar 1949, WSC ltr to A. Moir (drafted but not sent), CHUR 1/28/298–300.

33. 21 Apr 1949 H. Boarland ltr to A. Moir, CHUR 4/41/249.

34. 30 Jun 1949 WSC draft ltr for A. Moir, CHUR 4/41/236–8.

35. 2 Mar 1949 WSC ltr to M. Berry, CHUR 4/13/144.

36. Mar 1949 H. Luce Speech Churchill Dinner 1949 file, box OV2, Clare Booth Luce Papers, LoCW.

37. 1 Apr 1949 D. Longwell ltr to WSC, box 2, WSCDL, CURBMSL.

38. 15 Apr 1949 H. Laughlin ltr to D. Longwell, WSC: LIFE magazine 1950 & 1951 file, box 318/1 HMCo, HLHU.

39. 1 Apr 1949 ER ltr to WSC, M. Gilbert, Winston Churchill and Emery Reves, p. 295.

40. 2, 3, 31 May 1949 WSC ltr to Ld Camrose, LlBk ltrs to WSC, CHUR 4/13/9;1/12/47, 8.

41. 21 Jun 1949 Secretaries’ memo to WSC, CHUR 1/21/342.

42. 3 Jun 1949 C. Soames memo to WSC, CHUR 1/92/128–9.

43. J. Colville, The Churchilians, p. 27; 30 Jun 1949 J. Sturdee memo to WSC, CHUR 1/92/328.

44. 23 Jul 1949 C. Soames memo to WSC, CHUR 1/92/125.

45. 14 Jul, 15, 23 Sep, 12, 26 Oct 1950 Betting records, WSC cbl to Ld Camrose, CHUR 1/92/65, 63, 59, 58, 51. Camrose was part of Churchill’s betting circle.

46. U/d Schedule, Races won by Colonist II, Prize money 1949–60, CHUR 1//92/115, 1/158/136.

47. 29 Apr 1950, WSC ltr to CSC, SFT:555.

48. W. Graebner, My Dear Mr. Churchill, p. 84.; J. Wood, Racing Profit & Loss account, CHUR 1/92/3. Wood’s accounts records show Churchill’s betting between August 1949–June 1950 netted profits of £1,000.

49. 15 Oct 1950 C. Soames memo to WSC, CHUR 1/92/120–3.

50. 6 Dec 1951 The Times, 23 Dec 1951 LlBk advice to WSC, CHUR 1/14/16. Churchill netted £6,493 after expenses.

51. 29 Nov 1951 WSC ltr to R. Millais, CHUR 1/92/69. The artist was Raoul Millais.

52. 21 Apr, 7, 9 Jul 1949 D. Longwell cbl corresp with W. Graebner, WSC Holiday expenses 1947–9, box 2, WSCDL, CURBMS. The holiday cost $8,300.

53. 22 Aug 1949 ER ltr to WSC, M. Gilbert, Winston Churchill and Emery Reves, p. 297–300.

54. The question of whether and how Churchill should pay his physician, Lord Moran, after the war proved sensitive. It was common ground that Moran’s flights and other expenses should be reimbursed, but Moran himself had refused more direct reward. The tax advantages of a seven-year covenant provided the solution. Churchill began paying Lady Moran £500 a year, officially net of tax, thus allowing her to reclaim the tax notionally deducted before Churchill’s payment, so that she ended up with £900 a year. Churchill was allowed to deduct this notional £900 from his income before calculating his tax, reducing his net cost to just over £100 a year. As an ageing Churchill’s demands on his doctor grew, similar arrangements were established for the Morans’ sons, Geoffrey and John.

55. 18 Sep 1949 Sir Stafford Cripps announced that the official exchange rate between the pound and the US dollar would fall from $4.03 to $2.80 = £1 (a reduction of 30.5 per cent) with effect from the following day.

56. 23 Sep 1949 WSC ltr to D. Longwell, box 2, WSCDL, CURBMSL.

57. 11 Nov 1949 H. Scherman ltr to H. Laughlin, Churchill Book of the Month Club 1948 and 1949 File, box 318/1 HMCo, HLHU. By 11 November 1949, the club had despatched 247,500 of the second volume compared to 366,000 of the first volume.

58. 3 Nov 1949 WSC note, CHUR 4/13/33.

59. 12 May 1950 C. Graham-Dixon Opinion, CHUR 4/41/200.

60. 17 Sep 1949 R. Lewenthal ltr to WSC, CHUR 1/26/34. The royalty rate proposed was 5 per cent.

61. 18 Nov 1949 A. Moir ltr to N. Sturdee, CHUR 1/26/70.

62. 10 Jan 1950 E. Gilliatt cbl to A. Moir, CHUR 1/26/106.

63. 24, 25, 26 Jan 1950 A. Moir ltrs to N. Sturdee, WSC, draft to Odhams, CHUR 1/26/116–7, 118, 120. 8 Jan 1950 (backdated) WSC agreement with Hall Bros, 1/26/97–105. Permitted uses of the paintings included calendars, greeting and playing cards as well as Christmas cards. The Halls’ first cheque for $12,500 arrived on 13 February 1950.

64. 19 Jul 1950 E. Gilliatt note to WSC, CHUR 1/26/196.

65. 23 Dec 1950 WSC ltr to A. Moir, CHUR 1/26/235.

66. 5, 15 Oct 1949 D. Kelly Chartwell Literary Trust Minutes, WSC note, CHUR 4/41/178, 175–7.

67. 15 Aug 1950 C. Soames note to WSC, CHUR 1/46/301–2. Losses were £8,607 (1948), £8,707 (1949), £8,751 (1950) and £8,414 (1951).

68. 4 Nov 1949 NM ltr to WSC, CHUR 1/27/103. Papers for the meeting showed £21,063 already gifted: £10,213 to Randolph, £10,000 to Diana and £400 each to Sarah (now married to Anthony Beauchamp) and Mary.

69. 1 Jan, 31 Dec 1949 LlBk statements, CHUR 1/1/83, LBGA B/1034/b/51. Churchill’s current account finished 1949 with a credit balance of £1,347 but was £307 overdrawn after New Year payments.

70. LlBk schedules 1949/50 taxation, CHUR 1/7/160, 161–70. £37,000 of the £80,000 was treated as ‘capital receipts’. The potentially taxable £43,000 remaining was reduced to £5,000 when Churchill claimed £38,000 of expenses: £20,000 literary expenses, £8,900 farming losses (and the balance mainly family allowances). The Churchills’ joint investment income was £4,800 (£2,800 of dividends, interest and underwriting fees on Churchill’s account; £900 from Lord Randolph’s will trust and marriage settlements; £336 in Clementine’s name; and £700 from her marriage settlement).

71. 15, 29 Apr 1950 WSC ltr to CSC, CHUR 1/47/104, 136.

72. 26 May 1950 D. Longwell ltr to H. Laughlin, WSC: LIFE magazine 1950 and 1951 file box 318/1, HMCo, HLHU.

73. 15, 20 Jul 1950 ER ltrs to H. Laughlin, WSC; Houghton Mifflin schedule of sales, Churchill: Emery Reves 1948–51, box 318/1, HMCo, HLHU; CHUR 4/12/74.

74. 5 Jul 1950 ER ltrs to WSC, CHUR 4/12/74–6, 96–9. French sales fell from 85,000 (first volume) to 45,000 (second volume) and then to 28,000 (third volume).

75. 11 Jul 1950 WSC ltr to ER, CHUR 4/12/86–7.

76. 2 Aug 1950 D. Flower ltr to WSC, CHUR 4/24/433.

77. 22 Aug 1950 WSC ltr to O. Frewen, CHUR 2/167 cited 8:548.

78. 2 Sep 1950 ER ltr to H. Laughlin, WSC: Emery Reves 1949–51 file, box 318/1, HMCo, HLHU.

79. 10 Oct 1950 New York Times, pp. 1, 22, 30, 33, cited D. Reynolds, In Command of History, p. 349. Houghton Mifflin met its publication date in November 1950; in Britain a strike by printers and shortages of paper forced Cassell & Co. to wait until August 1951 to publish.

25. Post-war Prime Minister, 1951–5

1. 3, 8 Nov 1950 ER corresp with WSC, M. Gilbert, Winston Churchill and Emery Reves, pp. 311–14, CHUR 4/63C/744–5.

2. 25 Dec 1950 WSC ltr to CSC, 8:580.

3. 26 Jan 1951 W. Graebner ltr to D. Longwell, CHUR 4/15/427.

4. 31 Jan 1951 D. Longwell ltr to J. Adler, New York Times file, box 3, WSCDl, CURBMSL; 6 Mar 1951 LlBk statement, LGBA B/1034/b/51. Churchill paid £1,126.

5. C. Lysaght, Brendan Bracken, p. 288.

6. 15 Feb 1951 W. Graebner cbl to E. Thomson, box 2, WSCDL, CURBMSL. Thomson was Daniel Longwell’s assistant; he looked after the Churchill series when Longwell became ill.

7. 29 Apr 1951 J. Adler Memorandum, box 3, WSCDL, CURBMSL.

8. 29 Apr 1951 J. Adler Memorandum, box 3, WSCDL, CURBMSL.

9. 3 May, 30 Mar 1951 D. Longwell cbl, ltr to J. Adler, New York Times file box 3, WSCDL, CURBMSL.

10. 1, 10 May 1951 D. Longwell cbl to H. Luce, ltr to R. Heiskell, box 3, WSCDL, CURBMSL.

11. M. Daunton, Just Taxes, p.229.

12. 3 Aug 1951 WSC ltr to CSC, 8:627–9.

13. M. Soames, Clementine Churchill, p. 459; 17 Dec 1951, 4 Feb 1952 N. Sturdee note to WSC, A. Moir ltr to N. Sturdee, CHUR 4/41/214, 221, 223. Relieved of the death duty threat, the trustees made the long-term investments for which Churchill had long pressed, committing £128,000 to the purchase of shares in leading British companies, such as Associated Electrical Industries, Babcock & Wilcox, The Distillers Company, Metal Box & Printing Industries, The Peninsular and Oriental Steamship Company (P&O), The ‘Shell’ Transport and Trading Company, and Tube Investments.

14. 26 Jul 1951 H. Laughlin ltr to WSC, CHUR 4/14/113. The Book of the Month Club accounted for 1,118,750 of 1,491,051 sales.

15. 3 Aug 1951 WSC ltr to CSC, 8:627–9.

16. 10 Dec 1952 D. Longwell memo to R. Heiskell, box 3, WSCDL, CURBMSL.

17. 22 Sep 1953 D. Longwell memo to E. Thompson, box 3, WSCDL, CURBMSL. Longwell estimated excerpts from The Second World War attracted $4 million of advertising revenue to LIFE – see also 22 Sep 1946 D. Longwell memo to E. Thompson, box 4, WSCDL, CURBSML.

18. 20 Sep 1951 WSC memo to syndicate, CHUR 4/25/38.

19. Oct 1951 J. Wood schedules, CHUR 1/8/10–11. Churchill’s taxable income between 5 April–5 October 1951 totalled £37,852, nearly all from his books. 5 Oct 1952 J. Wood, Wood, Willey & Co. Financial Statement, 1/8/27–9.

20. 23 Aug 1950 M. Muggeridge diary, Like It Was, p. 408, cited M. Gilbert, Winston Churchill and Emery Reves, p. 311.

21. 1952 J. Wood schedule, CHUR 1/8/137.

22. 25 Oct, 7 Nov 1951, March 1953 Slaughter & May ltrs to A. Moir, WSC contract with The Daily Telegraph, CHUR 1/7/189, 1/28/116, 126. Churchill was to receive [1] £35,000 (or such lesser sum as he chose for his tax-planning purposes) on 1 May 1952; [2] £25,000 (or, again, such lesser amount as he chose) on 1 May 1953; [3] any balance remaining on 1 May 1954. Houghton Mifflin contributed the largest sum of £17,826; The Daily Telegraph £15,000. After adjustments for falls in the pound’s value against the dollar, Churchill finally received £63,726 for the sixth volume.

23. 16, 28 Nov 1951 N. Brook memo to WSC, ‘Note for the Record’, CAB 21/2181 (NA), cited D. Reynolds, In Command of History, p. 432.

24. J. Colville diary 23 March 1952, The Fringes of Power, pp. 643–4.

25. 31 Oct 1951, A. Moir letter to N. Sturdee, CHUR 1/7/187. Camrose asked for a gentleman’s agreement that The Daily Telegraph should be able to ask Churchill to pay the tax reclaim it had expected, if the amount was not allowed to be deducted against the newspaper’s tax bill.

26. 1 May 1952 Secretary ltr to Ld Camrose secretary, CHUR 4/13/70.

27. 28 May 1952 D. Longwell memo to W. Graebner, box 2, WSCDL CURBMSL.

28. Sep 1952 Wood, Willey & Co. schedule, CHUR 1/8/21–2.

29. 8 Sep 1952 Ld Camrose note, Political memoranda, Dinner with WSC, Camrose Papers.

30. Sep 1952 LlBk statement, LBGA B/1034/b/5.1.

31. 12, 20 Sep 1952 The Daily Telegraph ltr to WSC, LlBk statement, CHUR 1/14/86, 1/2/232. £10,000 of the loan was repaid on 5 December 1952.

32. Ibid.; 25 Oct 1952 WSC ltrs to G. Allen, W. Deakin, H. Pownall CHUR 4/24/24, 25, 281–2, 4/25/374–5.

33. 6 Jan 1953 H. Laughlin corresp with WSC, CHUR 4/14/25, 26–7.

34. 24 Feb 1953 Ld Moran WSC, Struggle for Survival, p. 401.

35. 30 Sep 1952 Wood, Willey & Co. Farm Accounts, CHUR 1/8/2. £5,000 was invested in machinery and £12,250 in live and dead stock. Losses during the year to 30 September 1952 were £10,860.

36. 29 Nov 1952 WSC letter to Ld Camrose, Camrose papers; 3 Dec 1952, 24 Nov 1953 E. Carden ltr to A. Moir, A. Moir letter to WSC, CHUR 1/28/18, 96. The professional valuation of the farmland was £37,500 (Chartwell farm £20,000; Parkside farm and market garden £9,780; Bardogs £7,050; woodlands £3,060; less allowances for tithe and land tax £1,850). The loan was completed in March 1953; its interest rate was 5 per cent.

37. 30 Nov, 22 Dec 1953 A. Moir ltrs to WSC, CHUR 1/28/34,293. Parkside’s price was £10,000 plus £2,035 for its livestock. Its sale to Lord Cromer released £5,286 cash to Churchill and reduced his loan by £6,750. Sir Arthur Garret, a friend of Korda, originally agreed to pay £10,250 for Bardogs.

38. 14 Jan 1955 J. Wood Farm & Stud accounts, CHUR 1/8/118.

39. 15 Jun 1952, 8 Mar 1953 C. Soames notes to WSC, CHUR 1/92/56–7, 1/94/283. The five racehorses with which Churchill started the 1952 season were: Pol Roger, Non-Stop, Gibraltar, Prince Arthur and Loving Cup.

40. 15 Feb 1953, J. Wood ltr to WSC, CHUR 1/8/30–2.

41. 7 May 1953, Ld Camrose note, The Other Club file, Camrose papers; u/d May 1953 Supplemental Agreement, WSC and The Daily Telegraph, CHUR 1/28/119–20. Churchill was to receive payments of £15,000 in each of May 1954 and 1955.

42. 25 Jun 1953 J. Colville ltr to Ld Camrose, Camrose Papers.

43. 29 Jun 1953 Ld Camrose note, Political Memoranda, Camrose papers.

44. 22 Jul 1953 Ld Camrose note, Lunch at Chartwell – Wednesday 22 July 1953, Camrose Papers.

45. 25 Jul 1953 LlBk investment account statement, CHUR 1/4/2226.

46. 30 Jun, 25 Jul 1953 LlBk statements, CHUR 1/2/195, LGA B/1034/b/5.1.

47. 4 Sep 1953 W. Graebner ltr to D. Longwell, box 2, WSCDL, CURBMSL.

48. 29 Aug 1953 MWB ltr to WSC, CHUR 2/211/20.

49. 16 Oct, 11 Dec 1953 WSC ltr to CSC, 8:901, LlBk statement, CHUR 1/4/206. £12,093 was credited to Churchill’s bank account on 11 December.

50. 3 May 1954 BRB ltr to WSC, CHUR 2/212/12. In May 1954, the trust gave Christopher and Mary Soames £20,000 towards the cost of buying, ‘converting and reconditioning’ Hamsell Manor, on the border between Kent and Sussex.

51. Houghton Mifflin & Co. Trade Sales Showings, A–F 1919–76, HMCo, HLHU; 25 April 1954 H.O.Ward Reynolds News, cited D. Reynolds In Command of History, p.489.

52. 19 Aug 1953 Ld Moran, Winston Churchill, Struggle for Survival, p. 457.

53. 30, 31 Dec 1953 LlBk statements, CHUR 1/2/116 (current a/c), 1/4/206 (investment a/c).

54. 4 May 1954 LlBk ltr, statement, CHUR 1/14/269, 1/2/97.

55. 10 Nov 1954 A. Moir ltr, schedule to WSC, CHUR 1/28/150–2. Life assurance benefits would total £27,500, free of tax.

56. Oct 1954 Ld Moran, Struggle for Survival, p. 607.

57. 1 Dec 1954, 12 April 1955 WSC announcement, A. Ball ltr to WSC, WSC LlBk Presentation account, J. Colville memo to WSC, CHUR 2/431/77, 47, 48; 1/5/72, 77; 2/430/2–3.

58. 8 Dec 1954 Trust particulars, LBA B/1034/B/12. The trustees were Viscount Leathers, Baron Moynihan, J. Colville, E. D. Martell and A. Moir. 17 Feb 1956, 1958 A. Moir ltr to WSC, CHUR 4/41/386, SFT; 621 f/n. In February 1956, the trustees made grants of £36,750 (including £10,000 each to the Churchill Homes, Bristol University, Harrow School and £5,000 to the Professional Classes Aid Council). In 1958 they contributed £25,000 towards the £3,500,000 appeal for the foundation of Churchill College, Cambridge.

59. 31 Dec 1954 LlBk statements, CHUR 1/2/62; 1/4/149, 1/5/72; 25 Dec 1954, 4 Jan 1955 WSC ltrs to CSC, SFT:589, LlBk statement, CHUR 1/2/174.

60. 17 Jan 1955 BRB ltr to MWB, cited K. Young, Churchill & Beaverbrook, p. 305.

61. A. Montague Browne, Long Sunset, p. 182.

26. A Third and Final Retirement, 1955–7

1. 16 Jul, 12 Sep 1955 A. Moir ltrs and schedules to WSC, McClelland & Stewart, CHUR 1/28/127–40, 136–7, 159. In Britain, Cassell paid a royalty of 20 per cent (10 per cent on Book Society or export copies), keeping the first £3,400 of royalties for each volume in recognition of the advances it had paid Churchill in the 1930s. In the US, the royalty was 10 per cent on the first 2,500 copies, 12½ per cent on the next 2,500, and 15 per cent thereafter. Dodd kept the first $7,070 of Churchill’s royalties (then the equivalent of the £2,525 it had paid Cassell in 1939); in Canada, McClelland & Stewart paid a 10 per cent royalty on the first 5,000 copies and 15 per cent thereafter (deducting C$2,950 to offset the £1,075 paid to Cassell in 1939).

2. 11 Nov 1954 A. Moir ltr to WSC enc Wood, Willey & Co. memo, CHUR 1/8/159, 160.

3. 31 Mar 1954 M. Gilbert, Winston Churchill and Emery Reves, p. 341.

4. 21 Nov 1954 WSC cbl to H. Luce, M. Gilbert, Winston Churchill and Emery Reves, pp. 344–5.

5. 28 Dec 1954 WSC note to E. Gilliatt, 16 Jul 1955, A. Moir notes to WSC, CHUR 1/28/132–3, 138, 140. M. Gilbert, Winston Churchill and Emery Reves, p. 344. Reves’ payment was spread over five instalments of £8,500 each; LIFE bought US, Canadian and Spanish serial rights, spreading payment across four instalments of $37,5000 each on 1 May of 1956, 7, 8, 9.

6. U/d post-May (probably Sep) 1955, 10 Nov 1954 A. Moir, schedule, CHUR 1/28/134–5, 152.

7. 13 Jun 1955 Fladgate & Co. ltr to secretary, CHUR 1/37/80.

8. 12 May 1955 WSC ltr to A. Carey Foster, CHUR 1/93/40–1.

9. 1 Jun 1957 WSC to CSC, SFT:617–8.

10. 5 Apr 1957, 15 Apr 1958 Wood, Willey & Co. accounts re Racing, Stud 1956/7, CHUR 1/113/58, 68.

11. 1956–7 LlBk statements, CHUR 1/2/4, 35. Churchill reimbursed Montague Browne’s salary by paying HM Treasury £172 per month in 1956 (rising to £175 in 1957).

12. A. Montague Browne, Long Sunset, p. 233.

13. 31 Dec 1955 CSC & WSC ltr to J. Taylor & Sons, CHUR 1/29/82.

14. 12, 20 Jan 1956 J. Taylor & Sons ltrs to WSC, CHUR 1/29/82, 83.

15. 7, 8 Mar 1956 E. Woolgar ltr to L. Menzies, A. Ball ltr to WSC, LBGA, HO/O/Off/19, CHUR 1/105/26.

16. 17 Jan 1956 WSC ltr to CSC, SFT:601–2.

17. 19 Feb 1956 CSC ltr to WSC, SFT:603–4.

18. 9 Mar 1956 E. Dodd ltr to WSC, CHUR 1/7/8.

19. U/d May, 4 Jun 1956 A. Moir Instruction to Counsel; C. Graham-Dixon QC Opinion, CHUR 1/7/8–9, 11–13.

20. 14 Sep, 12 Oct 1956 J. Wood ltr to WSC, V. Bullock ltr to A. Moir, CHUR 1/7/26, 30.

21. 16 Oct 1956 A. Moir ltr to WSC, CHUR 1/7/32–3. £175,000-worth of publishers’ payments escaped tax – £75,000 from Cassell and £100,000 from Dodd, Mead and McClelland & Stewart.

22. 24 Dec 1956 A. Moir ltr to WSC, CHUR 1/7/42.

23. 31 Dec 1956 J. Wood ltr to WSC, CHUR 1/113/33–4; 1 May 1957 J. Wood ltr to WSC, CHUR 1/113/73, 76. When Wood completed the tax return for 1956/7, Churchill paid £27,000 of tax, not £50,000 as expected, because Wood explained, with evident satisfaction, he had taken advantage of a technique called a ‘spread back’, which allowed authors to spread expense claims back over three years, if works had taken more than twenty years to complete: History’s contract had been signed in 1933.

24. 24 Aug 1955 BMB ltrs to WSC, CHUR 4/446/1–2.

25. 13, 21 Oct, 1 Nov 1955 A. Moir ltrs to WSC, A. Korda ltr to WSC, CHUR 4/446/7–8, 9–10, 14, 17. Per 18 July 1958 A. Moir ltr to WSC, CHUR 4/446/121: Churchill’s fellow shareholders were Randolph and Christopher Soames, who each subscribed £200 alongside Churchill’s £2,098 (and the two nominee directors £1 each).

26. 1 May 1956, 28 Apr 1958 A. Moir ltrs to WSC, CHUR 4/446/29, 95.

27. 12 Jul, 14 Dec 1956 C. Wick ltr to A. Moir, WSC cbl to ER, CHUR 4/46/37, M. Gilbert, Winston Churchill and Emery Reves, p. 362.

28. 23 May 156 D. Schery ltr to WSC, CHUR 4/447/1–3.

29. 22 Jun 1956 AMB memo to A. Moir, CHUR 4/447/11, 13.

30. U/d Aug 1956 A. Moir memo, CHUR 4/447/38–9.

31. 3 Jan 1957 A. Moir ltr to AMB, CHUR 4/447/72.

32. 15 Dec 1956 AMB memo, A. Moir note, CHUR 4/447/41–2, 35–6.

33. 21 Jan 1957 A. Moir memo, CHUR 1/7/43–4.

34. 5 Apr 1957 Wood, Willey & Co. accounts, CHUR 1/113/58, A. Montague Browne, Long Sunset, p. 192. Churchill paid £2,000 each to Denis Kelly and Alan Hodge and £1,000 to Anthony Montague Browne for History’s ‘early completion’.

35. 29 Jan 1957 ER ltr to WSC, M. Gilbert, Winston Churchill and Emery Reves, p. 363–4.

36. 14, 20 Feb 1957 LlBk ltr to WSC, A. Moir ltr to WSC, CHUR 1/105/72, 1/111/195–6. Cassell’s accountants had suggested only £35,000, but Desmond Flower offered £50,000. Moir countered with £75,000, but Flower pointed out that their experience with The Second World War showed sales tailed off after the first volume. (The first volume grossed £377,250, the last £210,150: these figures imply average sales of £250,000 per volume, or £1.5 million for the series. If Churchill had earned a royalty of 20 per cent, Cassell would have paid £300,000 instead of the £40,000 Churchill and Cassell had agreed.)

37. 4 Jan, 20 Mar, 4 Apr 1957 E. Dodd ltr to A. Moir, A. Moir ltr to WSC, LlBk ltr to WSC, CHUR 1/111/179, 199; 1/5/88. On 4 April, Dodd, Mead paid $274,675 (worth £98,851), made up of the $250,000 lump sum plus $24,675 royalties outstanding for the first volume (which had earned Churchill $60,432). In Britain, A History’s first print order was 100,000 copies, increased for later volumes to 150,0000. R. Cohen, Bibliography of the Writings of Sir Winston Churchill, A267.3(i) pp.938–9.

38. 9 Apr 1957 S. Ball ltr to WSC, CHUR 1/105/92, 93. Churchill’s credit balances at Lloyds Bank totalled £292,862, offset by an overdraft of £18,409 on his farm account. He held $14,500 at Morgan Guaranty of New York, 20,604 francs in his French bank account and owned securities worth £20,000 kept at Lloyds Bank.

39. 5 Apr 1957 Wood, Willey & Co. accounts, CHUR 1/113/58. Churchill’s secretaries cost £2,402 a year; other domestic staff £17,170; food just under £4,000; motoring £2,000; telephones and telegrams £750. Transfers to Lady Churchill, ‘so far as identified’, were £5,430.

40. 30 Apr, 12 Oct 1956 P. Cox ltrs to WSC, CHUR 1/37/63, 64–6; 30 Sep 1956 Wood, Willey & Co. schedule, 1/113/46; 1936 LlBk statements 1/4/81, 65; 1/2/19, 12, 32.

41. 25 Oct, 1 Nov 1957 Fladgate & Co. ltr to WSC, Statement of Receipts and Purchases, CHUR 1/37/96, 102, 105. Chartwell farm (and farmhouse) fetched £37,500, livestock £13,400. Churchill repaid £16,250 to Alliance Assurance; Knight Frank & Rutley charged commission of £1,626, Fladgate a fee of £503.

42. 11, 12 April, 20 Jun 1957 S. Ball letters to WSC, CHUR 1/105/94, 97, 153, 140. £25,000 was invested in Treasury Bills; £35,000 spread across seven building societies; and £25,000 in 4 per cent Victory Bonds, which cost 94? each but were accepted at par value of 100 after six months’ ownership for death duty payment. Churchill sold them after ten weeks at 92¾.

43. 18, 21 May 1957 WSC corresp with S. Ball, CHUR 1/105/126, 128–30.

44. 12, 13, 20 Jun 1957 T. Hazlerigg ltrs to WSC, CHUR 1/108/13, 19, 25, 26, 27. Hazlerigg spent £10,000 on shares and £5,000 on debentures in Quebec Natural Gas; £21,000 on four investment trusts, including the Philip Hill Investment Trust (Churchill’s major post-retirement investment success); £4,600 on West Coast Transmission; and £9,650 on Steep Rock Mines (a small iron-ore producer).

45. 5, 27 Jul 1957 D. Pugh notes to WSC, CHUR 1/110/3, 6.

46. 25, 28 Oct, 1 Nov 1957, 3 Jan 1958 WSC corresp with S. Ball, CHUR. 1/105/183,184; CHUR1/110/26, 37. In January 1958, Churchill’s current account held £15,068, the investment deposit account £124,487. The combined value of his bond and share investments was £116,300.

27. Sunset, 1958–65

1. 5, 16 Sep, 30 Oct 1957 A. Moir, M. Thorson ltrs to AMB, CHUR 4/447/116, 93, 99–101. Churchill was offered 35 per cent of ‘distributor gross receipts’ instead of 50 per cent of ‘net profits’.

2. 28 Aug, 4 Sep 1958 M. Thorson cbls to A. Moir, CHUR 4/448/124, 150.

3. 5 Feb, 5 Mar, 10, 16 May 1957 A. Moir corresp with AMB, WSC, CHUR 4/446/79, 85, 101, 102.

4. 1, 18 Jul 1958 A. Moir ltrs to WSC, CHUR 4/446/114, 121. Towers Films was to buy M & P’s shares over five instalments, so that Churchill received his £21,000, and Randolph and Christopher Soames £2,000 each for their shares, without liability to tax. M & P’s shareholders formed a new company, S & M Investments, to take over any remaining rights after Towers had made his programmes.

5. Jan, 11 Feb, 22 Apr, 16 May 1959, 16 Feb 1961, 22 Sep 1964, A. Moir ltrs to WSC, AMB, CHUR 4/446/143–4, 173–182–3, 188, 209, 295. Towers Films paid £20,000 in February and £7,500 in October 1959; then an extra £5,000 early in 1960, when it set out a programme for paying the outstanding £20,000 with the help of Associated British Pictures Corporation. Complications followed when Sir David Cunynghame put London Film into liquidation during April 1959 to help sort out Sir Alexander Korda’s complex estate, suggesting (unsuccessfully) that Churchill bought out the liquidator’s share of M & P. Towers paid one more instalment, taking his total to £35,000, but made no more and History’s film rights remained unexploited at Churchill’s death.

6. C. Lysaght, Brendan Bracken, pp. 327–8. Bracken left an estate of £145,000, mainly to Churchill College, Cambridge. 12, 19 November 1958 WSC ltrs to J. Colville, LlBk, CHUR 1/212/105, 1/3/32: Churchill subscribed £1,000 towards Bracken’s memorial fund.

7. 23 Sep 1958 J. Wood ltr & accounts, CHUR 1/113/80–8.

8. Sep 1958 LlBk statement, CHUR 1/3/43.

9. E. Murray, I was Churchill’s Bodyguard, p. 216.

10. A. Montague Browne, Long Sunset, p. 237; Cassell Papers, SWW Abridgement, cited Reynolds, In Command of History, p. 508.

11. 7 Feb 1959 AMB note to WSC, CHUR 4/448/245–6.

12. 17, 23 Sep 1958 J. Le Vien corresp with AMB, A. Moir, CHUR 4/452/34, 36.

13. 15, 20 May, 29 July 1959 AMB correspondence with J. Le Vien, A. Moir letter to WSC, CHUR 4/452/63, 68, 131. Churchill’s bank account was credited with the first instalment of £17,783 on 30 July 1959. LlBk statement, CHUR 1/106/124.

14. 21 May 1960 Daily Sketch.

15. 26 May 1960 AMB ltr to E. Peterson, CHUR 4/453/64.

16. 4 Jul 1960 AMB memo to WSC, CHUR 4/451/64.

17. 5, 17, 19 Aug 1960 AMB ltr to A. Moir, memo to WSC, H. French ltr to AMB, CHUR 4/449/89, 111; 4/451/88.

18. 21 Oct 1960 A. Moir ltrs to G. Brownell, A. Moir, CHUR 4/449/266, 277.

19. 21 Aug 1960 ER ltr to WSC, M. Gilbert WSC & ER pp. 385–7.

20. 5 Feb 1960 D. Pugh note, CHUR 1/110/147.

21. 16, 18, 29 June 1960 Simon & Coates ltr to LlBk, WSC ltr to Rea Bros, LlBk schedule, CHUR 1/109/9–10, 15, 95.

22. 29 Jun 1960 LlBk schedule, CHUR 1/109/95. The Philip Hill Investment Trust holding was worth £20,000, ICI £15,000.

23. 16 May 1960, 9 Jan 1961 A. Moir ltr to WSC, J. Wood accounts, CHUR 1/111/127, 1/114/13. The previous year’s total of £37,504 included $50,000 or £17,783 from Le Vien for The Second World War rights, £4,200 from M & P for History of the English-Speaking Peoples and £5,498 from Hallmark Cards; the next year’s estimate of £20,000 was made up by another £4,500 from Hallmark Cards, the final £9,000 from The Second World War and £6,300 for A History of the English-Speaking Peoples.

24. 10 Feb 1953 Lord Camrose note, Political Memoranda, Lunch at 10 Downing Street, Camrose Papers.

25. C & T Publications Ltd. 1985 Accounts, Companies House. C & T Publications paid Randolph £9,000 a year (to include the costs of his researchers ands secretaries) but he completed only two volumes before his death in 1968. The task of writing the further six volumes required, each with its own companion volume of documents, fell to one of his researchers Martin Gilbert. Gilbert earned £133,000 from C&T for twenty years of work, mostly funded by the Chartwell Literary Trust.

26. 22 Oct 1961 A. Moir ltr to WSC, CHUR 1/111/90; 22 Jan, 4 Feb 1963, 13 Jan 1964 AMB memo to WSC, ltr to LlBk, Fladgate & Co. account, CHUR 1/107/88, 95; 1/112/138–40. C & T Publications Ltd 1985 Annual Accounts, Companies House. After commission, Churchill received £47,500, spread over two instalments. C & T publications earned revenue of £530,000 from the publishing syndicate.

27. 3 May 1961 H. French ltr to AMB, CHUR 4/450/14.

28. 23 Oct 1961 AMB ltr to H. French, CHUR 4/450/52.

29. 11, 18 Dec 1958, 30 Sep, 8 Dec 1959 W. Nightingall, A. Carey Foster ltrs to WSC, CHUR 1/158/131–3, 143, 1/156/86; 12 Jul, 4 Oct 1959 C. Soames ltrs to WSC, CHUR. 1/160/151, 156; J. Wood, Profit and loss account for Stud, CHUR 1/158/143, 1/114/4.

30. 20 Apr 1960 WSC ltr to MWB, CHUR 2/519/387.

31. U/d 1960, 1961 Racing Wins, CHUR 1/155/3, 5, 1/158/218. The stable won £13,000 of prize money in 1960 and £20,900 in 1961.

32. 14 Jul 1961 AMB memo to WSC, CHUR 1/133/62. Carey Foster’s valuation of bloodstock and stud together came to £168,500.

33. 14, 18 Jul 1961 A. Carey Foster ltr to C. Soames, K. Freeman ltr to WSC, CHUR 1/157/21, 23, 24.

34. 4 Dec 1961 C. Soames ltr to WSC, CHUR 1/133/47–9.

35. 7, 11 Dec 1961 AMB corresp with A. Moir, CHUR 1/133/51, 60.

36. 11 December 1961 A. Moir ltr to AMB, CHUR 1/133/60.

37. 30 Sep 1962, 21 Jun 1963 P. Cox, J. Wood ltrs to WSC, CHUR 1/158/62, 1/114/47.

38. U/d Racing Wins, CHUR 1/155/7, 11; 22, 24 May 1962 WSC ltr to T. Rogers, A. Carey Foster ltr to WSC, CHUR 1/160/56, 1/156/106; 3 Nov 1962 LlBk ltr to WSC, CHUR 1/107/76. Six horses remained in training, winning £12,900 of prize money, led by Vienna, who won twice before being sold at the end of the season for £16,000, again to Tim Rogers.

39. 27 Mar 1962 A. Moir corresp with AMB, CHUR 4/454/132, 133. Signing was delayed until 28 September, in Paris, while Le Vien struggled to find larger studio backers. Churchill received further payments from Twentieth Century-Fox in 1964, but no payments under his share of gross receipts.

40. 9 Aug 1963 AMB ltr to MWB, CHUR 2/519/232.

41. 27, 30 Sept 1963 AMB corresp with A. Moir, CHUR 4/450/289,292.

42. 3 Sep, 2 Oct 1963 AMB ltr to MWB, CHUR 2/519/195.

43. 3 Oct 1963 C. Foreman ltr to AMB, CHUR 4/450/301.

44. Anthony Montague Browne, Long Sunset, p. 236.

45. 9 Dec 1963 D. Pugh ltr to LlBk, CHUR 1/107/140.

46. 3, 18 Dec 1963, 18 Jan 1964 J. Le Vien ltr to AMB, AMB memo to WSC, The Finest Hours Agreement, CHUR 4/454/215,217,223. Churchill received a first cheque for $2,000 on January 1964 when the contract was signed in Paris and was due another $18,000 due as soon as shooting began in July.

47. 15, 24 Apr, 29 Jun 1964 AMB memo to WSC, A. Moir ltr to AMB, AMB ltr to LlBk, CHUR 4/445/255,268; 4/456/104–7; 1/107/165. The £20,000 advance was against a royalty rate of 15 per cent.

48. 23 Mar 1964 A. Moir ltr to AMB, CHUR 4/457/1.

49. 24 Sep 1964 AMB ltr to J. Wood, CHUR 1/133/197.

50. 15 Oct 1964 A. Moir ltr to AMB, CHUR 1/111/259. Soames was to pay 10 per cent of winnings up to £1,500; 33 per cent up to £3,000 and 50 per cent above.

51. 21, 27 May 1964 AMB notes to WSC, CHUR 1/133/136–7, 152. The stud had been expanded in 1964 by the purchase of the neighbouring Leylands farm, complete with a bungalow for a future stud manager, for £16,000. 10 Sep 1964 A. Carey Foster ltr to WSC, CHUR 1/133/182, 186. Churchill’s final property deal was the September 1964 purchase of 4½ acres’ grazing next to the stud for £900.

52. U/d Dec 1964 C. Soames note to WSC, CHUR 1/133/218.

53. 19 Aug 1963 A. Moir ltr to AMB, CHUR 1/115/6.

54. 16 Nov 1964 AMB ltr to A. Moir, CHUR 1/115/63–67.

55. 21 Dec 1964 A. Moir ltr to Davis Polk, CHUR 1/115/102–106.

Epilogue

1. 20 Oct, 27 Oct 1961, 12 December 1963 WSC last will and testament, subsequent codicils, www.gov.uk.

2. 9 Feb 1965 Grant of Probate, www.gov.uk.

3. 11 Jun 1968 J. Petrie, Estate Duty Office, NA T227/2810.

4. 9 Feb 1965 Grant of Probate, www.gov.uk; Jan–Feb 1965 LBA B/1034/B/12. Shares sold by Churchill’s executors raised £45,000: 9,000 ICI shares raised £19,240; 6,850 BRINCO [The British Newfoundland Development Corporation] shares £11,815; 15,000 Philip Hill Investment Trust shares £14,063. Also sold, without any recorded sums raised, were shares in East African Estates, Van-Tor Oils and Explorations and Permo Oil & Gas. Churchill’s other assets at his death included local authority loans, £40,423 raised by the sale of government bonds, bank deposit accounts, properties at 27 and 28 Hyde Park Gate, personal chattels and paintings. Churchill’s executors’ accounts will remain closed until 31 December 2035.

5. M. Soames, Clementine Churchill, pp. 555–9.

6. Feb 1967 valuation schedules, NA T22/2809.

7. 7 May 1968 R. Alley ltr to Estate Duty Office, NA T 227/2810.

8. 31 Oct 1968 J. Colville ltr to R. Jenkins, NA T227/3933.

9. www.nationaltrust.org.uk/chartwell/prices; the Association of Leading Visitor Attractions. Chartwell’s admission price for adults in 2015 is £14.30 (143 times the 1966 price). It recorded 226,582 visitors in 2014.

10. 4 Mar 1977 UPI press release. Mimizan, painted in 1924, fetched £29,000; The Pope’s Palace at Avignon nearly £16,000. The other paintings were a portrait of Clementine and Sarah by Sir John Lavery and Nesting Swan and Black Swans at Chartwell by William Nicholson. 14 Jul 2007 www.telegraph.co.uk: in 2007, Churchill’s Chartwell Landscape with Sheep, originally presented to Henry Luce, became the first of his paintings to sell for £1 million. In December 2014 a buyer paid £1.8 million for The Goldfish Pond at Chartwell, one of the paintings from the estate of Lady Soames sold at auction by Sotheby’s.

11. 27 Jun 1952 N. Brook memo to J. Colville, memo of conversation with A. Moir, CHUR 4/41/316, 317–9.

12. 24 Sep 1968 Calendars of The Grants of Probate & Letters of Administration, OxfordDNB.com. Randolph left £70,000 before estate duty.

13. 28 May 1971 J. Colville ltr to B. Trend, NA LCO 67/50.

14. 19 Jul, 8 Sep 1971 B. Trend corresp with J. Colville, ibid.

15. 17 May 1990 P. Andrews ltr to M. Phippard, NA TS 27/1584.

16. 27 Mar 1991, N. Tebbit ltr and enclosure to J. Major, NA LCO 67/50.

17. 13 May, 12 Aug 1991 R. Butler memo to J. Major, P. Andrews ltr to Y. Woodbridge, ibid.

18. 25 Jul 1991 M. Hart QC and W. Charles opinion, NA LCO 67/50.