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The following is a verbatim retyped rendition of a report from George L. "Pappy" Paxton regarding the 'State of the Flying Tigers'; here my dad's annotation reads:  "A mighty big bargain for the allies, this A.V.G. record:"

45 Prospect Pl., Tudor City, Apt.1004
New York City
                                                                                                                                             June 10, 1943
Dear "Veteran of the AVG" :--Tigers or Whatnots:--

     Several of us were fortunate enough to see General Chennault while he was in Washington recently and in order that more of you may be acquainted with some of the AVG developments I take this means of advising you:

AVG COST:  The total cost to the China Defense Supplies; Inc. for the AVG is:
                       For 100 P-40 Planes                                                                         US$  7,500,000.00
                       Commission on Planes                                                                                 250,000.00
                       Estimated additional expenses for Insurance, Freight etc                           254,267.46
                       Advance to Camco as agent for AVG program                                        2,995,732.54
                       TOTAL   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -      US$  11,000,000.00
                       Less a wide estimate of $ 2,000,000.00 value turned over the Army
The AVG in China accounted to Camco for the sum of US$ 761,395.49.  Camco took this into their books, broke it down into various expense items, and accounted to China Defense Supplies for the total advances to Camco as follows:
Cash and Receivables               US$      323,985.58          Air Freight (Far East)                 US$      28,076.91
Salaries Paid                                        1,551,187.55          Airplane Operating (F. East)                 104,298.09
Death Benefits                                          83,100.00          Dormitory & Labor                                 33,468.26
Victory Bonus                                         148,499.87          Tools, Fix. & Supplies                               29,523.45
Travel & Transportation                        577,472.19          Paid Heacock Co., Manila                      25,000.00
Sta.,Postage,Cables,Fur.                           40,674.54          Miscel                                                       36,806.78
Rent                                                          13,639.32          TOTAL                                     US$   2,995,732.54

Ed. Note:  The remainder of the letter is personal AVG business and is omitted from this page.