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surprise announcement. This drive netter over a million-and-a-
half dollars, all told, with $676,475 in series E, F, G. and
$449,320 in E bonds alone. Since that would take care of three
bombers, and the 9th grade shared the honors with their nearest com-
petitors, the 8th grade and the Elementary School. The dedication
was arranged by special permit from the Engineers to center
around the Memorial Flagpole on the old campus. As President
Shepard had just announced his resignation, the children planned
to make this their official farewell to him. So, on April 25th, the
classes gathered and marched down Metcalf Street to Punahou.
Some of the newcomers had never seen the campus except from out-
side the barbed wire, and for the rest it was the first visit since
December, 1941.

The elementary children wanted their plane named by its crew.
Grade 8 dedicated theirs as Peter, nickname of Montague Water-
house, whose death in a plane crash had been recently announced,
and the 9th grade called theirs Red Jack for Major Jack Johnson,
killed in action in Italy.

In the 6th War Loan (January, 1945) Punahou's quota was raised
to $600,000 and the students decided to equip a 2000-bed hospital.
A grand total of two-and-a-half million dollars worth of bonds was
sold this time: $622,225 were in the E, F, G, series and $616,400
counted in the contest. This time the 8th grade "pushed its
ambulance up the hill to the hospital" ahead of the others and so
they conducted the dedication exercises. The school received
a Treasury citation for its excellent work, and it was announded
that Punahou had conributed over a fourth of the total sales by
the schools of the Territory.

It was plain, however, that it would be increasingly difficult
to keep the childfen going much longer, and when April of that
same year brought another request for $500,000 it was too late in
the school year to reach more than half of the quota. E, F, G
bonds added up to $240,000 when the last accounting was made,
and even the celebration of "V. E. Day" didn't suffice to make
this last drive a complete success. This fact must be remembered
when we analyze the reasons for pupil-resistance which developed
in the Punahou War Memorial drive, starting as soon as school
reopened in the fall of 1945.

Nevertheless, Punahou children and teachers together had
bought or sold nearly two million dollars worth of E, F, G bonds.
This represented sales to indivisuals. The rest of the nearly five
million credited to the school came from business firms which
made their investment in the school's name when they were
solicited by students. Such sums were not counted in school
competitions, because the students were urged to concentrate on
sales of the anti-inflationary E, F, G bonds. It represnted a real

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