On a Christmas Eve many years ago Scrooge promised the Ghost of Christmas Yet to Come that he would live in the Past, the Present, and the Future--and not shut out the lessons that they teach.

As for the Past--this Christmas issue of TIME, with its reports on how Americans are moving into the Christmas of 1948, may serve to remind you of some of TIME'S Christmas stories of other years.

As for the Present--to all of you, for all of us, I send my best wishes for a merry, oldfashioned, fun-filled Christmas.

As for the Future--may it be a golden one everywhere for men of good will.

Cordially yours,

P.S. Some of the paragraphs and illustrations reproduced on these pages are being used in the card we are sending this year to people who will receive gift-subscriptions to TIME.

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