Pauli writes about his decision to remain in Zurich. For the USA he forsees, in about five years, the danger of increasing interference by the military authorities in physical research. As regards Einstein's field equations, he does not believe that the classical field thery can yield any new results. One has to wait for a new generation of young physicists. He also writes of Bertrand Russel's lectures in Zurich.

Pauli mentions the recent results about the magnetic moment of the free neutron and adds a lengthy theoretical comment to this.

Pauli says that Ma's redundant S-matrix zeros invalidates a Heisenberg equation. He writes that he received Heisenberg's papers. He makes travel plans to Stockholm and Copenhagen. He learns the Riesz-Gustafson method.

Pauli writes that Blackett will convey reprints to Heisenberg. He makes progress on the Riesz-Gustafson method.

Pauli does not believe that there exists a key for derivation of a quantum S-matrix from an arbitrary classical Hamiltonian. Without a theory which determines e2/(n.c) no real progress is possible.

Pauli gives an impression of his visit to Stockholm and Copenhagen on the occasion of his Nobel-lecture. He regrets that an exhibition of Kelder's sculptures cannot be arranged in Zürich.

Pauli replies to Schrödinger's letter of the 26th January 1947. He thinks that they lack coherency and are artificial. He says that the physical validity of these equations will probably soon be classified by their further consequences.