Not sure I consider the aircraft division a 'folly'. The Millicer design was fantastic and the airtourer a force to be reckoned with.
G'day prd I certainly am not disputing the points you have made. I think you are quite right - 'folly' is not the right descriptor at all.
I guess the 'folly' is a hindsight thing, in the way (again) that un-foreseen events (American interests) and government (lack of protection and financial backing) played their hands. It was a folly in hindsight; not its inception. The Victa Airtourer failed because of governmental failure to support innovation. I hope that is a fair point on the subject (see attachment).
In terms of dreaming ... it's a great story isn't it? Perhaps analogous to the American Tucker:
Your last comment is profoundly sad in scope. I hope, some day, we will be better informed about those years, and Mervyn's last years.