Howard Hughes and Noah Dietrich (the chief Executive Officer of the Howard Hughes Corporation from 1925-1957), during a dinner in Houston honoring Hughes' world flight.
Description given with photo: "Losing Money on Flying Boat, Says Hughes, Culver City, Calif.: Howard Hughes (center, facing camera) makes his first appearance before the press since the start of the senate investigation into his multi-million dollar plane contracts. Hughes said the government is getting its $18,000,000 worth out of his big, eight-engined flying boat but he's losing money. the plane has yet to be flown. Credit (ACME). 7-30-47."
Transcribed from back of photo: "Howard Hughes (in cockpit) warms up the XF-11 for its initial test flight. It is one of the world's fastest long-range photographic planes, July 7, 1946."