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The "All Clear" was the siren sounded at the end of an air-raid--to mark the departure of the last enemy bombers. Thankfully, it's a sound (and even a phrase) unfamiliar to today's youth.
Britain was still subject to periodic air attacks when Vera Lynn and the Montovani Orchestra recorded this song in 1941--music by Hugh Charles, lyrics by Louis Elton:
WHEN THEY SOUND THE LAST "ALL CLEAR"
When they sound the last all clear,
How happy my darling we'll be,
When they turn up the lights,
And the dark, lonely nights,
Are only a memory.
Never more we'll be apart
Always together sweetheart
For the peace bells will ring
And the whole world will sing,
When they sound the last all clear.