She could not follow the ugly academic jargon, that rattled itself off so glibly, but said to herself that she saw now why going to the circus had knocked him off his perch, poor little man, and why he came out, instantly, with all that about his father and mother and brothers and sisters, and she would see to it that they didn't laugh at him any more; she would tell Prue about it. What he would have liked(1), she supposed(2), would have been to say(3) how he had gone(4) not to the circus but to Ibsen with the Ramsays. He was an awful prig –– oh yes, an insufferable bore.
(Virginia Woolf, To the Lighthouse)
What’s the time orders between (1), (2), (3), and (4)?
When I consulting the reference time (2), it seems (4) < (1) < (3). But I think there’s no need to have perfect tense in “What he would have liked.” This is confusing me.