1. We inform you that our business, which has been carried on ;most successfully for the last twenty years, will be turned into a limited company on the 30th May; and from that date it will be continued under the firm-name of the P.P.N. Co.,Ltd.

2. We refer you to the enclosed circular announcing the reorganization of the above firm, and would assure you that any commission with which you may favour us will receive the same care and attention as in the past.

3. We are now a private Limited Company, and we shall be glad if you will in future make out remittances to us to H.E.