Dear Sir,

　　We regret to inform you that our senior partner,Mr.Jim Smith,who through ill-health had not recently taken an active part in the management of the partnership,had decided to retire on 31st March next.

　　The withdrawal of his capital by Mr.Smith will be made good by contributions from the remaining partners and the amount of the firm’s capital will therefore remain unchanged.The firm will continue to trade under its present title of Friendship Financial Co.and there will be no change in its established policy.

　　We trust that the confidence you have shown in the firm in the past will not in any way be diminished by the altered arrangement and that we may rely on your continued custom.We shall certainly do everything possible to ensure that the firm’s present standards of service are maintained.?　　

　　Yours faithfully,