Milan, 12 November 1888
Eg. Sig. Rag. Paolo Cardani
S. Damiano 12
City
(Confidential)
As agreed, I am privately sending you the open account my dearly departed father maintained with our Firm. I do not believe the other shareholders will have anything to say regarding the balance, which was drafted with all possible prudence. In any case however, this balance will only be definitive after it has been regularly approved. From the aforementioned account, Sig. Tito Ricordi was in debt to our administration for circa £20,000. I note, however, that because of the private understanding between my father and myself, I agreed to deposit 5% on the share in my name, corresponding to £13,333.33 for the 8 months of business activity. Since it is not necessary for the moment to settle the aforesaid account with our Firm, we can leave the account open, and I could direct the £13,333.33 in a few days to whoever is the designated recipient. Therefore I would ask that you work out the form of the receipt, which completely discharges and gives me warranty, with my proxy, Sig. Avv. Dina .
Always at your service, Eg. Signore, may I offer my respects and consideration.
Most sincerely, Giulio Ricordi