In a letter to the director of Steinway & Sons’ Hamburg branch Walter Günther, dated with this day, Yamaha’s business manager Akio Nagaoka offers that Yamaha should become Steinway & Sons dealer in Japan, to replace the current dealer, Mr. Matsuo, who sells Steinway & Sons pianos at 23% discount and hardly makes any profit for the company. Walter Günther replies with the letter that contains polite refusal.