350 THE MEYNELL HOUNDS. 



committee, was unavoidable on their part, being principally 

 caused by the great and sudden increase in the cost, both 

 of materials and labour. The original agreement with 

 Lord Vernon was for a lease of twenty-five years, but in 

 consequence of the increased expenditure on the buildings, 

 it was arranged between the Committee and Lord Vernon 

 that the term should be extended to forty years. 



Subsequently, however (viz. in January, 1877), on the 

 request of the committee, and upon a representation of 

 all the circumstances connected with the erection of the 

 buildings, Lord Vernon voluntarily agreed to extend the 

 lease from forty to sixty years, for which concession his 

 lordship received no consideration whatever. 



The necessity of dealing with the debt of £5324 55. 3c?. 

 has for some time forced itself upon the committee, and 

 in January last they received a communication from the 

 Bank, calling their attention to the fact that the loan had 

 already existed for nearly six years. 



It became necessary that some fresh arrangement 

 should be made, and it was suggested that if Lord Vernon 

 would kindly consent to waive the restriction in the lease 

 as to assignment or underletting, a greater portion of the 

 debt might be raised on mortgage of the lease. 



On a representation to this effect being made to Lord 

 Vernon, his lordship at once offered to advance £4000 of 

 the debt on security of the lease, provided the balance 

 were paid off by the country, and provided the payment 

 of the interest and of a sinking fund of not less than £200 

 per annum were duly provided for. To meet this require- 

 ment, the committee at their last meeting passed the 

 following resolution : — 



That a sinking fund of £200 be established, and that 

 it be a first charge upon the subscriptions received each 

 year, and that the interest on the kennel debt, viz. the 

 £4000 proposed to be advanced by Lord Vernon, be also 

 a first charge upon the subscriptions, and with this his 

 lordship has expressed himself satisfied. 



The committee are glad to take this opportunity of 



