Thursday,  Decemher  8,  1904. 
233 
Stock  held  by  the  Society  ; (2)  obtained  from  the  Bank  a 
further  temporary  loan,  under  the  guarantee  of  certain  of  the 
Trustees,  amounting  now  to  3,000^.  ; (3)  borrowed  a further 
7,500Z.  on  the  Harewood  House  property.  The  last  named 
obligation  is  capable  of  being  dealt  with  at  a later  stage  ; but 
it  is  obvious  that  within  the  next  few  months  the  Society  must, 
independently  of  its  other  difficulties,  find  some  means  of 
repaying  to  the  Bank  the  15,000/.  which  it  has  advanced,  and 
on  which  interest  at  4 per  cent,  is  running  against  the  Society. 
One  way  of  doing  this  would  of  course  be  by  the  sale  of  the 
Park  Royal  Estate  ; but  the  present  Council  cannot  take  the 
responsibility  of  recommending  this,  in  view  of  the  fact  that 
Park  Royal  is  a rapidly  improving  property  of  which  the  full 
benefit  cannot  be  reaped  by  the  Society  if  it  should  have  to  be 
disposed  of  before  the  expiry,  seven  years  hence,  of  the  right  of 
pre-emption  at  50  per  cent,  advance  on  the  purchase  price, 
retained  by  the  original  vendor  when  the  property  was  bought 
in  1901.  Moreover  the  sale  of  Park  Royal  might  leave  the 
Society  without  any  place  to  hold  a Show  except  by  the 
invitation  and  with  the  financial  assistance  of  particular 
localities. 
12.  The  Council  are  naturally  anxious,  on  general  grounds, 
that  the  Society’s  debts  to  its  Bankers  and  others  should  be 
paid  off  as  soon  as  possible ; but  at  the  same  time  they  think 
it  important  that  the  question  of  the  fxiture  Shows  of  the 
Society  after  1905  should  not  be  now  prejudged,  but  should 
be  left  for  final  settlement  in  the  hands  of  the  new  Council 
directly  representative  of  the  Members,  to  be  elected  as  soon 
as  the  Supplemental  Charter  now  being  asked  for  has  been 
granted.  The  Council  regard  it,  therefore,  as  of  the  utmost 
importance  that  the  sale  of  the  Park  Royal  Estate  should  not 
at  this  moment  be  forced  upon  the  Council,  as  would  appear 
to  be  unavoidable  to  pay  the  Society’s  debts  unless  further 
financial  assistance  is  received.  They  appeal  therefore  to  all 
well-wishers  of  the  Society  (whether  Annual  or  Life  Members) 
(A)  to  make  contributions  towards  paying  off  the  Society’s 
debts,  particularly  the  temporary  loan  of  15,000/.  obtained 
from  the  Bank,  and  (B)  to  increase  their  annual  subscriptions 
for  the  future  to  such  an  amount  as  they  feel  disposed,  to 
enable  the  Society  to  have  a sufficient  assured  income  to 
continue  the  various  departments  of  public  usefulness  which 
it  has  carried  on  for  so  many  years.  The  Council  have  already 
received  contributions  amounting  in  all  to  1,238/.  17s.  Od.  from 
167  Governors  and  Members  towards  paying  off  the  Society’s 
debt ; and  have  also  been  promised  increased  subscriptions  in 
future  years,  ranging  from  25/.  to  1/.,  from  66  Life  and  42 
Annual  Members,  amounting  in  all  to  196/.  4s.  Oc/.  per  annum. 
