XXIV 
PARK  ROYAL,  LIMITED. 
FINANCIAL  STATEMENT 
Presented  at  the  Statutory  Meeting  of  Park  Royal,  Limited, 
Held  at  13  Hanover  Square,  London,  W., 
On  Tuesday,  February  23,  1904. 
1.  PARK  ROYAL,  Limitki),  was  incorporated  on  November  2G,  1903,  in 
order  to  carry  into  effect  the  following  recommendations  of  the  Site  Committee 
of  the  Royal  Agricultural  Society  in  their  Report  of  October  20, 1903,  ap])roved 
by  the  Council  on  November  -1,  1903  [see  Journal,  Vol.  64,  pp.  Ixxi-lxxiiij  : — 
Further  developments  ot  one  and  another  kind,  not  agricultural  in  character, 
appear  possible  on  the  site  ; and  these  can  obviously  not  be  managed  and  controlled 
by  the  Council  of  the  Royal  Agricultural  Society.  Some  organisation  of  a more 
specialised  kind  appears  essential  to  deal  with  the  great  variety  of  maf  ters  connected 
with  the  administration  ot  a property  of  this  kind;  even  if  there  were  not  the 
paramount  necessity  of  regularising  in  the  fonn  of  tangible  securities  the  money 
already  borrowed  on  mortgage,  and  the  money  to  be  borrowed  as  a second  charge 
upon  the  property. 
After  the  most  careful  and  prolonged  consideration  of  this  matter  in  all  its 
hearings,  the  Site  Committee  are  unanimously  of  opinion  that  the  prompt  and 
effective  administration  of  Park  Royal  would  for  the  future  best  be  secured  by 
making  it  a separate  undertaking  from  the  Society's  ordinary  operations.  It  would, 
ot  course,  remain  under  the  general  jurisdiction  of  the  Council,  but  its  detailed 
administration  throughout  the  year  would  be  entrusted  to  a small  number  of 
persons,  who  would  be  nominees  of  the  Council,  appointed  by  and  removable  by 
them.  The  Committee  think  that  the  most  satisfactory  and  expeditious  manner  of 
arranging  this,  and  also  for  putting  the  various  obligations  charged  upon  the  estate 
upon  a proper  financial  basis,  would  be  to  create  and  register  a private  company 
(which  might  be  called  Park  Royal,  Limited). 
Tiie  balance  of  the  estimated  value  of  the  property  when  the  Company  was 
created,  would  be  represented  by  shares  of  Park  Royal,  Limited.  All  these  shares, 
with  the  exceittion  ot  the  few  registered  in  the  names  of  individuals  (who  will  in 
any  case  be  nominees  of  and  trustees  (or  the  Society)  in  order  to  enable  flie  Company 
to  be  foimed  under  the  general  law,  would  be  registered  in  the  name  of  the  Royal 
Agricultural  Society. 
2.  'I'he  share  capital  of  Park  Royal,  Limited,  was  fixed  at  L5,000/.  in 
1.5,000  shares  of  IZ.  each,  this  sum  being  the  estimated  surplus  value  of  the 
estate  after  providing  for  the  mortgage  (22.O00Z.)  on  the  jiroperty,  which  has 
now  been  converted  into  an  equivalent  amount  of  4 per  cent,  debenture 
stock  of  the  Company.  All  the  1.5,000  shares  of  the  Company  with  the 
exception  of  seven  (held,  as  Trustees  for  the  Society,  by  the  seven  signatories  to 
the  Memorandum  of  Association — the  six  Directors  and  Sir  Ernest  Clarke) 
have  been  registered  in  the  name  of  the  Royal  Agricultural  Society  of  England. 
The  22,000Z.  ilebenture  stock  has  also  been  issued,  under  authority  of  a Trust 
Deed  on  behalf  of  the  debenture  stock  holders,  for  whom  Earl  Cawdor,  Sir 
John  Thorold,  Bart.,  and  Mr.  E.  D.  Lambert  have  consented  to  act  as  Trustees. 
