Financial  Statement  of  Pack  Royal,  Limited, 
XXV 
3.  The  Company  came  into  possession  of  the  Park  Royal  estate  by  formal 
transfer  from  the  Royal  Agricultural  Society  under  an  Agreement  dated 
December  10,  1903.  The  property  transferred  by  this  Agreement  to  the 
Company  consists  of — 
(I.)  The  freehold  of  101  acres,  3 r.,  5 p.,  of  land  situated  in  the  parishes 
of  Twyford  and  WiUesden,  which  land  was  bought  by  the  Ro}^al 
Agricultural  Society  in  1901  for  a total  sum  of  26,146/.  16«.  Or/.,  of 
which  22,000/.  was,  at  the  date  of  the  transfer,  on  mortgage  at 
4 per  cent,  (now  converted  into  22,000/.  4 per  cent,  first  mortgage 
debenture  stock  of  this  Company),  and  4,146/.  16.s’.  Od.  had  been 
paid  in  cash  out  of  the  “Permanent  Show  Fund”  raised  by  the 
Society. 
(II.)  A lease  of  two  pieces  of  land  adjoining,  and  amounting  together  to  15 
acres,  2 r.,  35  {>.,  and  a farmhouse  known  as  Twyford  Abbey  Farm, 
held  for  5 years  from  September  29, 1902,  at  a rental  of  100/.  a year, 
with  an  oi>tion  during  that  period  of  purchasing  the  fee  simple  at 
the  rate  of  500/.  per  acre,  with  1,000/.  additional  for  the  house  and 
garden. 
4.  In  addition  to  the  land  known  as  the  Park  Royal  estate,  the  Company 
has  acquired  the  benefit  of  the  various  improvements  on  the  estate  and  in  the 
approaches  thereto  which  have  been  effected  out  of  the  “ Permanent  Show 
Fund”  raised  by  the  Royal  Agricultural  Society  for  this  purpose,  and  adminis- 
tered by  the  Site  Committee — the  predecessors  of  the  Directors  of  this  Company. 
Up  to  the  date  of  the  formation  of  the  Company,  the  sum  of  28,440/.  17.s.  9</. 
had  been  received  on  capital  account  for  the  Permanent  Show  Fund,  27,557/.  7.t., 
representing  actual  donations,  and  the  balance  of  883/.  10.<.  9r/.  representing 
interest  and  other  miscellaneous  items  [for  the  details,  see  Journal,  Vol.  64, 
pp.  clxxii-clxxiv].  Of  this  sum,  4,146/.  16«.  had  been  paid  in  cash  on  account 
of  the  purchase  price  of  the  land,  19,493/.  16.<.  9rf.  had  been  spent  for  various 
improvements  to  the  property,  2,245/.  12.s-.  \d.  for  preliminary  expenses  of 
1901-1902,  and  550/.  13.V.  8r/.  for  expenses  in  the  formation  of  this  Company 
itself.  In  addition,  the  fund  had  received  from  the  Royal  Agricultural  Society 
the  sum  of  1,200/.  in  respect  of  the  “rent”  payable  for  the  use  of  the  ground 
for  the  Show  year  ended  September  30,  1903,  and  had  spent  against  such  rent 
a total  sum  of  1,048/.  8.«.  3rf.,  thus  leaving  a balance  of  151/.  Iks'.  9r/.  to  be 
carried  forward. 
5.  The  net  result  of  these  operations  is  that  on  December  31,  1903,  when 
the  functions  of  the  Site  Committee  came  to  an  end,  there  was  a balance  of 
2,155/.  11«.  Od.  unexpended  of  the  Permanent  Show  Fund;  and  under  the 
Agreement  of  December  10,  1903,  any  such  balance  was  to  be  paid  over  to  this 
Company,  who  are  to  apply  the  same  in  completing  such  of  the  works  as  were 
then  in  progress,  and  in  executing  such  further  works  as  may  be  agreed  upon, 
and  otherwise  for  the  objects  and  purposes  of  the  Company.  The  Company  will 
moreover  have  the  benefit  of  an  additional  1,000/.,  the  balance  due  in  1905  of  a 
donation  already  promised  to  the  Society,  and  of  the  proceeds  of  the  remainder 
of  the  hay  made  on  the  ground  in  1902,  and  now  valued  at  310/. 
6.  Since  the  registration  of  the  Company,  the  Directors  have  held  frequent 
meetings  with  the  view  of  settling  the  procedure  of  the  Company  and  the 
administration  of  its  affairs,  particularly  as  to  the  letting  of  the  ground  for 
VOL.  65.  EE 
