liv 
Monthly  Council,  July  21,  1904. 
1903  by  pledging  to  the  Society’s  bankers 
the  Society’s  holding  of  13,1007.  in  the 
Harewood  House  Debenture  Stock  Ots 
only  free  asset),  on  the  collateral 
security  of  which  the  bank  has  ad- 
vanced to  the  Society  during  the  last 
twelve  months  the  sums  required  for 
its  operations. 
.5.  The  heavy  loss  on  the  Show  of  1904 
has  imposed  upon  the  Council  the 
necessity  of  applying  to  the  bank  for 
an  extension  of  time  for  the  repayment 
of  their  advance  of  i9o3,  and  for  still 
further  advances  of  large  amount  to 
meet  the  Society’s  obligations  in  the 
matter  of  prizes,  administration  ex- 
penses, showyard  works,  advenising, 
printing,  and  other  outgoings  in  con- 
nection w'ith  the  recent  Show,  as  well 
as  for  ordinary  expenses  up  to  the  end 
of  1904.  It  is  estimated  that  10.0007. 
more  will  be  required  before  the  recess, 
and  .3,0007.  during  the  coming  autumn 
and  winter,  to  meet  the  other  obliga- 
tions of  1904.  This  being  so,  the  Trustees 
held  a third  meeting  (<n  Friday,  July  1.3, 
and  were  fortunate  in  being  able  to 
arrange  with  six  of  their  number  to 
guarantee  to  the  Bank  sums  of  varying 
amount  which  are  equal  in  the  aggre- 
gate to  the  total  further  sum  required, 
1.3,0007. 
6.  It  will  be  understood  by  the  Council 
that  these  guarantees  are  temporary 
only,  and  are  given  by  the  guarantors 
in  order  to  enable  the  Council  to  have 
time  to  consider  the  Society’s  position, 
but  meanwhile  to  meet  the  Society’s 
Show  obligations  that  are  customarily 
discharged  at  this  period  of  the  year, 
and  its  ordinary  outgoings  up  to  the 
end  of  1904.  Such  guarantees  will  be 
collaterally  secured  by  the  deposit  with 
the  bankers  of  the  Society’s  holding  of 
1.3,000  shares  in  Park  Royal  Limited, 
and  by  an  undertaking  to  be  given  by 
the  Society  to  execute,  if  required,  a 
second  mortgage  of  7,5007.  on  Harewood 
House,  to  rank  after  the  existing  .stock. 
Unless  other  means  can  be  found  of 
putting  the  Society  into  funds,  it  will 
obviously  be  necessary  to  realise  event- 
ually one  or  more  of  these  assets,  to 
repay  the  bank  or  the  guarantors — who 
wiU  have  to  engage  with  the  bank  to 
honour  their  guarantees  not  later  than 
July  31.  1905,  if  called  upon  to  do  so. 
7.  With  regard  to  the  future,  it  is 
obvious  that  a careful  consideration  of 
the  whole  circumstances  of  the  Society 
must  be  given  by  the  Council  as  soon 
as  may  be  found  possible  after  the 
recess,  and  before  any  future  engage- 
ments as  to  Shows  or  the  like  can  be 
entered  into.  In  this  connection  the 
following  suggestions  are  submitted;— 
Suggestions. 
I.  That  a careful  statement  should  be 
drawn  up  under,  as  far  :is  possible,  the 
headings  of  the  several  Committees  of 
the  Council,  showing  the  work  of  each 
of  the  different  departments  of  the 
Society  (including  Park  Royal  Limited), 
and  indicating  how  much  it  costs ; also 
stating  how  tar  work  which  the  Society 
once  did  as  pioneer  is  now  duplicated 
by  other  organisations.  The  terms  of 
such  a statement  might  be  settled  by 
a very  small  Committee,  to  consist  of 
the  President,  Sir  Nigel  King.scote  (re- 
presenting Finance),  Sir  John  Thorold 
(representing  Jhe  Scientific  branches  of 
the  Society’s  wmrk),  and  Mr.  Crutchley 
(as  representing  the  Shows),  the  Chair- 
man of  each  of  the  Standing  Committees 
being  taken  into  consultation  as  to  the 
references  made  in  such  statement  to 
the  work  of  his  own  Committee. 
II.  That  there  should  be  next  October, 
in  the  week  of  the  Dairy  Show'  (October 
4 to  7) 
(а)  A Conference  between  the 
Society’s  Implement  Committee 
and  the  exhibitors  in  the  Imple- 
ment Department  at  the  Show  of 
1904,  with  a view  of  endeavouring 
to  ascertain  the  measure  of  support 
which  such  exhibitors  are  likely  to 
give  to  Shows  held  by  the  Society 
in  the  future.  [Fixed  by  Council  for 
Wednesday,  October  5,  at  11  a.ni.j 
(б)  A (Conference  between  the 
Society’s  Stock  Prizes  Committee, 
and  the  exhibitors  of  live  stock  in 
1904,  together  with  representatives 
of  the  various  Breed  Societies,  for 
the  purpose  of  hearing  their  view's 
about  the  Society’s  Show  and  prize 
sheet,  and  also  of  ascertaining  the 
amount  of  financial  support  in  the 
way  of  guarantees  or  otherwise  that 
they  would  be  willing  to  give  to  the 
Show.  [Fixed  by  Council  for  Wednes- 
day. October  5,  at  2.30  p.m.'] 
(c)  A meeting  of  the  full  Council 
of  the  Society  to  hear  the  results 
of  the  two  Conferences  above 
mentioned,  and  to  consider  the 
terms  of  the  statement  referred  to 
in  Suggestion  I.  [Fixed  for  Thurs- 
day, October  6,  ni  11  a.j?i.] 
HI.  That  upon  such  statement,  &c., 
should  be  based  a circular-letter  to  both 
Annual  Members  and  Life  Members, 
pointing  out  the  necessity  of  increased 
financial  support  from  them,  if  the 
Society’s  operations  are  to  be  carried 
on  as  at  present  or  even  in  a modified 
form,  and  seeking  their  views  as  to  such 
points  as : — 
(а)  A voluntary  increase  of  their 
own  subscriptions. 
(б)  The  abandonment  of  any  of 
the  departments  of  the  Society’s 
work  to  enable  others  to  be  carried 
on  with  due  efficiency. 
(c)  The  amendment  of  the 
Society’s  Charter  so  as  to  provide 
[hiter  alia)  modern  methods  of 
election  to  the  Council  (w'hich 
could  be  done  by  obtaining  a 
Supplementary  Charter  repealing 
Clause  6 and  substituting  pow'er 
for  a General  Meeting  to  make 
from  time  to  time  Bye-law’s  as  to 
election  to  the  Council). 
(f?)  Other  points  that  may  suggest 
themselves. 
I'F.  That  the  answers  to  this  circular 
should  be  considered  by  the  Council  at 
their  November  meeting,  and  that  a 
Report  be  based  thereon,  to  be  laid 
before  the  members  at  a Special  Meet- 
ing to  be  called  for  the  purpose  as  early 
as  possible  in  November,  w'hen  a final 
