Montlilij  Cotiiicil,  December  7,  11)04. 
xxviii 
financial  assistance  which  it  used  to 
receive  from  the  localities  formerly 
visited,  hear  the  money  loss  which  the 
holding  of  a Show  must  now  almost 
certainly  entail  from  the  probable  re- 
ceipts falling  short  of  the  necessary 
expenditure. 
6.  The  remedy  seems  to  lie  (1)  in  a 
considerable  voluntary  increase  of 
annual  subscriptions  by  Governors  and 
Members  to  enable  the  Society  to  con- 
tinue aU  its  operations : (2)  in  the 
building  up  of  a Reserve  Fund  to  meet 
the  possible  losses  from  the  holding  of 
the  Shows  (wherever  held). 
7.  The  financial  position  of  the  Society 
at  the  end  of  thisyear  will  be  as  follows ; 
In  order  to  pay  tor  the  losses  on  the  1904 
Show  and  its  current  obligations  up  to 
the  end  of  this  year  the  Council  have  (1 ) 
arranged  with  the  Society's  Bankers  to 
continue  until  July  31,  1905,  the  loan  of 
12,0tW/.  granted  by  it  in  1903  on  security 
of  the  Hare  woodHouse  Debenture  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  3.000Z.;  (3) 
borrowed  a further  7,500/.  on  the  Hare- 
wood  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  diffi- 
culties, find  some  means  of  repaying  to 
the  Bank  the  15,000/.  which  it  has  ad- 
vanced, and  on  which  interest  at  4 per 
cent,  is  running  against  the  Society. 
8.  One  way  of  doing  this  would  of 
course  be  by  the  sale  of  the  Park  Royal 
estate ; but  the  Finance  Committee 
cannot  take  the  responsibility  of  re- 
commending this,  in  view  of  the  fact 
that  Park  Royal  is  a rapidly  improving 
property  of  which  the  full  benefit  can- 
not be  reaped  by  the  Society  if  it  should 
have  to  be  disposed  of  before  the  ex- 
piry, 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. 
9.  The  Finance  Committee  are  natu- 
rally anxious,  on  general  grounds,  that 
the  Society’s  debts  to  its  Bankers  and 
others  should  be  paid  ofl/  as  soon  as 
possible ; but  at  the  same  time  they 
think  it  important  that  the  question  of 
the  future  Shows  of  the  Society  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  lor  has  been  granted. 
10.  The  Committee  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  unavoid- 
able to  pay  the  Society's  debts  unless 
the  Members  will  come  forward  with 
further  financial  assistance.  They 
suggest  therefore  that  Members  should 
be  asked  (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. 
(Signed) 
KIGEL  KINGSCOTE,  Chairman. 
For  and  on  behalf  of  the 
Finance  Committee. 
13  Hanover  Square,  w. 
November  14, 1904. 
The  Society  had  already  received  in 
reply  to  the  suggestions  contained  in 
this  circular  contributions  amounting 
in  all  to  1,2.S87.  17.«.  from  167 
Governors  and  Members  towards  pay- 
ing off  the  Society's  debt  ; and  had 
also  been  promised  increased  sub- 
scriptions in  future  years,  ranging 
from  25/.  to  1/.,  from  sixty-six  Life 
and  forty-two  Annual  Members, 
amounting  iif  all  to  196/.  I.?,  per 
annum. 
The  Committee  recommended  that 
a list  of  the  donations  and  subscrip- 
tions thus  received,  and  also  of  the 
subscriptions  to  the  Show  Fund  of 
1905,  should  be  printed  and  circulated. 
House. 
Sir  Nigel  Kingscote  (Chairman) 
reported  the  steps  taken  with  a view 
to  letting  off  a portion  of  the  Societ}^’s 
house.  In  consequence  of  the  death 
of  Lord  Ridley,  he  (Sir  Nigel  Kings- 
cote) was  now  the  sole  holder  of  the 
13,100/.  Harewood  House  Debenture 
Stock,  which  had  been  held  by  Lord 
Ridley  and  himself  under  resolutions 
passed  by  the  Council  on  March  6, 
1895,  and  subsequent  dates,  “ for  the 
benefit  of  the  Society’s  general  funds.” 
The  Committee  recommended,  there- 
fore, the  formal  transfer  of  the 
13,100/.  stock  in  question  out  of  the 
name  of  Sir  Nigel  Kingscote,  as 
survivor  in  joint  account  with  the 
late  Lord  Ridley,  into  the  names  of 
Sir  Nigel  Kingscote,  Earl  Cawdor, 
and  Sir  John  Thorold,  and  that  the 
seal  of  the  Society  be  affixed  to  the 
new  certificates. 
Journal. 
Sir  John  Thorold  (Chairman) 
reported  that  the  contents  of  Vol.  65 
