222 Report to the *Annual General Meeting , 
recommendation. They were of opinion that the Society would 
not be justified in incurring the large annual expense for interest, 
upkeep, &c., which would be necessary if Park Royal were 
retained in the Society’s possession until the pre-emption period 
expired at the end of 1911 ; and they recommended, therefore, 
that the Council should forthwith instruct the Directors of 
Park Royal, Limited, to offer the property to the original 
vendors at the price of 375?. per acre, stipulated in clause 14 
of the agreement of purchase dated September 30, 1901. This 
recommendation was adopted by the Council at their meeting 
on November 1, 1905. 
25. The property was thereupon offered to the original 
vendors, who declined to exercise their right of pre-emption. 
The Directors of Park Royal, Limited, then placed the estate 
in the hands of a firm of Auctioneers, and the property was 
offered for sale by auction at The Mart, Tokenhouse Yard, 
E.C., on May 22 last. As, however, the “reserve” price was 
not reached, the property was withdrawn ; but the Council are 
pleased to report that it has since been disposed of for the 
sum of 28,500?. 
26. The Bye-laws enacted under the Supplemental Charter 
require that the Annual General Meeting for the year 1906 and 
every subsequent year shall be held in the month of December, 
and that at each Annual General Meeting the balance-sheet 
and the reports of the Council and of the Auditors shall be 
submitted for consideration. The Council, therefore, beg to 
submit the balance-sheet for the year 1905, with the two 
Statements of ( a ) Ordinary Income and Expenditure, and (5) 
Receipts and Expenditure of the Show at Park Royal. These 
accounts were published in Volume 66 of the Journal issued 
to Members last March, having been duly examined and 
certified as correct by the Auditors appointed by the Members, 
and by the professional Accountants employed by the Society. 
The general result of the working of the year 1905 was a 
deficiency of 2,370?. 9s. Id., made up as follows : — 
£ S . (i . 
Excess of Ordinary Expenditure over Income . . 1,484 2 5 
Deficiency on Show at Park Royal . £7,467 19 11 
Less Special Donations . . 7,038 12 0 
429 7 11 
Depreciation of Fixtures, &c. ..... 456 18 9 
£2,370 9 1 
27. Additional subscriptions amounting to 558?. 16s., and 
.donations amounting to 1,041?. 5s. 6c?., have been received from 
existing Members of the Society, in addition to their previous 
Subscriptions, particulars of which will be found in the list 
