xxvi Monthly Council , January 10, 1906. 
The Committee desired to place on 
record their appreciation of the services 
rendered by the Directors who had 
expressed their wish to retire, and 
they recommended that the names of 
Mr. F. S. W. Cornwallis, Mr. C. R. W. 
Adeane, Mr. Richardson Carr, and 
Sir Richard Cooper be submitted to 
the General Meeting of Park Royal, 
Limited, to be held on the 10th instant, 
for election as Directors of the Com- 
pany ; that the shareholders who hold 
shares on behalf of the Society be 
requested to vote for their election 
accordingly ; and that it be an instruc- 
tion to the Directors to take the neces- 
sary steps for the sale of Park Royal. 
The Committee recommended that 
an estimate of the Society’s receipts 
and expenditure for the current year 
be submitted to all the Committees 
at their meetings in February next, 
and that any grants required be sub- 
mitted to the Finance Committee for 
their consideration before presentation 
to the Council. They further recom- 
mended that no additional expenditure 
should be incurred by a committee 
without the consent of the Council, 
the proposed increase having been first 
brought before the Finance Committee. 
Mr. Adeane, in presenting for the 
first time a report from the Finance 
Committee, of which he had been 
elected Chairman, asked for the kind 
indulgence of the Members of the 
Council, because he was new to the 
Council, and new to the work of the 
Finance Committee. He felt very 
much the responsibility he was under- 
taking in becoming Chairman of the 
Committee, and he would not have 
undertaken the work had he not been 
assured by the Members and by Sir 
Nigel Kingscote, who had so long pre- 
sided over the Committee, that they 
would give him their hearty support. 
He was doubtful of his capacity to do 
the work considering the difficulties 
that lay before them ; but he was 
perhaps of an optimistic nature, and 
he hoped that somehow they would 
be able to struggle through. He could, 
however, assure the Council that he 
would do his utmost, with the help of 
the Finance Committee, to put the 
Society on a sound financial basis. 
He thought that in this, the first 
year of the new Council, they would 
all wish that some careful financial 
statement should be laid before them, 
and lie hoped they would agree that 
the plainer they made their position, 
the more sympathy they would get 
from the public outside. That was 
the unanimous feeling of the Finance 
Committee, and they proposed, as soon 
as they were able to do so, to lay such 
a statement before the Council. They 
hoped to lay the balance-sheet for the 
year 1905 before the Council at their 
meeting in February, and also to sub- 
mit for their sanction an estimate of 
the expenditure for the coming year. 
He thought it was most important 
that they should know where they 
were going, how much they were 
spending, and how much money they 
had with which to meet their esti- 
mated expenditure. He hoped that 
when once that estimated expenditure 
had been passed, no increase would 
be permitted except by leave of the 
Council, any proposed increase having 
first been brought before the Finance 
Committee. He did not think that 
the Finance Committee wished to 
tyrannise over the other Committees, 
but if they were to be responsible for 
the finances of the Society — and they 
wished to accept full responsibility — 
the Committee must have some control, 
at any rate as regards the giving of 
advice to the Council. 
He did not propose to go into any 
detailed figures that day, but with 
regard to the appeal which the Finance 
Committee were now making through 
the Members of the Council, he 
thought he should mention one point, 
because the financial position of the 
Society was a serious one. It was 
very difficult for them to appraise 
property the value of which would 
not be known until it came to the 
hammer ; but roughly he thought they 
might take it as a basis that their 
assets balanced their liabilities. This 
being so, they had no reserve. At one 
time, they had 30,00(E„ but this had 
all been expended. The future of 
the Society, therefore, rested entirely 
upon the goodwill of agriculturists 
throughout England and Wales. He 
thought it would be a step forward if 
that were clearly realised. He was 
of opinion that the generous sub- 
scriptions which had already been 
