Report of Finance Committee. 
XXIX 
Mr. Adeane stated that if the Society’s 
assets were correctly valued and the 
property were liquidated, the Society 
would appear to be worth 2,627 1. 16s. 
(as shown under the heading of 
“Available capital”) in addition to 
the Society’s interest in Harewood 
House and the Park Royal estate. 
With regard to the estimate of 
receipts and expenditure for the year 
1906, the income was estimated at 
7,000k, made up of 6,850k subscrip- 
tions, and 150k from the sale of 
publications other than the Journal. 
The former figure was based on the 
promises of subscriptions to the 
present date, and showed (although 
they were only in the second month 
of the year) an increase over last 
year of 500Z. The latter figure was 
based on the average amount received 
annually under this heading. 
The expenditure would be in some 
respects abnormal. With regard to 
the item, “ One quarter’s salary of 
old Officials of the Society, 499k,” 
it would be remembered that under 
the recommendation of the Special 
Committee the whole cost of ad- 
ministration was not to be more 
than 1,500k Of this sum, 600k was 
absorbed by the Secretary’s salary, 
leaving 900k for other officials. It 
would be found, however, that there 
was, in fact, an excess of 274k over the 
allowance of 1,500k That was owing 
to the salaries due to old Officials for 
the first quarter of the year. 
With regard to the item for “Rent, 
&c., 1,900Z.,” he thought the Council 
would agree that that was too large 
a sum to pay for rent, and the 
Committee hoped that before the end 
of the year some arrangement would 
have been made to reduce that figure 
to a reasonable amount, which, in his 
opinion, should certainly not be more 
than 1,000Z. There was, therefore, an 
excess of 900Z. under this heading. 
As to the items for Park Royal, 
making 1,000Z., that, of course, was 
abnormal ; but there would be certain 
expenses to be met in the course of 
liquidation. Therefore, to sum up, he 
should say that the excess of expendi- 
ture over the normal was : (1) Official 
salaries, 274Z. ; (2) Rent, &c., 900Z. ; 
(3) Park Royal, 1,000Z. ; making a total 
extraordinary expenditure of 2,174Z. 
He thought they might hope that the 
ordinary expenditure of the Society 
would in future years be kept within 
the figure of 7,400Z. The estimate he 
presented did not include losses on 
Shows, but it did include a “Contribu- 
tion to the Show expenses” of 2,000Z., 
and in this there was a difference 
from the practice of former years. 
He believed that something like 1 ,400Z. 
was charged to the Show account last 
year for official administration, but 
for 1906 they were not only not asking 
the Show account to bear any share 
of the administrative expenses at the 
head office, but the ordinary account 
was contributing to the Show funds 
the sum of 2,000Z. 
Looking to the future, he thought 
they must expect from time to time 
losses on the Shows. Fortunately, 
this year, through the generosity of 
a friend of the Society, they were 
guaranteed against any loss, but if 
they were going impartially to visit 
the different parts of England they 
must be prepared to incur occasional 
losses on Shows. Therefore, he 
thought it most desirable— and he 
hoped the Council would agree with 
him — that they should at once set to 
work to form a Reserve Fund, and that 
such Fund should consist of donations, 
life compositions, any Show profits, and 
other moneys that might accrue. He 
hoped, moreover, that in future years 
they would have a balance of income 
over expenditure which could be put 
to the Reserve Fund also. 
WEDNESDAY, MARCH 7, 1906. 
MR. F. S. W. CORNWALLIS (PRESIDENT) IN THE CHAIR. 
The late King Christian of Denmark. 
A letter was received from the 
Secretary of State for the Home 
Department, stating that the message 
of condolence of the Council, on the 
occasion of the death of His Majesty 
King Christian of Denmark, had been 
laid before their Majesties, and had 
been very graciously received. 
BB 2 
