The first formal meeting of the Royal Academy was held in Pall Mall on the 14th December 1768. Mr. Chambers read a report to the artists assembled, relating the steps that had been taken to found the Academy. No allusion was made in this report to the secret negotiations and consultations with the King; but it was set forth that on the previous 28th November, Messrs. Chambers, Cotes, Moser, and West had had the honour of presenting a memorial to the Crown, signed by twenty-two artists, soliciting the royal assistance and protection in establishing a new society for promoting the arts of design. The objects of the society were stated to be 'the establishing a well-regulated school or academy of design, for the use of students in the arts, and an annual exhibition, open to all artists of distinguished merit, where they may offer their performances to public inspection, and acquire that degree of reputation and encouragement which they shall be deemed to deserve.' 'We apprehend,' the memorialists had proceeded, 'that the profits arising from the last of these institutions will fully answer all the expenses of the first: we even flatter ourselves they will be more than necessary for that purpose, and that we shall be enabled annually to distribute somewhat in useful charities. Your Majesty's avowed patronage and protection is therefore all that we at present humbly sue for; but should we be disappointed in our expectations, and find that the profits of the society are insufficient to defray its expenses, we humbly hope that your Majesty will not deem that expense ill-applied which may be found necessary to support so useful an institution.' This memorial, so the report went on to state, the King had received very graciously: saying that he considered the culture of the arts as a national concern, and that the memorialists might depend upon his patronage and assistance in carrying their plan into execution; further, he desired that a fuller statement in writing of their intentions might be laid before him. Accordingly, Mr. Chambers had drawn up a sketch of his plan, and, having obtained its approval by as many artists as the shortness of time would allow, had submitted it to the King, who, on the 10th of December 1768, signified his approbation, ordered that the plan should be carried into execution, and with his own hand signed Mr. Chambers's plan--'the Instrument,' as it was then, and has ever since been called. Mr. Chambers then read the Instrument to the meeting, after which the artists present signed an obligation or declaration, promising to observe all the laws and regulations contained in the Instrument, and all future laws that might be made for the better government of the society, and to employ their utmost endeavours to promote the honour and interest of the establishment, so long as they should continue members thereof. The Academy thus obtained its constitution, and assumed such form of legal existence as it has ever possessed.