A month after the Prince's death a meeting was called together at the Mansion House to discuss schemes for honouring his memory.

Opinions, however, were divided upon the subject.

Was a statue or an institution to be preferred?
Meanwhile a subscription was opened; an influential committee was appointed, and the Queen was consulted as to her wishes in the matter.

Her Majesty replied that she would prefer a granite obelisk, with sculptures at the base, to an institution.

But the committee hesitated: an obelisk, to be worthy of the name, must clearly be a monolith; and where was the quarry in England capable of furnishing a granite block of the required size?
It was true that there was granite in Russian Finland; but the committee were advised that it was not adapted to resist exposure to the open air.
On the whole, therefore, they suggested that a Memorial Hall should be erected, together with a statue of the Prince.