1) How many people know it's a statue of Edward VII th? Of those, how many care enough to know who he was, or what his significance was? I will suggest to you that the number is substantially less than 10% of park users and 1% of the broader population. So if there were an educational reason for its presence, it's surely failing.
2) How many park users report the statue as important or very important to their enjoyment of the park, or came to the park because of the statue?
If that number is also below 10% .........does that suggest the statue merits that particular location?
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Further notes. The statue was not an original for Toronto. It was originally made for and installed in Delhi, India. After Indian Independence from Britain it was put in storage......and purchased by a private, if influential Toronto citizen named Harry Jackman in 1969, who had it moved to Toronto, and Queen's Park.
Once asked about why he had a fascination for the King, he replied that he did not, he thought it was a great sculpture of a horse.