Following text from this link, http://www.mernick.co.uk/thhol/shadwell.html
In 1910, the Government considering how the life and reign of King Edward VII should be commemorated, were disposed to think that the object could be best secured by local, rather than national, memorials. It was felt that London should be foremost in doing honour to the memory of the late sovereign, and the Lord Mayor at once appointed a large and influential committee representing all sections of the community to report upon the question. A fund was opened, to which a considerable number of subscriptions were received from all classes. One of the suggestions, which was ultimately adopted, was that of a park at Shadwell.
In its construction many old and dilapidated houses and buildings were swept away, including the derelict fish market which had been established under powers conferred on a private company in 1882 and transferred with adjacent property - the site being about seven and a half acres - to the City Corporation in 1901, and which was valued in their books at about £140,000. The Corporation agreed to accept £70,000 for their interest in the property, thus benefiting the funds at the disposal of the Memorial Committee to that amount.
Owing to the war [i.e. the First World War] the laying out of the land was postponed, and the Memorial Committee found themselves unable to complete the work. The London County Council, realising that if they did not step into the breach the park might not be provided, decided to proceed with the work. They enlarged the site and were able, by negotiation, to remove certain disadvantages which would affect the amenities of the park.
In the Park, rising from a granite base the front of which forms a garden seat, a Portland stone shaft bears a bronze medallion portrait of the late King Edward with this inscription:-
GRATEFUL MEMORY OF
KING EDWARD THE SEVENTH
THIS PARK IS DEDICATED TO
THE USE AND ENJOYMENT OF THE
PEOPLE OF EAST LONDON FOR EVER.
KING GEORGE THE FIFTH
Until the construction of the Park there was from the Tower [of London] to the Isle of Dogs no access to the river; no vantage place to awaken imagination and to urge the spirit of adventure by a view of the panorama of the Thames with the passing shipping. The illustration will give some idea of the value of the Park, which, to be fully realised, should be visited on a summer's day during school holidays, when it is crowded with children, some big, some small, and not a few tiny tots, playing, quarrelling, shouting in high spirits as their fathers did before them. Then should one turn to a stone boulder erected there and read the inscription incised thereon - at the suggestion of the late Mr. Charles McNaught who loved East London - to the memory of the brave adventurous men of other days, who, it must not be forgotten, once were children too. It reads:-
THIS TABLET IS IN MEMORY OF
SIR HUGH WILLOUGHBY, STEPHEN BOROUGH
WILLIAM BOROUGH, SIR MARTIN FROBISHER
AND OTHER NAVIGATORS WHO IN THE LATTER
HALF OF TIlE SIXTEENTH CENTURY, SET SAIL
FROM THIS REACH OF THE RIVER THAMES NEAR
TO EXPLORE THE NORTHERN SEAS.