We give a proof of the realization theorem of N.J. Young which states that
analytic functions which are symbols of bounded Hankel operators admit par-
balanced realizations. The main tool used in this proof is the induced Hilb
ert spaces and a lifting lemma of Krein-Reid-Lax-Dieudonne. Alternatively o
ne can use the Loewner inequality. A short proof of the uniqueness of par-b
alanced realizations is included. As an application, it is proved that par-
balanced realizations of real symmetric transfer functions are J-self-adjoi
nt.