I think the Minister for External Affairs might with propriety avail of this occasion to give us some indication of the Government's mind in regard to the financing of the institute. There is available in this scheme a capital sum which the institute must disperse on capital works. Over and above that, there is an endowment of £1,000,000, the income of which will be available to the institute, year by year. But is it the intention of the Government to restrict the activities of the institute to what may be financed by the income of that fund? To put it at its best, the income, even invested in present rates of interest, would produce something in the order of £60,000. Is it the intention of the Government to supplement that income and, if so, to what extent is the Government prepared to say that, in respect of any work which is of a desirable character, they are prepared to provide the funds? Or do they wish to say that, subject to a certain annual limit, they will be prepared to find money from the Exchequer to supplement the work of the institute set up under this Bill? Unless some declaration of that kind is made now, I think we are giving the institute rather a poor send-off.
I do not think I am overstating the case if I say I believe that the American Government holds the view that there was a concomitant understanding, if not a binding undertaking, that the Irish Government would, from the Exchequer, supplement the income which the institute would derive from the endowment. The Minister for External Affairs would remember that, in the very early stages of the discussion relating to these proposals, the American Government expressed the strongest reservations about any proposal to appropriate any of the available money for the purpose of the endowment. They felt that all the available money should be for the purpose of capital works, leaving the responsibility for endowment squarely on the shoulders of the Irish Government. I think that view was associated with the kinds of proposals that were originally incorporated in the White Paper from which this Bill marks a considerable departure. But the American Government, having discussed the matter further with the Irish Government, expressed their preparedness to meet the Irish Government's view in changing their original position and in consenting to a sum of £800,000 odd being earmarked for capital purposes and a sum of £1,000,000 being reserved as a standing endowment of the institute.
I think we would be doing less than our part if we did not avail of this stage of our legislation to make a declaration on behalf of our Government that we were prepared to find the finance to meet any additional work which it was requisite and appropriate for the institute to undertake over and above what the income from the endowment fund would finance, subject, of course, to the inescapable limitation that such an undertaking was given within the limit of our available resources.
I think this institute, if it succeeds, as I hope it will succeed, will in the long term be in a position profitably to use for the benefit of this country an income substantially in excess of £60,000 a year. I would suggest to the Minister that this is the appropriate time to say that if and when that time arrives neither the Government nor Dáil Éireann will be backward in matching the munificence of the American Government with suitable generosity on the part of the Treasury to the common beneficiary which is the agricultural industry and the national economy of Ireland.