This Money Resolution is to authorise the Government to pay from the Central Fund and the growing produce thereof the amount necessary to carry this Bill into effect. When I heard it said during the debate that this would put no expense on the Exchequer I was rather astounded because if that were the position there would be no necessity for this Money Resolution. I should like to approach this matter in a reasonable way and see whether it is wise to spend this sum of money in this way. The proposal, of course, is twofold. The one certainty is, no matter what the Minister may say to the contrary, that it is going to increase the revenue of the Aga Khan by £250,000. What it is going to bring to the people of this country I am not sure.
Those who know anything about sire horses are aware that, for the first two or three years, the earnings of an animal with Tulyar's reputation are going to be fairly substantial. I think there can be no doubt that as regards his first lot of two and three-year olds full earnings will be secured. The Minister estimates that the income may be as high as £20,000 per annum. I have no doubt in view of Tulyar's reputation, that this sum will be easily realised. especially when we take into account his performances, plus the value of his progeny. Therefore, I think the Minister's estimate of between £16,000 and £20,000 is well-founded. There is, I think, the certainty that the income for the first three years will amount to £60,000. A question will then arise as to the performances of his progeny. If they are good, then everything is going to be right, and the money has been well spent. It is, however, a gamble to that extent.
In trying to approach this matter in a reasonable way, I put this question to myself: suppose the Irish National Stud did not buy Tulyar, that he was sold elsewhere, let us suppose, to the United States or to Britain, and that this country, therefore, did not have the opportunity of having his service, I wonder what criticism would be made of the Tully Stud? Would people say: "why did you not buy the horse; why did the National Stud let a good horse like that leave the country?" I do not think anybody has faced up to the matter from that angle. This is a time when there is financial stringency in other directions. I do not want to get suspended, and if I do transgress I hope to obey the ruling of the Chair. But I will say this: at a time when the Government feels that money can only be procured at 5 per cent. for all the things that it is necessary to get done it is an astounding fact that they can throw this vast sum into this kitty for the purpose of buying this horse, notwithstanding the Minister's contradiction.
The Minister did not help his casewhen he interjected that the sum of £250,000 was not for the purchase of Tulyar but to extend the capital of the company. I want to point out that the Minister was not fair to himself. It is true that he covered himself subsequently. He asserted, as reported at column 1603 of the Dáil Debates, 25th February, 1953:—
"The enactment of this Bill is now urgently necessary following on the recent acquisition of the company of a very valuable horse named Tulyar."
He does say that the directors have been searching for a suitable sire.
