I move that the Bill be now read a Second Time.
This Bill is intended to implement the agreement signed on 16th March, 1957, between Ireland and the United States of America. That agreement provided that a sum of £500,000 out of the American Grant Counterpart Fund should be used to promote mutual understanding between the countries by wider exchange of knowledge through educational contacts. As Deputies are, of course, aware, the American Grant Counterpart Fund amounted in all to about £6,000,000. It is the sterling equivalent of the £18,000,000 grant which the United States so generously gave to Ireland in 1948.
Out of the £6,000,000 Grant Counterpart Fund this Bill proposes to use the sum of £500,000 in order to form a Scholarship Exchange Fund. Apart from such amounts as may be needed for current requirements the £500,000 will be invested in securities approved by the Minister for Finance. The fund will be administered by a board of seven members of whom four will be citizens of Ireland appointed by the Minister for External Affairs and there citizens of the United States appointed by the head of the United States Diplomatic Mission to Ireland. An Irish member will be appointed chairman of the board.
The function of the board will be to promote educational exchanges between Ireland and the United States of America and to finance such exchanges from the fund. It is intended that, under the scheme, Irish lecturers, university graduates and research workers, will be enabled to lecture at, or work in, American institutions of higher education and other similar institutions. In the same way, American lecturers, graduates and research workers will be enabled to carry on their work in Ireland.
It is hardly necessary for me to enlarge upon the advantages of such a scheme. There has, in the past, been a considerable amount of contact and co-operation between us on an academic level, but a proper development of this has been hampered by lack of funds. The agreement to use part of the Grant Counterpart Fund for the purpose will, I feel sure, be welcomed by everyone concerned with intellectual and cultural work in this country. Many of the distinguished Irish scholars who have hitherto been unable, for financial reasons, to accept invitations to lecture to learned bodies in America will, under the scheme, be enabled to visit America and to lecture there on subjects of Irish and of general interest. In this way Irish scholarship will be better known and appreciated abroad.
We may confidently expect that a regular exchange of persons of high academic standing will strengthen still further the friendship and understanding which have always existed between Ireland and the United States. I am sure that the Irish students will benefit greatly by the experience and knowledge they will gain during their stay in the United States, and I fervently hope that in view of their great generosity the people of the United States will reap the maximum possible benefit from this scheme.