THE list may be long but it is the best way to make the point. Ancient World, Attraction, Azamour, Bachelor Duke, Cherry Mix, Chic, Doyen, Grey Lilas, Lucky Story, Mister Monet, Mubtaker, Norse Dancer, North Light, Ouija Board, Papineau, Quiff, Rakti, Rule Of Law and Soviet Song share something in common. All are to stay in training next season.

It’s something to warm the heart at the advent of winter. Bago and Grey Swallow may yet join them. Perhaps the true litmus of racing’s gains is to consider instead what it is about to lose. Refuse To Bend and Sulamani will depart to stud, almost certainly to be joined by Haafhd. Otherwise it will be “as you were” in 2005, with the three-year-old crop thrown in for good measure. Racing has never had it so good. A sport that withered on two decades of inflated bloodstock values has contrived a stunning recovery.

In that era low prize-money was blamed for the premature exodus of racehorses to the breeding shed. That was nothing but a smokescreen. Prize-money has improved, although not to the extent that it now governs thinking. Indeed, while the prize-money curve climbs again in 2005, it could not arrest a loss of momentum at last week’s Tattersalls flagship October Yearling Sales.

No, the recent reversal of Flat racing’s fortunes is down to a combination of factors. International racing has recently flourished, offering a wider canvas for equine expression. And the improved programme for fillies has played a significant part — hence the retention of Attraction, Chic, Grey Lilas, Ouija Board, Quiff and Soviet Song among others.

However, the biggest influence has been the mindset of owners themselves. They have realised that a star racehorse in the breeding barn, while lucrative, is no fun. What’s the point of cashing cheques when all you do is spend most of it on young horses, none of which is likely to make the grade? The ethos of racing has reasserted itself. It has promoted fresh recognition that racing high-class horses can deliver a huge adrenalin rush.

This detail is pertinent at a time when the British Horseracing Board (BHB) is striving to raise jump racing’s profile through its recently announced Order Of Merit. Two of the new initiative’s principal strands are to attract more runners to jumping’s better races and to encourage better horses to compete more often.

Yet the Order Of Merit, in trying to embrace too many concepts, has left itself open to ridicule: a mediocre horse can accrue enough points to usurp horses of far greater ability. Although the scheme was not designed primarily to reward excellence, any winner must have credibility.

Whatever the outcome, architects of the scheme have failed to heed the fate of similar schemes in the past. Many years ago the authorities instigated an appearance money project in an effort to boost field sizes in Flat conditions races. While field sizes improved, appearance money was paid to horses so slow that their very appearance was an embarrassment. Similarly, when travelling allowances were paid in the same spirit, trainers sent horses on horrendous journeys in order to cash in.

Neither is the relative youth of the BHB’s executive much of an excuse. A more recent innovation is the Summer Triple Crown, with its almost unwinnable £1 million bonus and guaranteed £250,000 consolation prize. It’s a nice idea, not without its merits. But what’s £250,000 to owners with multimillion-pound thoroughbreds? The question returns us to the original theme: cash inducements over and beyond the thrill of owning a high-class racehorse. They do not work.

Two decades ago Flat owners took cheques from the breeding shed over running their horses regularly. They have reversed their thinking. Equally, no inducement will persuade owners of high-class jumpers to race their stars more often. Only when its lure recedes will owners recognise the folly of saving their horses for the Cheltenham Festival. It took two decades for mindsets to change on the Flat. It might be just as long before owners of high-class jumpers do likewise.