JIM Walker would have taken on many gambles that have proved to be a success during his life as a stockbroker but he has managed to stretch those business skills to the racing industry with his purchase of the New Zealand-bred mare On The Beach. On The Beach, a daughter of the Sharpen Up stallion Famous Star from the Sovereign edition mare Bali, was bought by Walker shortly after her unplaced performance behind Romanee Conti in the Hong Kong Invitational Cup at Sha Tin earlier this year. While the A$150,000 paid by Walker could have been judged a shade too expensive, considering the economic climate surrounding the equine industry in Australasia, the mare has begun to recoup his purchase in no small part and last Saturday snared the Listed Brisbane Handicap over 1,600 metres at Eagle Farm. The first prize of A$32,000, while helping Walker recoup some of the A$150,000, was not the main cause for celebration. That was overshadowed by the mare adding further black type to her pedigree. Although she was a Group winner in New Zealand and placed at Group One level by Staring as a three-year-old filly, On The Beach was bought primarily for a stud career. Walker, formerly from Sydney, spent 15 years in Hong Kong but is now in the process of establishing a new breeding complex, Palmaday Stud, near Beaudesert, in the western districts of Queensland. The complex is named after the cantonese words pau ma deih, which literally mean ''running horse place'' and is the local name for Happy Valley. Walker, who has been back in Australia for only a few months, bought On The Beach on the advice of his manager Robin Edwards. ''I bought her mainly for breeding because she's a Group winner in New Zealand but if she keeps going so well she won't go to stud until next season.'' Gary Stewart, who will be in Hong Kong next month with Capestad for the International Bowl, took his tally of winners to 12 since he took out a trainer's licence in March. On The Beach did not secure an invitation to Hong Kong next month though Walker and Stewart have set their sights firmly on the $120,000 Group Two Villiers Stakes, 1,600 metres, at Randwick on December 18. The Villiers, the first leg of the Australian Jockey Club's Summer highlight, has also been targeted by Randwick trainer Anthony Cummings with his quality sprinter Monsieur after his win in the Sandown Stakes last Saturday. And the trainer has his eyes set on the major double following the win of the up-and-coming stayer Jenkins in a restricted even at Randwick last Wednesday.