I think it is hardly necessary for me to recapitulate the circumstances which make this motion desirable. There was a good deal of discussion on the Taoiseach's Estimate on the subject of the Stock Exchange transactions reported in the newspapers to have taken place in Great Southern Railways shares. Some people suggested that there was a leakage of information in regard to a circular issued by the chairman and directors of the company with regard to the reconstruction of capital, that information got out in a way that it should not have, and that some people made use of the information offered by that knowledge. That suggestion was thrown out in the Dáil and elsewhere, and it was thought desirable that a tribunal should be set up to see what evidence there was, if any, of private information of that kind having leaked out if it did, or having been misused or having been profited by. The Government decided that if there was any suggestion of improper conduct by anybody in this connection and that if anybody asked for an inquiry to be set up the Government would agree. The inquiry was asked for by responsible people in the Dáil and the Minister for Industry and Commerce tabled a motion similar to that on the Order Paper in the Dáil and it was passed in the Dáil. The tribunal is to be set up if the House agrees. The Dáil has already agreed. The Tribunal of Inquiry (Evidence) Act, 1921, under which it is proposed to set up this tribunal, was enacted for the purpose of giving the powers of a High Court to a tribunal set up in pursuance of a resolution passed by the Dáil and Seanad. The tribunal is appointed by a Minister of State on the authority of a resolution of both Houses. When such a tribunal has been set up it has, under this Act, all the powers, rights and privileges vested in a judge of the High Court and specifically in respect of the various matters set out in Section 1 of the Act.
It is to be noted that Section 2 provides that the tribunal shall not refuse to allow the public to be present at any of the proceedings of the tribunal unless, in the opinion of the tribunal, it is in the public interest so to do for reasons connected with the subject matter of the inquiry and the nature of the evidence to be given. The Act, therefore, leans in the direction of the maximum publicity for the proceedings. In the case of the present inquiry into the dealings in Great Southern Railways stocks it is almost certain that application would be made to the tribunal by some or other of the witnesses, that part at least of their evidence would be heard in camera on the grounds that there would be involved unnecessary disclosure of private business of persons and companies. The tribunal has full discretion to decide what evidence should be heard in camera. It is intended that the tribunal will be presided over by a judge. It has not yet been decided which judge shall be appointed, or whether the tribunal will consist of one or more persons.
