cybertect
It's grim up north (London)
Giles said:I don't know about "wealth of the empire" directly - the railways were all private companies, out to make a profit, when they were built.
To be perfectly honest, lots of people lost their shirts in the railway boom of the 1840s. It was like the Internet Bubble at the end of the 1990s with massive inflows of capital and very small returns being made on it.
The shake-out was with us all the way through the government legislated formation of the 'big four' railway companies (LNER, LMS, GWR and Southern) after WW1 and the nationalisation of rail after WWII through to the Beeching cuts of the 1960s when most of the smaller, wildly unprofitable lines disappeared.