ABSTRACT
Railway promotion in Britain in the eighteen twenties was characterized by some serious schemes which appeared alongside others of a highly speculative nature, such as those floated during the 182425 boom. Some of the former were eventually successful after overcoming formidable opposition, while most of the latter, which were premium getting promotions, quickly disappeared in the 1825 collapse. It was not until the successful completion of the Liverpool and Manchester Railway in 1830 that investors came to realise the potential profitability of railway investment. The next five years accordingly witnessed the projection of the major railway links between some of the main cities, for example, the London to Birmingham line, the Grand Junction Railway, and the Great Western Railway. However, the objectivity which marked the approach of both promoters and investors to these particular projects was replaced by wild optimism in the 1836-37 boom when some £46.0 million of capital was authorized for railway construction.2
