ABSTRACT
Collusion between the transport interests on the Liverpool and Manchester route had been a feature of the events of the 1830s. Despite all manner of difficulties, open war had largely been avoided. James Loch had been instrumental in perpetuating a surprising degree of compromise and, even in the face of ill-will in the policing of the regulations, the Carriers' Agreements had generally prevailed. Loch fought every inch to preserve co-operation and to prevent unilateral rate-cutting. His first premise was that ‘to run against each other is advantageous to neither.’ Since he represented both canal and railway interests Loch had every reason to adhere to such a notion. However, in the generally depressed conditions of industry between 1839 and 1842, falling prices and reduced profits added a new severity to the contest for survival. The uneasily co-existing rivals broke apart under economic strain. 1
