ABSTRACT
WE have noted that the Great Northern, unlike many Britishrailway companies, had passed unscathed through the financial crisis of 1866. Nevertheless, like other companies, it had felt the effect of the timidity and " tightness " which had characterized the money market during the two following years. Accordingly, prior to the half-yearly meeting in February, 1868, the directors — to quote the language of their report-" had felt it their duty to revise carefully the Company's position with the view to reduce the liability for further capital expenditure." Fortunately the more important of the extensions upon which the Company had embarked during the earlier sixtiesextensions which between i860 and 1867, as we noted two chapters ago, had increased its capital from about twelve to about twenty millions-had by this time been completed, but still a further liability of over three millions remained unfulfilled. This the directors proposed to reduce by about one-third by obtaining from the Board of Trade, under a Railways Relief Act just passed, power to abandon several authorized extensions not yet begun.
