ABSTRACT
The steam locomotive was the truly novel element of the railways. The track itself was very much older, having originated in the wagon-wavs used from the later sixteenth century to ease the movement of coal from pithead to wharf. In the eighteenth century wooden rails were replaced by ones made of iron, and flanged wheels on the wagons were also an early improvement. Rolling stock was developed from the single horse-drawn coach, designed by George Stephenson, which appeared in the opening procession of the pioneer Stockton and Darlington railway. The railway was synonymous with progress, and more concretely, with cheaper coal, a more varied supply of consumer goods, wider markets for producers and more job opportunities for workers. The railways attracted large sums of capital from a public who were formerly limited to investments in property, government gilt-edged, and a few safe stocks such as that issued by the Bank of England.
