Steam-powered railways started to change Britain in the 1820s. Due to railway firms being privately owned, construction of them required landowners to give up some of their land along the proposed path, meaning government approval for the creation of these railways was required. The British government sanctioned the first railway in 1821 , which was formally opened in 1825. In 1830, the second railway was built. This quickly became a success, particularly among the shareholders, who were earning a dividend rate of about 10%. This prompted others to present the government with nationwide railroad plans. 1500 miles of new rail had been authorized by 1837. Between May 1835 and May 1837, the prices of railway shares had increased by 65% and decreased by 45%. This initial sign of a bubble, known as the " first railway mania ", foreshadowed what would happen a few years later... Few railways were approved due to declining share prices, and some were even abandoned, until W