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...
Parliament was flooded with railroad proposals and because the Railway Board, which was established to prevent line duplication, was abolished in 1845, there was a massive increase in railway development as Parliament approved a lot more miles. However, in 1847, this began to slow down.
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