. Legislative regulation of railway finance in England . with equal force. Thefeverish railway extension led to a demand for capital for in-vestment larger than the resources of the country could the public were compelled to retrace their steps. As the railway fever was intense, so was the railway collapse 3 complete. At the end of 1847 an act had to be passed to extend the time for the construction of certain railways, and in 18504 another act to enable railway companies to abandon powers ofproceeding with portions of their undertakings, and to releasethem from the conditi
. Legislative regulation of railway finance in England . with equal force. Thefeverish railway extension led to a demand for capital for in-vestment larger than the resources of the country could the public were compelled to retrace their steps. As the railway fever was intense, so was the railway collapse 3 complete. At the end of 1847 an act had to be passed to extend the time for the construction of certain railways, and in 18504 another act to enable railway companies to abandon powers ofproceeding with portions of their undertakings, and to releasethem from the conditions which had been attached to such complete collapse may be shown by the fact that of the 8,592miles of railway sanctioned in the three sessions of 1845, 1856 and1847, no less than 1,560 miles were abandoned under the power of 1. Report of Royal Commission on Railways, 1867, p. xvii. 2. Economist February 1, 1845. 5. According to Report of Royal Commission on Railways, 1867, 4. Abandonment of Railways Act, 1850, 13 & 14 V. c. 1 the Railway Abandonment Act. The financial difficulties caused by the pressure for capital led the House of Lords to appoint a committee in 1649 to consider whether the railway acts do not require amendment, with a view of providing for a more effectual audit of accounts, to guard 2 against the wrong application of the companies funds. This com-mittee recommended, for the first time in railway history, the 3 adoption of a uniform system of accounts and government audit. No immediate legislation, however, took place. These and other events which took place during the latter forties and the fifties brought to light many new problems in railway finance, as a result of which sundry additional provisions different from those contained in the Companies Clauses Act, 1845, were frequently introduced into railway hills. Accordingly, the 4 Companies Clauses Act, 1863, was enacted to extend the formerclauses act. This act of 1863 contained fo
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