. Legislative regulation of railway finance in England . period, covering the twenty-seven years from1845 to 1871, is by far the most important in the history ofEnglish legislation on railway finance. Concurrent with seriousrailway manias and disastrous railway panics, a feature of thisperiod, the English system of financial legislation underwentrapid evolution and was subjected to repealed tests. The financialproolems of railways formed a comiion topic of every day conver-sation and were kept constantly before the eyes of inquires were set on foot, and attempts made to bri
. Legislative regulation of railway finance in England . period, covering the twenty-seven years from1845 to 1871, is by far the most important in the history ofEnglish legislation on railway finance. Concurrent with seriousrailway manias and disastrous railway panics, a feature of thisperiod, the English system of financial legislation underwentrapid evolution and was subjected to repealed tests. The financialproolems of railways formed a comiion topic of every day conver-sation and were kept constantly before the eyes of inquires were set on foot, and attempts made to bringthe system of legislation to a higher state of efficacy. As aresult of this unparalleled activity of both the puolic and Parlia-ment, all the important gnneral acts governing railway financewere passed during this period. Hot only have the rules thenadopted remained unchanged, but not even additions have seen regulations England uses to day in governing railway financefitly tibO^ft n-flnptftfl p-rior tn 1871. ~«ffi o. i fint nr QthftrVlSJ-. as these regulations may be, the fact that they have seen servicefor over forty years without being modified clearly indicateseither one of two facts. First, it may mean that the English, system]had been developed to such completeness prior to 1871 that nomodification has become necessary or, secondly, it may mean thatafter the exertion during the sixties, the English have been under-going a state of reaction and have since become toG inert to modifythese rules. While both hypothecs are to a certain extent per-missible, history shows that the first appeared to be by far themore reasonable. As has been indicated before, no fresh legislation onrailway finance has taken place since 1871. From that year on ithas been a period of application of principles already adoptedduring the first two periods. Stock-watering received consider-able attention in 1890, but no general legislation or new principlewas evolved. Moreover, the present ou
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