MR. MIDQLEY S ARTICLE. CONTINUED. 411 



money rendered the West habitable, if the admonitions of 

 recorded experience are blindly disregarded. 



In the earlier days the cars of one company were not trans 

 ferred to the tracks of another ; consequently the expense and 

 inconvenience of making the change were very great, to ob 

 viate which, a railway clearing-house was established in 

 London by voluntary association of the companies, and was 

 afterward recognized by Parliamentary act of Incorporation, 

 in 1850. One delegate from each company constituted a 

 committee who were empowered to recover all balances due 

 from the companies. 



It was about this time that the tendency to consolidate 

 became alarming. The first railways were very short lines. 

 The one extending from London to Liverpool was owned by 

 three separate companies ; disagreements between the several 

 managements were frequent, to the great inconvenience of 

 the public. &quot;When, therefore, the interests of both the com 

 panies and the public suggested unity of management, Par 

 liament freely bestowed authority to consolidate. 



As the localities increased in population, additional rail 

 roads were constructed, creating such active competition that 

 the stronger companies found it expedient to buy up their 

 rivals. This &quot; offensive and defensive &quot; policy aroused pub 

 lic hostility, because it deprived the people of competition 

 their only hope of protection from monopoly. Parliament 

 was importuned to restrict amalgamation. Various expedi 

 ents were suggested. The one finally adopted empowered 

 Parliament to determine the conditions upon which the 

 future consolidations should be made. But the principle 

 thus laid down was practically ignored. Consolidations con 

 tinued to be made whenever the interests of corporations 

 drew- them together. Failing, therefore, to prevent them, 

 Parliament sought to insure such advantages as would in- 



