272 History of Inland Transport 



cause the necessary deposit was not paid ; but over 700 of 

 them reached the Private Bill Office. 



How every class of society joined in the scramble for shares ; 

 how extravagant prices were given for the scrip of lines which, 

 when completed, could not for years have covered their 

 working expenses ; how half-pay officers, ticket-porters and 

 men, even, in receipt of parish relief put down their names 

 on the " subscription " lists for thousands of pounds' worth 

 of shares, on their being paid a fee sometimes as low as 

 five shillings for so doing ; how " frenzy seized the whole 

 nation " ; how " there was scarcely a family in England 

 which was not directly or indirectly interested in the fortunes 

 of the rail " ; and how the inevitable collapse reached every 

 hearth and saddened every heart in the Metropolis, bringing 

 many families both there and elsewhere to ruin, will be found 

 recorded in detail by John Francis, in his " History of the 

 English Railway," and need not be enlarged upon here. 



In referring to the events of this period, the Report of the 

 Joint Committee on the Amalgamation of Railway Companies, 

 1872, admits that " One effect of the favour shown by Parlia- 

 ment to competing schemes was to encourage a large number 

 of speculative enterprises." Leaving aside the enterprises, of 

 whatever type, that did not survive the passage through 

 Parliament, I compile, from figures given in Clifford's " History 

 of Private Bill Legislation," the following table showing new 

 lines of railway actually sanctioned by Parliament during the 

 Sessions 1845-7 : 



YEAR. NUMBER. MILES. CAPITAL. 



1845 118 2700 56,000,000 



1846 270 4538 132,000,000 



1847 190 !354 39,460,000 



Totals 578 8592 227,460,000 



These figures indicate sufficiently the magnitude of the 

 schemes in respect to which, during so short a period as three 

 years, Parliament assumed the responsibility of giving its 

 express sanction and approval. 



The period of speculation was followed by the inevitable 

 reaction, and in 1850 it was found necessary to pass an Act 



