1822: The Railways of Great Britain Rulebook

Table of Contents

Table of Contents

• Components List
• 1. Overview of the Game
  • 1.1 Sequence of Play
  • 1.2 The Map
  • 1.3 Game End
  • 1.4 Etiquette
• 2. Setting Up the Game
  • 2.1 Initial Setup
  • 2.2 Phase Progression Housekeeping
  • 2.3 Phase Summary
• 3. Railway Companies
  • 3.1 Private Companies
  • 3.2 Concession Certificates
  • 3.3 Minor Companies
  • 3.4 Major Companies
• 4. Stock Rounds
  • 4.1 Introduction
  • 4.2 Player Loans
  • 4.3 Bank Pool
  • 4.4 The Stock Market
  • 4.5 Bidding Boxes
  • 4.6 Selling Shares
  • 4.7 Buying Shares
  • 4.8 Converting a Concession to a Director's Certificate
  • 4.9 Bidding
  • 4.10 End of Stock Round
  • 4.11 Movement of Share Prices in a Stock Round
• 5. Operating Rounds
  • 5.1 Number of Operating Rounds
  • 5.2 Operating Round Turn Order
  • 5.3 Operating Round Actions
  • 5.4 Routes
  • 5.5 Rolling Stock
  • 5.6 First Turn Housekeeping
  • 5.7 Acquire Private Companies
  • 5.8 Lay or Upgrade Track
  • 5.9 English Channel
  • 5.10 London and Minor Company M14 Metropolitan Railway
  • 5.11 Check for Connection to Destination
  • 5.12 Station Token
  • 5.13 Run Train(s)
  • 5.14 Pay Dividends
  • 5.15 Purchase Rolling Stock
  • 5.16 Forced Train Purchase
  • 5.17 Emergency Money Raising
  • 5.18 Minor Company Acquisitions (Phase 2 to Phase 7 Inclusive)
  • 5.19 Minor Company Acquisitions (Phase 5 to Phase 7 Inclusive)
  • 5.20 Issue or Redeem Stock
• 6. Play Options
  • 6.1 Variants
  • 6.2 Scenarios
• Credits
• Designer's Notes
  • On Game Balance
  • On Geographical and Historical Accuracy
• Easy to Miss Rules
  • Set Up and Map
  • End of Stock Round
  • Concessions
  • Private Companies
  • Minor Companies
  • Major Companies
  • Changes at the Start of Phase 5
  • Minor Company Acquisition
  • Trains
  • Emergency Money for Forced Train Purchase
• Company Tables
  • Minor Companies
  • Private Companies
  • Major Companies

Components List

The game contains the following components:

• This rule book with tile manifest/upgrade chart
• Map board (in three sections)
• Initial offering and bank pool sheet
• Dividend tracker sheet
• 10 major company charters
• 24 minor company charters (minor companies 25-30 are for 1822+)
• 2 Private company charters (3 for 1822+)
• 81 major company 10% share certificates
• 10 concession certificates (printed back to back with director's certificate)
• 24 minor company share certificates (minor companies 25-30 are for 1822+)
• 18 private company share certificates (21 for 1822+)
• 7 player order number cards
• 57 trains cards
• Yellow, Green, Brown and Grey track tiles (see tile manifest)
• 2 sheets of stickers for use on the tokens
• Bid Tokens: 7 sets of 6 coloured cubes, one set per player (subject to number of players in the game, players do not receive all of these tokens)
• Various wooden round tokens (large diameter natural coloured discs; small diameter colour coded cylinders; small coloured cubes.), see separate token label attachment sheet.

1. Overview of the Game

1.1 Sequence of Play

1.1.1 The game consists of an alternating series of stock rounds and operating rounds. Initially, there is one operating round between each stock round, and then once the first 2-train is bought, two operating rounds between each stock round.

1.1.2 In stock rounds, players act as investors, buying and selling shares in the various companies. The player with the most shares in each company is the company's director and decides all actions that the company takes in the operating round.

1.1.3 In operating rounds, players, as company directors, run the various companies that they control. They choose whether to build track, place station tokens, which trains to run on which routes, whether to pay or withhold dividends and whether to invest in more trains, etc.

1.2 The Map

1.2.1 The map shows most of Great Britain. A hex grid is superimposed to show where hexagonal track tiles may be laid. Cities are represented by large open circles and towns by small solid black circles near the centre of the hex. City and town names have no effect on play. Some cities bear a label (B-M, Y, S, C, T, or EC) restricting the set of track tiles which may be played there. Some hexes are coloured yellow or grey denoting pre-built track.

1.2.2 The Swansea hex has pre-printed track, but is not yellow. The first track tile to be laid on this hex must be yellow.

1.2.3 The London hex is coloured black with pre-printed track extensions from each city to the adjacent hex. There is also an off-board roundel, located in the Thames estuary, showing the London hex. The roundel shows the value of London and the location of minor company M14 The Metropolitan Railway.

1.2.4 There is no direct connection between Mid Wales (hexes F25-F31) and either Holyhead to the north (hex F23) or Pontypool to the south (Hex F33).

1.2.5 The connection between Merthyr Tydfil and Pontypool is discussed in Section 5.4 Routes.

1.3 Game End

1.3.1 The game ends as soon as one of the following conditions is met:

• Immediately, if the first stock round ends with nothing sold.
• At the end of the operating round in which a company's stock market value reaches the game end value of the stock market.
• At the end of the first operating round following a stock round in which a major company's stock market value reaches the game end value of the stock market.
• At the end of the first operating round following a stock round in which the bank runs out of money. The game still ends at that point even if the bank later becomes solvent. The bank continues to pay demands due of it even when broken; players should record these, or each lend the bank some money.
• At the end of the pair of operating rounds in which the bank runs out of money. The game still ends at that point even if the bank later becomes solvent. The bank continues to pay demands due of it even when broken; players should record these, or each lend the bank some money.

1.3.2 Each player's total wealth is the value of their stock, at current prices, plus cash on hand. Concession certificates, if they are still open and held by players, count face value. Private company certificates and company assets count for nothing. The richest player wins.

1.4 Etiquette

1.4.1 Players should try to speed play as much as possible. Deciding what share to buy and which track tile(s) to lay should preferably be done in other players' turns. Other players should help the banker(s) by claiming payments promptly. All personal and corporate assets are public knowledge and must be disclosed to any player upon request. Assets should be kept neatly so that the need for explicit requests is minimised. Players may negotiate with each other and strike deals. Such deals are not binding.

2. Setting Up the Game

2.1 Initial Setup

2.1.1 Lay the map board and stock market on the table between the players. Place the major company share certificates in the initial offerings area.

2.1.2 The bank is £12,000 including players' starting money. The starting money is £2,100 divided equally among the players. See Table 1.

2.1.3 Place the money, sorted by denomination, and the track tiles, sorted into type, by the board. At the start of the game, only the yellow track will be used but the other tiles should be available for inspection. Place the company charters and station tokens by the board.

2.1.4 Take the set of company concession certificates. Remove the London & North West Railway (LNWR) concession and shuffle the remaining concession certificates. Place the concession certificates in a face up pile with the LNWR on top. The players may examine the order in which the concessions have been stacked, but once shuffled, the order may not be changed, other than by the use of the special power of private company P17 (The Lancashire Union Railway).

2.1.5 Take the set of minor company director's certificates. Remove M24, Swansea & Mumbles Railway (S&MR) certificate and shuffle the remaining certificates. Place the certificates in a separate face up pile with the S&MR on top. The players may examine the order in which the minor company director's certificates have been stacked, but once shuffled, the order may not be changed, other than by the use of the special power of private company P17 (The Lancashire Union Railway).

2.1.6 Take the set of private company certificates. Remove the P1, Butterley Engineering Company (BEC) certificate and shuffle the remaining certificates. Place the certificates in a separate face up pile with the BEC certificate on top. The players may examine the order in which the private companies have been stacked, but once shuffled, the order may not be changed, other than by the use of the special power of private P17 (The Lancashire Union Railway).

2.1.7 If playing with the 1822+ expansion, use the following private company setup instead:

• Arrange the "blue" bid box 1 companies: P1 (5-train); P3 (permanent 2-train); P4 (permanent 2-train); P13 (Pullman); P14 (Pullman) and P19 (permanent L-train). Place P1 in bid box number 1 and shuffle the remaining companies. This stack will be used to re-populate private company bid box 1 throughout the game.
• Arrange the "dark grey" bid box 2 companies: P2 (remove small station); P5 (token EC); P8 (Hill/mountain); P10 (estuary), P11 (advanced track), P12 (additional track); P21 (Humber bridge). Place P5 to one side. Randomly remove one of the remaining companies. Shuffle all 6 companies together. Place the top company in private company bid box 2. This stack will be used to re-populate bid box 2 throughout the game.
• Arrange the "gold" bid box 3 companies: P6 (mail contract); P7 (mail contract); P9 (double cash SR order / treasury); P15 (£10 / phase based payments); P16 (tax haven); P17 (adjust certificate order); P18 (token exchange); P20 (£5 / phase based payments). Randomly remove two of the companies. Shuffle all remaining 6 companies together. Place the top company in private company bid box 3. This stack will be used to re-populate bid box 3 throughout the game.

2.1.8 Place the round marker on the space marked stock round.

2.1.9 Distribute the bidding tokens to all players. Each player receives bidding tokens. See Table 1.

Table 1. Certificate Limit, Start Money, and Bidding Tokens

Number of Players	3	4	5	6	7
Certificate Limit	26	20	16	13	11
Start Money per Player	700	525	420	350	300
Bidding Tokens	6	5	4	3	3

2.1.10 Appoint one or two players to be banker; they will bear responsibility for conducting transactions with the bank.

2.1.11 Players may find it useful to place one station token for each minor and major company on its home station. These tokens show reserved station spaces. Only the owning company may place a station token in this space. They are not in play on the board and hence they do not count as station tokens for the purpose of blocking routes. The minor company reserved station tokens are removed from the map if the minor company is removed from the game as a result of being in bid box 1 and not having received any bids at the end of a stock round.

2.1.12 Arrange the Trains in ascending order from top to bottom with the double sided 2/L-trains on top and the double-sided E/7-trains on bottom.

2.1.13 Take the top three private company certificates, the top four minor company director's certificates and the top three company concession certificates; put them on the appropriate bidding spaces on the board. Note: for 1822+ these would already be filled.

2.1.14 Deal out the player number cards, 1 to each player, to randomly determine start player and player order.

2.1.15 Play then begins with a stock round.

2.2 Phase Progression Housekeeping

2.2.1 The game starts in phase 1. As each new type of train is bought, the phase advances correspondingly. The phase affects the availability of track tiles, the revenue from off-board areas and grey pre-printed cities, and the number of operating rounds between stock rounds. The full effects of phase changes are shown in Table 2.

Table 2. Game Phases.

Phase	1	2	3	4	5	6	7
Triggered by	Game start	Purchase of first 2-train	Purchase of first 3-train	Purchase of first 4-train	Purchase of first 5-train	Purchase of first 6-train	Purchase of first 7/E train
Trains available	L, 2	L, 2, 2P	2, 3, 2P	3, 4, 2P	3, 4, 5, 2P	4, 5, 6, 2P	5, 6, 7, E, 2P
Trains obsolete	-	-	L	2	-	3	4
Train limit (minor)		2				1
Train limit (major)		4		3		2
Buying trains	From bank only			From bank or other company
ORs between SRs	1			2
Tiles available	Yellow		Y + Green		Y + G + Brown		Y+G+B+Grey
Off-board area value	Yellow		Green		Brown		Grey
Tile Lay per Turn: Major	N/A	1 Yellow		2 yellow or 1 upgrade
Tile Lay per Turn: Minor	1 Yellow			1 yellow or 1 green upgrade
Minor companies	Float at £50 with capital of £100	Float at between £50 and £100 with capital of 2* stock value		Float at between £50 and £100 with capital of sum bid
Acquisition of Minor companies	Not possible	Can be acquired by major companies			Can be acquired by major companies or directly from the bid boxes for £200
Concession certificates	Cannot be Converted	Provide a £100 discount against the cost of director's certificate when converted. For LNWR straight exchange for director's certificate			Removed from play
Major company floatation	Not Possible	Floated once director's certificate is exchanged by conversion of concession certificate			Floated once 50% sold
Capitalisation on Flotation	Not Applicable	Incremental capitalisation				100% capitalisation

2.3 Phase Summary

Phase 1. The game starts in phase 1.

• L-trains and 2-trains are available for purchase.
• Trains may only be bought from the bank.
• Only yellow tiles are available.
• Off-board areas count lowest value.
• Irrespective of amount bid, minor companies start at stock value £50 (worth £100), with £100 starting treasury.
• Minor companies may lay 1 yellow tile.
• Minor company train limit is 2.
• One operating round between SRs.

Phase 2. Phase 2 starts when the first L-train is converted to a 2-train, or the first 2-train is bought outright.

• L-trains and 2-trains remain available for purchase until the bank runs out of them.
• Trains may only be bought from the bank.
• Only yellow tiles are available.
• Off-board areas count lowest value.
• Minor companies start at stock value of [£sum bid/2 rounded down to nearest starting value], with [£2*stock value] starting treasury.
• Concessions may be converted to director's certificates: this floats the major company.
• Major companies may acquire operational minor companies.
• Major and minor companies may lay 1 yellow tile.
• Minor company train limit is 2.
• Major company train limit is 4.
• Two ORs between SRs.

Phase 3. Phase 3 starts when the first 3-train is bought.

• L-trains rust.
• Trains may be bought from the bank/bank pool, or from another company.
• Yellow and green tiles are available.
• Off-board areas count second value.
• Minor companies start at stock value of [£sum bid/2 rounded down to nearest starting value], with [£sum bid] starting treasury.
• Concessions may be converted to director's certificates: this floats the major company.
• Major companies may acquire operational minor companies.
• Minor companies may lay 1 yellow or 1 green upgrade tile.
• Major companies may lay 2 yellow or 1 green upgrade tile.
• Minor company train limit is 2.
• Major company train limit is 4
• Two ORs between SRs.

Phase 4. Phase 4 starts when the first 4-train is bought.

• 2-trains rust.
• Trains may be bought from the bank/bank pool, or from another company.
• Yellow and green tiles are available.
• Off-board areas count second value.
• Minor companies start at stock value of [£sum bid/2 rounded down to nearest starting value], with [£sum bid] starting treasury.
• Concessions may be converted to director's certificates: this floats the major company.
• Major companies may acquire operational minor companies.
• Minor companies may lay 1 yellow or 1 green upgrade tile.
• Major companies may lay 2 yellow or 1 green upgrade tile.
• Minor company train limit is 1.
• Major company train limit is 3.
• Two ORs between SRs.

Phase 5. Phase 5 starts when the first 5-train is bought.

• Trains may be bought from the bank/bank pool, or from another company.
• Unconverted concessions are removed from play.
• Yellow, green, and brown tiles are available.
• Off-board areas count third value.
• Minor companies start at stock value of [£sum bid/2 rounded down to nearest starting value], with [£sum bid] starting treasury.
• Major companies require 50% sold to float (still incremental capitalisation).
• Major companies may acquire operational minor companies or unfloated minor companies direct from the bidding boxes.
• Minor companies may lay 1 yellow or 1 green upgrade tile.
• Major companies may lay 2 yellow or 1 green or brown upgrade tile.
• Minor company train limit is 1.
• Major company train limit is 2.
• Two ORs between SRs.

Phase 6. Phase 6 starts when the first 6-train is bought.

• 3-trains rust.
• Trains may be bought from the bank/bank pool, or from another company.
• Yellow, green, and brown tiles are available.
• Off-board areas count third value.
• Minor companies start at stock value of [£sum bid/2 rounded down to nearest starting value], with [£sum bid] starting treasury.
• Major companies require 50% sold to float, but receive full capitalisation (the remaining five shares are placed in the bank pool upon floatation).
• Major companies may acquire operational minor companies or unfloated minor companies directly from the bidding boxes.
• Minor companies may lay 1 yellow or 1 green upgrade tile.
• Major companies may lay 2 yellow or 1 green or brown upgrade tile.
• Minor company train limit is 1.
• Major company train limit is 2.
• Two ORs between SRs.

Phase 7. Phase 7 starts when the first 7 or E train is bought.

• 4-trains rust.
• Trains may be bought from the bank/bank pool, or from another company.
• Yellow, green, brown, and grey tiles are available.
• Off-board areas count fourth value.
• Minor companies start at stock value of [£sum bid/2 rounded down to nearest starting value], with [£sum bid] starting treasury.
• Major companies require 50% sold to float, but receive full capitalisation (the remaining five shares are placed in the bank pool upon floatation).
• Major companies may acquire operational minor companies or unfloated minor companies direct from the bidding boxes.
• Minor companies may lay 1 yellow or 1 green upgrade tile.
• Major companies may lay 2 yellow or 1 green, brown or grey upgrade tile.
• Minor company train limit is 1.
• Major company train limit is 2.
• Two ORs between SRs.

3. Railway Companies

3.1 Private Companies

3.1.1 There are 18 private companies in the game (21 in total if the 1822+ expansion is used), see Table 3 near the end of these rules. While open, private companies pay their player owners a fixed income (which in some cases is £0) at the start of each operating round. The face value of the private companies is £0.

3.1.2 Generally, from phase 2, 3, or 5, major and minor companies may acquire private companies from consenting players at the start of the company's turn in an operating round. Players receive no compensation from the acquiring company for this transaction. There are several exceptions to these rules, as noted in the description for each private company in Table 3.

3.1.3 Private company certificates are colour coded blue, red or green. The blue private company (P16) cannot be acquired. Red coloured private companies may only be acquired by major companies. Green coloured private companies may be acquired by either major or minor companies.

3.1.4 The private company certificate also shows the phase from which it can be acquired.

3.1.5 There is no restriction on the number of private companies that may be acquired by a minor or major company on its turn.

3.1.6 Private companies cannot be traded between players or sold to the bank. Private companies may not be transferred between companies.

3.1.7 Once acquired by a minor or major company, the private company certificate is flipped over and placed reverse side up on the purchasing company's charter or is removed from play, giving the acquiring company the associated power, token(s) or assets. Because of this, most of the private companies, once acquired by a major or minor company, cease paying revenue.

3.1.8 Private companies P2, P11, and P12 continue to pay their revenue of £10 per operating round after they have been acquired and flipped, until they are closed by using their powers. This is noted on the reverse of the certificates. The special property of private company P9 is that it pays a revenue (variable based on game phase) once it has been acquired and flipped. In all the above cases this revenue is paid to the owning company treasury during the "pay the private companies" phase of each operating round. Thus, the revenue cannot be received by the owning player pre-acquisition and then again by the acquiring company on the turn in which it is acquired.

3.1.9 The powers of private companies can generally only be exercised by their owning company, during the owning company's operating turn. The ability to declare double cash holding at the end of a stock round (private company P9), and the ability to buy and hold an extra share (private company 16) are the only two exceptions to this.

3.1.10 Apart from private company P15, which must close at the start of phase 7 (but may be closed earlier), private companies are not forced to close.

3.1.11 Apart from private company P16, private companies, while held by players, count towards their overall certificate limit.

3.1.12 A company can own two mail contracts, but only one mail contract can be used per train. A company would therefore need to run two trains to gain the benefit of owning two mail contracts. When running an E train with a mail contract, the mail contract only pays half of the base value of the end cities, not half of the doubled value of the end cities. Similarly, when running a mail contract on a destination run, the mail contract only pays half of the base value of the destination city, not half of the doubled value of the destination city.

3.1.13 The powers of private company P2 (remove small station) and private company P11 (advanced track lay) can be used together as part of the same track tile placement step.

3.1.14 Private company P2 can only be used on a single small station, not a double small station. As an alternative to allowing the placement of yellow plain track on an undeveloped small station hex, it can be used to lay a plain track upgrade of the next colour onto a previously placed small station tile. Existing track must be preserved.

3.1.15 The off-shore tax haven can be used to buy a share in a company even if the owning player already holds 60% of that company. However, the power cannot be used to buy a share in a company if the owning player has already sold shares in that company in the same stock round. The share must be purchased (using the players cash) from the company treasury or bank pool (i.e. it cannot simply be transferred from the owning players holdings into the off-shore tax haven).

3.1.16 The off shore tax haven can never be the director of the LNWR. If the president of the LNWR wishes to sell shares in the LNWR, and P16 holds an LNWR share, then the president cannot sell down to zero shares unless another player has one or more shares and could become the president.

3.1.17 The use of P5 to place an exchange token in the English Channel does not require the owning company to be able to trace a route to the English Channel. It does not count as the company's token placing step. If there is no token space available, the private company also allows the owning company to upgrade track to create a token space. This upgrade is subject to the standard £100 cost and track colour phasing and counts as the track laying action for the operating company.

EXAMPLE. The left and center diagrams show that the SECR has used the powers of private company P11, to place plain brown track before phase 5, and has also used the powers of private company 2, to upgrade a green tile with a small town to a plain brown track tile with no town. (the tile replaced is highlighted in diagrams). The right diagram shows how private company P5 can be used to place a token in the English Channel. If there is no space for the token, P5 allows the owning company to lay track (for the standard £100 cost). In the right diagram, the Caledonian Railway has made good use of the private company. Because CR has upgraded EC to brown, it must be phase 5 or later.

3.1.18 The private companies that provide trains (P1 - 5 train; P3 and P4 - permanent 2 trains; P13 and P14 - pullman trains; and P19 - permanent L train) are acquired in accordance with their specific phase and minor/major company ownership restrictions. Once acquired the certificates are flipped over to indicate that they are trains. The 5-train is treated like a normal 5-train and can be purchased by another company: the 2P, Pullman, and permanent L-train trains are restricted in that they cannot be purchased by another company. The 2P, Pullman, and permanent L-train do not count against train limit and do not count as a train for the purposes of mandatory train ownership.

3.1.19 P1, the 5-train, can be acquired as a private company even if the acquiring company is at train limit. The acquiring company must check the number of trains owned against train limit immediately upon acquisition of the private and discard a train to the bank pool if the limit has been exceeded.

3.2 Concession Certificates

3.2.1 There are 10 concession certificates in the game, one each for the 10 major companies.

3.2.2 Until phase 5, players do not buy director's certificates directly. Instead, they acquire them by converting the associated concession. Converting a concession gives the owning player the right to buy the director's certificate in their turn of a stock round, and gives a discount on the price of the director's certificate.

3.2.3 Concession certificates count towards the number of certificates held by their owners.

3.2.4 Concession certificates pay a dividend of £10 per operating round to the owning player.

3.2.5 At the start of phase 5, any remaining concession certificates are removed from play without compensation to the owning player. From this point the director's certificate of a company can be bought directly from the initial offerings.

3.2.6 Concessions are bought through the bidding mechanism. The face value of a concession is £100.

3.3 Minor Companies

3.3.1 There are 24 minor companies in the game (30 if the 1822+ expansion is used), as listed in Table 4 near the end of these rules.

3.3.2 Minor companies only have a 50% director's certificate (one certificate counting as two shares). The other 50% of the company is effectively embedded in the company. There are no other shares available to buy.

3.3.3 Minor companies can only be bought by players through the bidding mechanism in a stock round.

3.3.4 The minimum face value of a minor company is £100, which, because each director's certificate represents two shares, would give it an initial share price of £50. An opening bid of £100 on the bidding track represents this minimum face value.

3.3.5 At the end of the stock round, the player with the highest bid on a minor company must buy the 50% director's certificate for the price bid. The start price for the company and its initial capitalisation is dependent upon the phase of the game in which it was bought:

• In phase 1, irrespective of the price bid, the minor company starts at £50 (the solid red coloured space on the stock market) with £100 starting treasury. (The certificate represents two shares, so is worth twice the stock market price i.e. it is worth £100.)
• In phase 2, the price bid is divided by two and rounded down to the highest value in the starting value space on the stock market (outlined red, including the solid red coloured space), the company has twice this value as starting treasury. Thus, for example, a bid of £100, £105, £110 or £115 will result in a price of £50, with £100 capital. A bid of £120, £125, £130, or £135 will result will result in a price of £60, with £120 capital. And so on, with any bid over £200 resulting in a price of £100 with £200 capital.
• In phase 3 and later, the price bid is divided by two and rounded down to the highest value in the starting value space on the stock market (outlined red, including the solid red coloured space) as for phase 2. The company starts with the sum bid as its starting treasury. Thus, for example, a bid of £135 would give a start price of £60 but with £135 treasury, and a bid of £350 would give a start price of £100 (and therefore value £200), with £350 starting treasury.

Table 5. Examples of Bids on Minor Companies

Amount Bid (£)	Phase	Share Price	Value	Start Capital
115	1	50	100	100
115	2	50	100	100
115	3 onwards	50	100	115
145	1	50	100	100
145	2	70	140	140
145	3 onwards	70	140	145
250	1	50	100	100
250	2	100	200	200
250	3 onwards	100	200	250

3.3.6 Once bought, the minor company may never be sold, though they can be acquired by a major company during its acquisition phase.

3.3.7 Minor companies run in a similar manner to major companies but subject to the following differences and restrictions:

• As part of their first turn housekeeping they may purchase an L-train if there are any available from the bank (i.e. they can acquire a train at the start of their first operating turn and hence run the train on their first turn).
• They only receive one tile lay per turn
• They may only place yellow and green tiles (private companies that affect brown and grey track offer no benefit to minor companies)
• They may only acquire a limited range of private companies (see Table 3)
• They only ever receive one station token.
• Their earnings must be split 50/50 between the company treasury and the director.

3.3.8 The director of each company controls its actions. The actions of the company may cause its share price to rise or fall on the stock market.

3.3.9 Minor companies are obliged to own a train at the end of their operating turn.

3.4 Major Companies

3.4.1 There are ten major companies included in the game, as shown in Table 6 near the end of these rules.

3.4.2 Each company's stock consists of nine share certificates, one of which (the director's certificate) represents 20%, or two shares, of the total shares in the company. All other share certificates represent a single 10% share. The LNWR is an exception, in that it has 10 certificates each representing a 10% share including the director's certificate. No one player may buy more certificates in a company once they hold 60% of that company. However, a player may acquire up to 100% of a company's stock through share exchange in the acquisition of minor companies. The director's certificate is always owned by the majority stock-holder in the company. This player is the director of that company. If another player acquires more shares than the director, or the director sells enough shares to bring their holding below that of another player, the director's certificate is swapped for two (or one in the case of the LNWR) ordinary certificates belonging to that other player.

3.4.3 In the early stages of the game, the director's certificate can only be obtained by converting the associated concession certificate. Concessions cannot be converted in this way until phase 2. Once the concession certificate has been converted and the player has taken the director's certificate, the company floats and becomes operational. The company receives twice its starting share price as initial treasury. The remaining shares are placed in the corporate treasury on the company charter. (The LNWR only receives its starting share price as initial treasury.) Payments for additional shares bought from the corporate treasury are made to the company treasury.

3.4.4 In phase 5 the concession certificates are removed from play and the director's certificates may be bought as a standard buy action.

3.4.5 From phase 5, a newly floated company does not become operational until 50% of its shares are sold.

3.4.6 For companies that float in phase 6 or later, once 50% of the shares are sold, the company receives ten times its starting value as treasury and the remaining 50% of shares are placed in the bank pool.

3.4.7 Thus all companies that float before phase 6 will be funded through incremental capitalisation, whereas a company that floats in phase 6 or 7 has full capitalisation (with 5 shares placed in the pool). From phase 5 a company needs to sell 50% of its shares to float, whereas in phases 2 to 4 it only needs the directors certificate to be converted from the concession. The floatation conditions are dependant on the phase that is current at the time that the company floats i.e. converts from its concession or reaches 50% sold, not when it first operates. Companies float during an SR, but phase changes occur at the end of a stock round (possibly) or during an operating round.

3.4.8 Starting values are shown on the stock market in the red outlined area i.e. £60, £70, £80, £90 or £100.

3.4.9 The director of each company controls its actions.

3.4.10 Its earnings may be paid, wholly or partly, as a dividend (paid to players) or retained (kept in the treasury).

3.4.11 The actions of the company may cause its share price to rise or fall on the stock market.

3.4.12 Major companies are obliged to own a train at the end of their operating turn.

4. Stock Rounds

4.1 Introduction

4.1.1 At the start and end of each stock round, if there are any vacancies in the bid boxes, the present certificates are all shifted to the left most boxes, and then the top concession certificates, minor company director's certificates, and private company certificates (if any are unsold) are placed in any appropriate empty bidding boxes. For the minor companies, the uppermost certificate is placed in the empty bidding box with the lowest number, etc. Note that the filling of private company bid boxes is altered for 1822+ such that the private companies do not shift left, but are instead filled from their respective stacks.

4.1.2 The stock round starts with the holder of the Player 1 card and proceeds in player number order until all players pass in turn. All share certificate transfers in a stock round are made between a player and either the bank or a company. Players may never buy shares directly from one another.

4.1.3 In a player's stock turn they may perform one or more of the following actions, which must be undertaken in the order listed:

• Optionally sell any certificates subject to the limits set out below
• Optionally repay loans
• Optionally one of the following:
  • Buy one major company share certificate
  • Convert a concession certificate to a director's certificate
  • Place or increase a bid up to three bids on a concession certificate, minor company director's certificate, or private company
  • Or Pass

4.2 Player Loans

4.2.1 A player may be forced to take loans to fund train purchases for companies of which they are the director (see Forced Train Purchase and Emergency Fund Raising). A player may not buy any shares, convert a concession, or place a bid whilst they have loans.

4.2.2 A player is not obliged to sell shares to raise money to pay off loans. Note that a player can only take loans once they have sold all shares that they can sell. Therefore, they will only have shares that are possible to sell if other players have bought shares out of the bank pool and/or taken the directorship of a company, or if shares were gained through acquisition of minor companies following taking the loan.

4.2.3 If a player still has debt at the end of a stock round a further 50% interest (rounded up) is charged by the bank.

4.2.4 The sum of any loans in play does not affect the bank limit of £12,000 i.e. treat the loan as coming from a separate source, not the bank.

EXAMPLE. During phase 4, a company has £140 cash, but no train. The director has only £20 cash. The director chooses not to buy a train from another company. The company therefore enters the emergency money raising procedure. The director first adds their £20, for a total of £160. Then the director sells one share (all that they can sell), for £80, taking the total sum to £240. However, the next available train is a 4-train, costing £300. The director therefore takes a loan of £60 to make up the shortfall. 50% interest is applied to this, resulting in a total debt of £90. During the remainder of the operating round the player earns a further £50, which is paid off the loan as it is earned, and they thus enter the stock round with a £40 debt. Since they have nothing that they can sell during the SR, their debt remains and a 50% interest charge of £20 is added to it. We hope that they earn enough to pay off the outstanding balance of £60 in the next set of ORs.

4.3 Bank Pool

4.3.1 Shares sold to the bank and trains returned to the bank are placed in the bank pool. Objects in the bank pool may be bought by players or companies per the rules.

4.4 The Stock Market

4.4.1 There is one space shaded solid red and five red-outlined areas which are the initial positions allowed for a company's stock market token. Only minor companies may start in the solid red coloured space.

4.4.2 Several spaces in the bottom left hand region of the stock market are coloured yellow. Share certificates in companies whose stock market value token lie in this area do not count against the certificate limit shown in Table 1.

4.5 Bidding Boxes

4.5.1 There are four bidding boxes for the minor company director's certificates, and three for each of the major company concession certificates and private company certificates.

4.5.2 At the start of each stock round, if there are any vacancies in the bid boxes, the present certificates are all shifted to the left most boxes, and then the bidding boxes are filled by taking the top certificate from the respective stack and placing it in the lowest numbered vacant bidding box, repeating until each of the bidding boxes has one certificate of the appropriate type in it. Thus, in the first stock round, four of the minor company director's certificates, and three of each of the major company concession certificates and the private company certificates will be moved from their respective stacks to empty bidding boxes. Note that the filling of private company bid boxes is altered for 1822+ such that the private companies do not shift left.

4.5.3 Each player has a number of bidding tokens as shown in Table 1, and hence can bid on a maximum of that number of the (up to) ten items available.

4.6 Selling Shares

4.6.1 On each turn, the player may sell any number of share certificates, transferring them from their holdings into the bank pool subject to the constraints set out below. Only ordinary shares in major companies may be sold to the bank pool. The following rules apply:

• Private companies and minor companies may not be sold to the bank.
• Shares cannot be sold in a company that has not completed an operating round.
• A maximum of 50% of corporate stock is allowed in the bank pool.
• The director's certificate cannot be sold into the bank pool. However, if because of selling shares, the holding of a company director drops below that of another player (who must own at least 20% of the company (10% for LNWR)) that player becomes the new director. If there is more than one eligible player, the new director is the player with the largest holding, or, in the case of a tie, the tying player closest to the outgoing director in later stock turn order. The outgoing director exchanges their director's certificate for two ordinary 10% shares (one 10% share for the LNWR) of the affected company belonging to the new director. This exchange is effected before resolving the rest of the sale. This mechanism allows the director of a company to divest themselves of the directorship without the director's certificate entering the bank pool.

4.6.2 The player receives from the bank the current share price for each share sold.

4.6.3 Selling shares causes the company's price to drop, after all sales are complete and the seller receives their payment. Move the company's stock market token vertically down by a number of spaces equal to the number of 10% shares sold, or to the bottom of the chart if there is insufficient room for the full drop. If the token is already at the bottom of the chart it does not move.

4.6.4 If the token moves to a space on the stock market which is already occupied by other stock market tokens, it is placed at the bottom of the pile; if the token stays on its original space it stays in its relative position in the pile. The player receives the original price for each of the shares sold.

4.6.5 If the player sells shares in more than one company in a single turn, they decide on the order in which to sell them; this will decide the relative order of companies whose stock market tokens drop to the same space.

4.6.6 A player who owns more stock than the certificate limit allows (which can only happen legally if another player buys stock to cause a directorship transfer, or shares emerge from the yellow zone of the stock market) must sell stock, if possible, to bring themselves within the limit at their first opportunity in a stock round. If they can sell some stock but not enough to be within the limit, then they must sell what they can.

4.7 Buying Shares

4.7.1 To buy stock, the active player transfers one certificate from the bank pool or a company treasury, into their own holdings, paying the stock market value. If the certificate is from the bank pool, the payment is made to the bank; if the certificate is from the company treasury the payment is made to the company treasury.

4.7.2 Only shares that have a stock market value can be bought in this way. I.e. the director's certificate of a company cannot be bought by a buy shares action until phase 5. From phase 5 the stock market value is set by the purchasing player when taking the director's certificate.

4.7.3 Buying stock does not cause the current share price to change.

4.7.4 Only one certificate may be bought per stock turn.

4.7.5 A player cannot buy stock in a company if they sold stock of it earlier in the same stock round.

4.7.6 No one player may buy additional certificates in a company once they hold 60% of that company. However, a player may acquire up to 100% of a company's stock through share exchange in the acquisition of minor companies.

4.7.7 A player cannot buy any share certificate that would cause them to exceed the certificate limit, even if the purchase would cause a change of directorship and at once reduce the player's holding back to the limit.

4.7.8 If, because of a share purchase, the player's holding exceeds that of the current director, they become the new director, exchanging the director's certificate for two (one for the LNWR) 10% certificates of their own.

4.8 Converting a Concession to a Director's Certificate

4.8.1 Concessions cannot be converted until phase 2 and are removed from play without compensation at the start of phase 5.

4.8.2 For all companies except the LNWR, the concession holder announces that they are converting the concession. They turn over the concession certificate to the 20% director's certificate. They set the initial starting price (between £60 and £100 in increments of £10).

4.8.3 They take the appropriate company charter and take £100 from the bank and place it in the company treasury on its charter. They pay the balance (of two times the start price less £100) into the company treasury from hand. The company is now floated. The remaining certificates are placed in the company treasury and are available for purchase by players.

4.8.4 For the LNWR: The concession holder announces that they are converting the concession. They turn over the concession certificate to the 10% director's certificate side. They set the initial starting price (between £60 and £100 in increments of £10).

4.8.5 They take the LNWR charter and take initial starting price from the bank and place it in the company treasury on its charter. The company is now floated.

4.8.6 The player puts the share price token in the corresponding red-outlined space on the stock market, underneath any tokens already there.

4.8.7 Note that concessions can only be bought through the bidding mechanism. At the end of a stock round, those items that have bids against them are bought. A player therefore does not gain possession of a concession until the stock round has finished and therefore cannot convert it until the following stock round.

4.9 Bidding

4.9.1 To place a bid, a player may take up to three bid actions in each stock turn. The bid actions are:

• Place an unallocated bidding token in an empty space on a bidding box.
• Move a previously placed bidding token to a higher-valued empty space on the same item. This is only allowed if another player has placed a higher bid.

4.9.2 The opening bid on any item can be face value (i.e. plus £0) and all bids must be in whole multiples of £5.

4.9.3 In either case the bid must be higher-valued than any previously placed bids for that item, and the bid must not take the player's committed resources to more than their available cash in hand. A player's committed resources are the sum of the amounts bid for those items for which they have the highest bid.

4.9.4 A player may not place a bid on an item if they are at the certificate limit. A player's existing bids that are currently the highest bid on a certificate count as a certificate against the certificate limit.

4.9.5 If a player wishes to bid £100 or more over face value for an item, they may do so. A spare token (i.e. not one of the players' actual bidding tokens), or a £100 chip is placed on the item each time the bidding goes "round the clock."

4.9.6 Once a player has bid on an item they cannot withdraw that bid by taking the bidding token back into their hand or by moving it to make a bid on another item, even if later overbid by another player.

EXAMPLE. The figure illustrates a series of bids (in the first stock round) as summarised in the table. The private company bidding track is not illustrated. We can assume that all players apart from grey (who has 5 bidding tokens in play on the minor company and concession bidding tracks) might have placed some bids on the private companies. The pink and white players have been competing for the Welsh minor companies, and pink has won M19 at a price of £140, while white has won M24 at a price of £120. M19 is pink's only winning bid, but at least M19 will operate first, as it had the highest bid value. The white player can content themselves with M24 and the LNWR concession. After a four-way fight for the LBSCR concession, the grey player has dropped out of all their expensive battles and has opted for the low cost, lower return strategy: buying M4 and the Caledonian concession both at face value. Conversely, the blue player has decided to pay the price of the winning the better companies, and has won the LBSCR concession for £150 and M17 for £125. Without knowing what is coming up next in the bidding stacks we cannot judge these bids, but none of them seem unreasonable.

Player	M24	M19	M4	M17	C: LNWR	C: CR	C: LBSCR
Pink	115	140	-	-	125	-	140
White	120	125	-	-	130	-	120
Grey	-	-	100	120	100	100	115
Blue	-	-	-	125	-	-	150

4.10 End of Stock Round

4.10.1 Once all players pass consecutively, the stock round is over. First, all bidding tokens are removed and players take the items for which they have bid the most, paying the amount bid. The stock price tokens for the minor companies sold are placed on the stock price indicator. Because minor companies run before major companies, it is convenient to place minor company tokens on top of any major company tokens already on the relevant space. If any minor companies already occupy the relevant space, then the new tokens are placed beneath them.

4.10.2 If two or more minor companies float at the same price (in phase 1 the only allowed price is £50), then they are placed in order of amount bid, with the highest bid being at the top. If they are tied, then they are placed in order of bid box number, with bid box 1 being placed at the top etc.

4.10.3 Then, for each minor company with no bid placed upon it at the end of the stock round, one L/2-train is removed from the bank. If there are no L/2-trains remaining in the bank, then no action is taken. Then, if the minor company in bid box 1 is unsold at the end of the stock round it is removed from play, together with the next available train from the bank (not the bank pool – any trains in the bank pool are ignored). Thus, a minor unsold in bid box 1 could remove two trains. This train counts as a sale and can cause a phase change. The reserved station space token on the map is also removed and the station space can be used by other companies.

4.10.4 All other unsold items stay on the bidding boxes. Those in higher numbered boxes are moved to occupy the lower numbered bidding box. Thus, if for example, a minor company in bid box 3 was the only item unsold, it would be moved to bidding box 1 before repopulating the remaining bidding boxes. The bidding boxes are repopulated at the end and again at the beginning of a stock round (this is only relevant after phase 5, when companies can acquire minor companies directly from the bidding boxes).

4.10.5 The Player 1 card for the next stock turn is given to the player with the most cash. The Player 2 card is given to the player with the second most cash and so on. If two players have equal cash, their stock turn order stays unchanged from the previous stock round.

4.10.6 50% interest is charged on any outstanding loans.

4.11 Movement of Share Prices in a Stock Round

4.11.1 At the end of the stock round, if 100% of any company is in players' hands the stock market token for each such company rises one space vertically on the stock market, if possible. If the token is already at the top of the chart, it moves diagonally one space down to the right.

4.11.2 All affected stock market tokens move in descending share value order, with ties decided by moving right-most tokens first. If a company's token moves to a space which is already occupied, it goes to the bottom of the stack.

4.11.3 Minor companies are never 100% sold out, as only 50% of their share stock is available for sale.

5. Operating Rounds

5.1 Number of Operating Rounds

5.1.1 Initially there is a single operating round after each stock round. Once the first 2-train has been bought, after the next stock round there will be two operating rounds after each stock round.

5.2 Operating Round Turn Order

5.2.1 During an operating round, companies run in the following order:

• Private companies and concessions pay their dividend to their owner.
• Minor companies run in descending share value order.
• Major companies run in descending share value order.

5.2.2 If the stock values of two or more companies are equal, then the one whose stock market token is furthest to the right runs first. If two or more stock market tokens are on the same space on the stock market, the one on top runs first. The decision about which company is to run next is deferred until the end of the previous company's operations; sales of stock during an operating round (which in practice rarely occurs) may affect this order.

5.3 Operating Round Actions

5.3.1 All decisions made on behalf of the company are made solely by its director. When a company runs, it performs the following activities. Most are optional, but if done they must occur in this order:

• Perform first turn housekeeping (first turn only, compulsory).
• Acquire private companies from (willing) player.
• Lay or upgrade track.
• Check for connection to destination and place destination token if applicable (major companies only).
• Place one station token (major companies only).
• Run train(s), if any, to establish earnings (compulsory).
• Pay, split, or withhold dividends (minor companies must split earning).
• Buy rolling stock (usually optional but sometimes compulsory).
• Acquire a minor company from (willing) player, or from phase 5 onwards, from the bidding boxes (major companies only).
• Issue or redeem corporate stock (major companies only).

5.4 Routes

5.4.1 Many of the activities of companies revolve around routes. A route of a company is a continuous un-branched length of track, including on it at least one city or off-board area with a station token on it belonging to the company.

5.4.2 A route must not reach or pass through any city or town more than once. A company may have more than one station token on the London hex, but a train's route cannot include the London hex more than once. Note that other tiles and off-board areas with more than one station token space count as a single city. This is shown by an additional oval enclosing several station token spaces.

5.4.3 A route is blocked and cannot pass through any city completely filled with station tokens belonging to other companies, although it may terminate and/or begin in such a city. A route must not use any segment of track more than once.

5.4.4 Standard grey off board areas (i.e. Highlands, Aberdeen, France, Cornwall, Fishguard, Mid Wales and Holyhead) are termini. A route can begin or end at these locations but cannot pass through them. In all other respects, the pointed pre printed track functions as normal track linking the station in the off board hex to the adjoining hex. With the exception of Holyhead, Fishguard and France, these off board locations have two or more routes leading to / from them. Despite this, the locations are termini. For example, minor company M2 can run to Glasgow (and beyond) on pre-printed track, and can lay track out towards Stirling (and beyond). However, even with a token in the Highlands, there is no route from Glasgow, through the Highlands, and out to Stirling.

5.4.5 Grey areas are preprinted with revenue income that varies by phase. The yellow value refers to phases 1 and 2; the green value to phases 3 and 4; brown to phases 5 and 6 and grey to phase 7.

5.4.6 The English Channel and France off-board area count as a single stop for the purpose of the number of stations that a train may stop at. The English Channel tiles have one station space in yellow and green, two in brown and three in grey. If the English Channel is not tokened out, then any company running to the English Channel space can count the revenue from the France off-board area. If the English Channel tile is fully tokened, then only those companies with station tokens on the English Channel hex can stop at the French off-board area. The English Channel tile has a value of £0 to companies that can run to it, but are tokened out and cannot run through it. A station token in the English Channel space therefore has several functions:

• It allows E-trains to stop at the France off-board area.
• It blocks one of the station token spaces, allowing the owning company access to the France off-board area but potentially preventing other companies (without a station token in the English Channel) from accessing it.
• It counts as a normal station token, allowing a train to run a route.

5.4.7 Merthyr Tydfil and Pontypool are termini if approached from the other city (Merthyr Tydfil for Pontypool and Pontypool for Merthyr Tydfil). A company with an unblocked route through Pontypool to Merthyr Tydfil may place a token into Merthyr Tydfil (and vice versa). Only a single train may make the crossing between Merthyr Tydfil and Pontypool in any given operating turn.

EXAMPLE. In the example, SWR can run a 5-train from Gloucester through Newport, Pontypool, and ending in Merthyr Tydfil. This is only four stops with the 5-train, but the train must stop after travelling between Pontypool and Merthyr Tydfil. However, if the SWR has a token available, it may place it in Merthyr Tydfil and then may make the suggested run and additionally run a different train between Cardiff and Merthyr Tydfil, but may not run this second train to Pontypool because the Merthyr Tydfil/Pontypool connection may only be used by one train per operating turn.

5.5 Rolling Stock

5.5.1 Trains come in several types, labelled L, 2, 3, 4, 5, 6, 7, and E. There are also permanent 2, permanent L, and Pullman "+" trains (and an additional 5-train) available as private companies. The available trains sold by the bank are shown in Table 7.

Table 7. Rolling Stock

Train Type	Number Available	Cost (£)	Effect on Game Phase	Makes Obsolete	Made Obsolete By
L	22 (L/2 double-sided)	60	Game starts in phase 1	-	3
2	(L/2 double-sided)	120	Phase 2 starts with the purchase of the first 2. L-trains can be flipped to upgrade to 2-trains for £80	-	4
3	9	200	Phase 3 starts with the purchase of the first 3.	L	6
4	6	300	Phase 4 starts with the purchase of the first 4.	2	7/E
5	3	500	Phase 5 starts with the purchase of the first 5.	-	Permanent
6	3	600	Phase 6 starts with the purchase of the first 6.	3	Permanent
7	Unlimited (7/E double-sided)	750	Phase 7 starts with the purchase of the first 7/E.	4	Permanent
Electric (E)	(7/E double-sided)	1000			Permanent

5.5.2 All operating minor and major companies are required to own a train at the end of their operating turn.

5.5.3 L (local) trains run in a city which has a station token of the owning (minor or major) company. They can additionally run to a single small station, but are not required to do so. They can thus be considered 1 (+1) trains. Both major and minor companies may own L-trains, but only a minor company may buy an L-train as part of its first turn housekeeping. Only one L train may operate on each station token.

5.5.4 For 2, 3, 4, 5, 6, and 7-trains, the number represents the number of stations the train may reach. The trains count towns, cities, and off-board locations against this number.

5.5.5 The 5-train acquired with private company P1 (Butterley Engineering Company), once acquired by the private company acquisition, is treated exactly like a normal 5-train and is not subject to any other restrictions. The actual acquisition of the private company is treated as a private company acquisition and not a train buying action and therefore is not subject to the normal restrictions on train buying actions.

5.5.6 The Pullman+ train converts a normal train into an N+ train. N+ trains do not count towns in their run: however, they do earn the revenue from passing through them, i.e. they can stop at N cities or off-board locations, but additionally earn revenue from all towns between and beyond them. They can start and/or end at towns. Pullman trains can be used with a permanent 2 train. Pullman trains cannot be used with an E train. Although Pullman trains cannot be sold between companies, they can be allocated to a different train owned by the same company each OR.

5.5.7 The L and 2-trains are printed double-sided. When buying an L/2-train the company director chooses which to buy. When upgrading from an L-train to a 2-train the train card is flipped. Upgrading from an L to a 2 counts as a train purchase.

5.5.8 Similarly, the 7 and E trains are printed double sided: when buying a 7/E train the company director chooses which option to buy. Once this decision has been made it cannot be changed. 7-trains cannot be upgraded to E trains (or E trains downgraded to 7-trains). Electric (E) trains only stop at stations with station tokens of the owning company. As long as an open station space exists, they pass through other stations on their route NOT counting the revenue earned by them. It follows that E trains can only stop at off-board locations (and indeed any station) if they have been tokened with a station token of the owning company. The value of each of the stations that the train counts is doubled. There is no limit to the number of stations that an E train can stop at, other than that imposed by the number of tokens on the map and the route between them.

5.5.9 E trains double the doubled value of destination cities.

5.5.10 A company may only own a maximum of one E train.

5.5.11 E trains can run on the same track as other trains.

5.5.12 Minor companies can own E trains, but because they only have one token, cannot operate them.

5.5.13 The 2P-train is the same as a normal 2-train except that it is permanent and not subject to the normal obsolescence rules. Companies may never own more than one 2P-train, nor may 2P-trains ever be sold between companies. 2P-trains do not count as a train for the purpose of mandatory train ownership, i.e. a company with only a 2P-train is still forced to buy a train. 2P-trains do not count against the train limit. In the 1822+ expansion, the permanent L train has the same restrictions as the permanent 2 train and a company may not own both a permanent 2 train and a permanent L train.

5.5.14 The Pullman + train is permanent. Companies may never own more than one Pullman + train, nor may Pullman + trains ever be sold between companies. Pullman + trains do not count as a train for the purpose of mandatory train ownership, i.e. a company with only a Pullman + train is still forced to buy a train. Pullman + trains do not count against the train limit.

5.5.15 The purchase of trains serves to advance the game's phase. Each time a new type of train is bought, the phase advances. At the start of certain phases some trains are phased out, i.e. become obsolete. An obsolete train is removed from the game without compensation as soon as the phase change that caused the obsolescence occurs.

5.6 First Turn Housekeeping

5.6.1 On its first turn of operation, the following actions are performed.

• The director receives the company charter board and station tokens.
• Place the company's earnings token on the zero space on the earnings track.
• Place the company's free station token on its home city, marked on the map.

5.6.2 Major companies place their destination station token on the appropriate space on their charter. The LNWR places its destination token in Manchester; and this functions as a second home station until it connects North London to Manchester

5.6.3 Major companies place one station token on the available tokens section of their charter and a further three (four for LNWR) station tokens on the exchange token spaces of its charter for future use.

5.6.4 Place the initial capital in the company treasury.

5.6.5 Minor companies may buy a Local train, if any remain available for purchase from the bank or bank pool.

5.6.6 Note that when emergency money raising to buy a train from the bank or bank pool, the cheapest available train must be purchased. Thus, a minor starting with £100 treasury cannot choose to buy a 2-train at the end of its turn using emergency money raising, but must buy an L train. (The minor company can of course purchase of an L train at the start of its turn during first turn housekeeping). All minors starting in phase 1 will have £100 treasury. Minors starting from phase 2 may have more.

5.6.7 Minor company 14 must pay £20 to place its home station marker and this placement also counts as its track laying step for its first OR. It places its token on one of the six spaces in the off-board London roundel. The token is considered to be co-located with whichever company occupies the corresponding token space in London.

5.7 Acquire Private Companies

5.7.1 Generally, from phase 2 or 3, major and minor companies may acquire private companies from a consenting player. No compensation is paid by the acquiring company to the player. Once acquired by a company, private companies are flipped over and their power/property can be used by the acquiring company. There are several minor exceptions to these rules, as noted in the description for each private company.

5.8 Lay or Upgrade Track

5.8.1 In this part of its turn, a company may place track tiles on the map. Yellow tiles are laid on, and aligned with, the uncoloured hexes on the map. These may be upgraded successively to green, brown, and grey, when those colours become available. Development proceeds in order: intermediate colours must not be skipped. The upgraded tile is returned to the bank and is available for reuse elsewhere. Some map hexes are pre-printed in yellow. When available, green tiles may be laid directly on pre-printed yellow hexes.

5.8.2 Small cities are represented on the map by small solid black circles and on track tiles by a solid black bar on yellow tiles or a small solid black circle on upgrade tiles. Large open circles represent large cities, and are either unlabelled or labelled (one of B-M, Y, C, S, T, or EC). Unlabelled large city tiles may be placed only on un-labelled large city hexes. Labelled large city tiles may be placed only on correspondingly-labelled large city hexes.

5.8.3 Note that yellow city tiles do not bear any distinguishing letters and can be placed on map hexes labelled S and T as if they were unlabelled. EC, B-M, Y and C tiles are pre-printed on the map as yellow tiles.

5.8.4 The pre-printed yellow tiles, together with London and the Swansea/Oystermouth hex, start with existing track upon them. The London hex shows track extensions into the adjacent hexes. Each station has a track extension leading out from its hex edge. The Swansea/Oystermouth hex is upgraded by a yellow 57 tile: this removes the track from Swansea to Oystermouth shown on the undeveloped hex, and is a legal exception to normal track preservation rules when upgrading tiles. At the start of the game, if it does not lay any track; minor company 24 can therefore run for £30.

5.8.5 The pre-printed yellow tiles, together with London and Swansea/Oystermouth have a revenue value. Large cities on the base map have a value of £0. Note that companies are not obliged to lay track but are obliged to own a train. It is therefore possible to operate companies with a £0 revenue.

EXAMPLE. In the bidding example above, minor company M19 was also started in the first stock round, and runs before minor company M24. In the first operating round it may lay a yellow track tile between Cardiff and Swansea. In the second operating round, it can then upgrade Swansea to a yellow city tile. In the second operating round, minor company 24 can now only run for £20.

5.8.6 If the company has no route at all (i.e. there is no track in the company's home city) the company may lay any suitable yellow city tile there. Otherwise, if upgrading plain track, some of the track on the newly placed tile (not necessarily track which is present on the old tile, if any) must form part of a route of the company, and all the track on the old tile (if any) must be present in the same orientations on the new one. Small and large city track tiles may also be placed or upgraded if the operating company can trace a route to them. Tiles must not be laid so that track runs off the hex grid, nor so that track runs to a red bordered hex edge.

5.8.7 Grey coloured off-board locations are equivalent to large cities.

5.8.8 Off-shore arrows (adjacent to various coastal towns) allow greater flexibility in track placement and upgrade but have no other effect on the game.

5.8.9 The map has several rivers, estuaries, rough terrain, hills, mountain ranges, and the English Channel crossing. Placing yellow track tiles in these regions, known as "difficult terrain," costs the laying company the respective fee.

• Large rivers are shown by marsh symbol and cost £40.
• Small rivers are shown by marsh symbol and cost £20.
• Estuaries are denoted as a thick blue line between hexes. It is possible to build normally on the hexes either side of the estuary, but to place a track tile that has a track segment leading up to it costs £40 (thus to build an estuary crossing costs a total of £80).
• Rough terrain is denoted by an outlined domed box (cost £40).
• Hills are denoted by a solid black triangle (cost £60).
• Mountains are denoted by a solid double black triangle (cost £80).
• All upgrade to the English Channel cost £100
• All upgrades to London cost £20

5.8.10 Some of the pre-printed yellow tiles have difficult terrain upgrade costs associated with them (Birmingham, Manchester, and Bristol).

5.8.11 Track placements and upgrades are otherwise free.

5.8.12 If the company has insufficient funds it cannot lay a track tile.

5.8.13 The amount of track which may be placed in a single turn depends on the phase and type of company. In phase 2, a major company may lay a single yellow tile per operating round. From phase 3 onwards, it may lay two yellow tiles or place one green, brown, or grey upgrade tile. A minor company may only ever lay a single tile in an operating round and may only lay yellow or green track tiles.

5.8.14 A company may always place less than its full allowance and it may choose to play no track at all. If two tiles are being played, the route extended by later tiles may include track on earlier ones, but need not.

5.8.15 The supplied quantity of plain yellow track is not intended to limit play. The mix of all other track is intended to limit play. If a vital tile is in play, then it must first be upgraded to free it.

5.8.16 In phase 3, green tiles become available. In phase 5, brown tiles are available. In phase 7, grey tiles are available.

5.8.17 In brown and grey coloured track tiles, there are tiles for plain track, small stations, and large stations with 5 track segments and equivalent tiles with 6 track segments. When playing these tiles, the 6-way track tiles must be used in preference to the 5-way track tiles wherever possible, even if this incurs additional terrain (i.e. estuary crossing) costs.

5.9 English Channel

5.9.1 The English Channel crossing hex is pre-printed yellow, so the first tile that can be placed is green. Each upgrade of the hex (to green, to brown, and to grey) costs £100.

5.9.2 The English Channel, in brown and grey track has two tracks leading to France. This allows companies to run two standard (i.e. non-E) trains to France – one from Dover and one from Folkestone – subject to the normal restrictions on routes. E trains run to France by stopping at a station token belonging to the operating company in the English Channel.

5.9.3 In addition to its destination station in Dover, the South Eastern & Chatham Railway (SECR) may place an available token in an open token space in the English Channel free of charge. The SECR must be able to trace a route to the English Channel to utilise this power, which counts as its standard token laying step.

5.10 London and Minor Company M14 Metropolitan Railway

5.10.1 To upgrade London costs £20 for each upgrade. No tile is placed to make the upgrade; however, this counts as a normal track lay of the appropriate colour. Instead the next token in the track colour upgrade sequence is placed in the centre of the off-board London roundel (located in the Thames estuary). Prior to upgrading to yellow, the London stations have a revenue value of £20. Pre-existing track exists from each of the 6 stations to the adjacent hex.

5.10.2 It is not legal to run a train from one London station to another London station and it is not possible to run through London: it must be a terminus.

5.10.3 The off-board London roundel allows minor company M14 (Metropolitan Railway) to place its home station marker. Placing the station token costs £20 and this also counts as the company's track laying step. The Metropolitan Railway is the only company that can place a station token in the off-board London roundel. The London roundel effectively allows the Metropolitan Railway to convert one of the London stations into a double station.

5.10.4 If a major company acquires M14 then it may place an exchange token on the London roundel in M14's home station as per the normal acquisition rules. If the major company chooses instead to move an exchange token to the available station area on its charter, then the space vacated by the M14 token becomes available for another company to token.

5.10.5 If a major company acquires M14 from the bidding boxes (from phase 5 onwards), then it can place an exchange token on any of the six London roundel token spaces. It must pay £20 for the token placement.

5.10.6 EXAMPLE. The figure illustrates placement of minor company 14's home station token in south east London (co-located with SECR). It also shows that London is developed to green, with a value of £60.

5.10.7 The six hexes around London are reserved for the adjoining companies and cannot have a yellow tile placed on them without the agreement of the director or concession holder of the respective major or minor company. If the company has no director or concession holder, then a tile may only be laid if it connects the associated London station into an existing route network. There is no restriction on upgrading these tiles once placed. Minor company M14 (Metropolitan Railway) acquires the track laying rights of the company with which it is co-located. The agreement of the co-located company is not required for track laying. The agreement of the director of either minor company M14 or the director/concession holder of the company with which it is co-located are needed for track building by a third-party company.

5.11 Check for Connection to Destination

5.11.1 After its tile laying step, if the major company can trace a route from its home station to its destination station then it must place its destination station token in its destination station: this is free of charge.

5.11.2 This must be done as part of the operating company's turn at the first occasion on which the connection to the destination is made. The action cannot be deferred.

5.11.3 The LNWR's home station in Manchester becomes the destination station token when a route connects its station in London to Manchester.

5.11.4 When tracing a route to determine a connection to its destination, the major company need not have a train that can reach from its home station to its destination station, or indeed any train at all.

5.11.5 When a company runs a train between its home station token and its destination station token it doubles the value of its destination station. This only applies to one train per operating turn. If an E-train runs a destination route, then the doubled destination value of the city is doubled by the E-train, i.e. the destination city value is multiplied by 4.

5.11.6 The route need not start or end at the home station or destination station: it may extend beyond either or both of them.

5.11.7 The destination station token has a black banner on it to identify it.

EXAMPLE. In the illustration, the LBSCR has placed its destination station token (in Brighton) and the SECR has placed its destination station token (in Dover). Both companies have also placed tokens in the English Channel and SECR has a token in Maidstone. LBSCR can run a train from London to Brighton and beyond, counting double the Brighton station value. SECR can run a train from its home station (SE London) through Maidstone to its destination in Dover (which counts double value), and beyond via the English Channel to France. It (and the LBSCR) can also run a second train through the English Channel from France on a different route.

5.11.8 When placing destination tokens, if there is no available token space then the token is simply placed on the destination tile adjacent to the city. Until the tile is upgraded, or if further upgrades do not create additional token spaces, then the destination effectively creates an additional token space in the destination city. If the tile is upgraded to create an extra token space the destination token is at once moved into the space created, irrespective of which company upgraded the tile.

5.12 Station Token

5.12.1 Each major company has a total of eight tokens, except the LNWR which has nine. These are one each to represent its stock price and latest earnings and up to six (seven for the LNWR) to represent stations on the map.

5.12.2 When each major company starts, it can utilise three station tokens: a home station, a destination station token, and an available (normal) station token. Exception: the LNWR starts with both its home station token and its destination station token in play.

5.12.3 Each minor company has a single home station token.

5.12.4 Acquired minor companies allow the acquiring major company to place an exchange token on the map in place of the acquired minor company home token; or move an exchange token to their available token area of their charter (see minor company acquisitions).

5.12.5 Each turn a company may place a single (available/normal) station token. It may never place more than one of these per turn, except that home (and destination in the case of LNWR) station tokens placed in first turn housekeeping do not count against this limit. Destination station tokens, exchange station tokens and the station token gained by acquisition of the LC&DR private company (P5) (if at once placed in the English Channel) also do not count against this limit.

5.12.6 A company which has an available station token may place one on a vacant city or off-board area space which is on a route of the company. No more than one station token of any company may be placed in any single city/off-board area (a company can have more than one station token in London, but cannot run a train from London to London). One space on each company's home hex is reserved for that company, and other companies must leave a space free if that company has not yet had its first operating turn. (Note that there must really be space there; it is not enough to claim that the track tile might be upgraded to create a space.)

5.12.7 Exchange tokens can only be used by acquisition of minor companies or by use of the LC&DR private company (P5). (An exchange token can be moved to the available token area of the company charter through use of the C&HPR private company (P18).)

5.12.8 Once placed, station tokens must not be moved, although minor company station tokens can be removed because of acquisition or removal from the game at the end of a stock round.

5.12.9 Minor companies never receive more station tokens.

5.12.10 A major company acquiring the London Chatham & Dover Railway (LC&DR) private company (P5) may at once place one of its exchange station tokens free of charge on a space in the English Channel or move one of its exchange station tokens to the available station tokens area on its company charter for future use. The major company does not need to be able to trace a route to the English Channel. If no token space is available, the major company may also pay £100 to upgrade the English Channel tile and hence create an additional token space. This track lay counts as the company's track laying step and is subject to track availability phasing restrictions.

5.12.11 The SECR may place an available station marker in the English Channel free of charge. The SECR must be able to trace a route to the English Channel and there must be an available space for the token placement. This counts as the SECR's token placing step.

5.12.12 Station token placements other than home stations, destination stations and exchange stations must be paid for. The cost is £100. If the company has insufficient money in its treasury, it may not place the station token.

5.13 Run Train(s)

5.13.1 If the company has one or more trains, it runs them on its routes to establish earnings. For most trains, the route used by each train must include at least two (large or small) stations but no more stations (large or small, combined) than the number of the train. Intermediate stations cannot be skipped.

5.13.2 If a company owns more than one train, each must be run on a separate route. That is, the routes employed must not have any track segments in common.

5.13.3 The exceptions to the above are:

• L (local) trains run in a city which has a station token of the owning company. They can additionally run to a single small station, but are not required to do so. They can thus be considered 1 (+1) trains. Only one L-train can run in a given station token.
• Trains with a Pullman + attached to them count any number of small stations in addition to their standard number of large stations.
• E (Electric) trains only stop at station tokens belonging to the owning company and skip all other stations, subject to the usual rules regarding routes and blocking station tokens. E trains may run on the same track as other trains. The value of all stations is doubled when determining the dividend.

5.13.4 Every route must include at least one station token on it somewhere, and routes cannot pass through stations filled with other company's station tokens (though they may start and/or end at them).

5.13.5 The value of a route is equal to the sum of the values of the stations it passes through or reaches. The value of a station is the number printed in the small circle, for constant values, or the appropriate value in the coloured rectangle, for values dependent on the current phase.

5.13.6 The operating company must run its trains for the maximum total revenue achievable. An exception is that when running a train with a mail contract, the value of the run may be reduced to maximise the mail income to the operating company treasury. When running a permanent 2 train (or, in the 1822+ expansion a permanent L train) and paying the revenue differently to the revenue from other trains the total revenue must be maximised, but the relative value of the split between the 2 train (or L train) and the normal trains need not maximise either of the two different pay-outs.

5.13.7 The English Channel crossing hex and the France off-board area are a combined track, station token and off-board location. The station on the English Channel track does not count against the run of a train and neither does it earn revenue. The off-board area does count as a station and does earn revenue. The station token space on the English Channel hex allows an E train to stop at the off-board location and offers the opportunity to place a station token to block other companies from running any train to the off-board location.

EXAMPLE. With the track in this illustration, the SECR can run from its home in SE London, through Maidstone and Dover (its destination) and via the English Channel to France. If it had a second train it could also run a second train from France, through Folkestone, Brighton and beyond. Minor company 14, co-located with SECR cannot run to France as the English Channel is blocked by the tokens of LBSCR and SECR.

5.13.8 A company's earnings are the sum of the values of the routes run by its trains. The highest legal earnings announced by any player must be declared, but players are not obliged to announce earnings higher than those declared by the director. If a company is running a plus train with a mail contract the train may stop at a large station to maximise mail income, rather than running beyond the large station to small towns to maximise dividends, if the director so desires.

5.13.9 The earnings token should be placed on the dividends track to reflect the amount earned. This step can be omitted, but it serves to remind players later what each company's earnings were and hence speed up the game.

5.14 Pay Dividends

5.14.1 Major companies may keep all their earnings, pay all their earnings as dividends, or pay half (rounded up to the next multiple of £10) and keep the rest. 10% of the dividend is paid to the holder of each share. Payments for shares in the company treasury go to the company, while payments for shares in the bank pool are lost.

5.14.2 The revenue from a 2P-train (or permanent L train) can be added to the revenue of the company's other trains (if it has any), or split or retained separately. If the revenue is added to the revenue from its other trains then this is treated just as for any other multiple train revenue (i.e. the sum of each train's revenue is added to determine the total revenue), which can be paid in full, split, or retained.

5.14.3 However the revenue from the 2P (or permanent L train) and all of the other trains operated is treated (i.e. retained, split or paid), the revenue that is actually paid out to shareholders will affect share price movement normally. Any revenue that is retained will have no impact on the share price movement.

5.14.4 The stock market is shown as a row of columns of varying depth. The value of a company's shares (also known as the share price) is shown by the company's stock market token on this chart. Each space shows the share value it represents.

5.14.5 If the company keeps all its earnings, or if the earnings are zero, its price token is moved one space to the left on the stock market, or one space down if the current space is marked with a downwards-pointing arrow. If the price token is already at the bottom left, it does not move.

5.14.6 For a major company, if the total dividend paid by the company is less than its share value, the price token does not move.

5.14.7 For a major company, if the total dividend paid by the company is equal to or greater than its share value, but less than twice its share value the price token is moved one space to the right or up if the current space is marked with an upwards pointing arrow.

5.14.8 For a major company, if the total dividend paid by the company is equal to or greater than twice its share value the price token is moved two spaces to the right or up if the current space is marked with an upwards-pointing arrow.

5.14.9 Minor companies must pay 50% to their treasury and 50% to their director. If they pay a dividend they move one space to the right on the stock market, or up one space if they are on a space with an upwards pointing arrow. If they do not pay a dividend they move one space to the left, or down one space if they are on a space with a downwards pointing arrow.

5.14.10 In any case, if the price token moves to a space which is already occupied, the token goes to the bottom of the pile, and retains its position in a pile if it does not move.

5.15 Purchase Rolling Stock

5.15.1 If the company has fewer trains than the current limit on rolling stock, then it may buy a train from the bank or, from phase 3 onwards, from another company.

5.15.2 When buying a train from another company, the selling company must consent to the transaction. The price can be any amount, but must be at least £1 and must not exceed the purchasing company's treasury.

5.15.3 When buying a train from the bank, the train may be any from the bank pool, or the next available new train in the bank. The price paid must be the face value. (Trains are only placed into the bank pool through companies discarding excess trains when the rolling stock limit falls or on mergers.)

5.15.4 During phases 1 and 2, an L train can be converted to a 2 train as a train purchasing action.

5.15.5 7 and E trains become available simultaneously.

5.15.6 The company may buy multiple trains each operating round if it has the room and resources, but the effects of each train purchase apply at once after each is bought. A company below its train limit may buy a train even if this triggers a phase change which causes the company to be over the limit.

5.15.7 If the purchase of a train lowers the limit on the amount of rolling stock which may be held, companies with more rolling stock than the new limit must discard the excess without compensation. Discarded trains go into the bank pool. If more than one company has excess rolling stock, they decide which to discard in descending order of price. Of companies having the same price, those whose price is furthest right on the stock market discard first. Of companies with prices on the same space on the stock market, those whose tokens are on top discard first.

5.15.8 A company at the train limit cannot buy a train, even if the purchase would trigger a phase change and remove enough rolling stock to make room.

5.16 Forced Train Purchase

5.16.1 During the Train Buying phase of its operating turn, if a company (major or minor) does not own a train, it must buy one even if it has insufficient money.

5.16.2 If a company has enough money to buy a train from the bank pool or bank, then it must either do so, or buy a train from another company.

5.16.3 If a company cannot afford to buy a train, it must buy either the cheapest train from the bank (including any trains in the bank pool) with help from the company's director, or a train from another company. For the double-sided trains (L/2 and 7/E) this means that the cheaper version must always be the version bought.

5.16.4 When buying a train from another company, the director may not contribute any of their own money. A company is not compelled to buy a train from another company even if its price is lower than one from the bank or bank pool.

5.16.5 When forced to buy a train from the bank or bank pool, the company first uses its own cash; stock in the company treasury is useless. If this is insufficient, then the director must make up the shortfall between the company's treasury and the cost of the train using their own cash (emergency money raising).

5.17 Emergency Money Raising

5.17.1 If the director has insufficient funds, they must sell stock. These stock sales are done at once. The normal constraints on stock sales apply; additionally, the director must keep the director's certificate of the active company. The sales may be done in any order, and must stop as soon as the necessary cash is raised. As with sales in a stock round, the director receives the full value of each share sold (i.e. its value at the start of the train-buying action), even if the price drops because of those sales.

5.17.2 If the director is unable to raise the purchase price of the train, they must take a loan from the bank for the shortfall. In addition, the bank charges 50% interest (rounded UP) on loans, so the amount of the debt will be 150% of the shortfall between the director's disposable assets (cash and sellable shares) plus the company treasury and the purchase price of the train.

5.18 Minor Company Acquisitions (Phase 2 to Phase 7 Inclusive)

5.18.1 A major company may acquire one (and only one) minor company each operating turn. The following restrictions apply:

• An acquisition cannot be made in the operating round in which either company runs for the first time.
• The major company must be able to trace a route from one of its station tokens to the home station token of the minor company. It is not sufficient to be co-located on the London hex as none of the station slots are connected by tracks within the hex.
• The directors of the two companies agree to the acquisition. (It is very common for the same player to be the director of both companies.)
• All assets needed for the acquisition must be in place before the acquisition can be enacted.

5.18.2 The major company buys the assets of the director of the minor company, i.e. their stock certificates, and in doing so acquires all the assets owned by the minor company in the form of its station token, cash, private companies, and trains held by the minor company.

5.18.3 To effect the acquisition, the major company must buy the minor company from its owner for the value of the minor company (i.e. twice its share price). The major company may contribute zero, one or two shares. The balance must be paid in cash to or from the major company corporate treasury and the director of the minor company. If shares are given in payment, and their value is greater than the value of the minor company, then the director of the minor company must pay the difference to the treasury of the major company.

5.18.4 For example: A major company with a current market value of £160 and at least two shares of treasury stock acquires a minor company with a market value of £90. The major company would have the following choices in how to compensate the director of the minor company:

• Pay £180 in cash
• Pay one share and £20 in cash
• Pay two shares and receive £140 in cash

Irrespective of the relative share values of the two companies, the number of shares transferred from the acquiring major company treasury to the director of the minor company being acquired can be 0, 1 or 2. If the value of shares transferred is less than the value of the minor company, then the major company must add cash from its own treasury to top up the value. If the value of shares transferred is more than the value of the minor company, then the director must pay the difference to the major company treasury.

5.18.5 If a player is at the certificate limit, they may only exchange a maximum of one share certificate for the minor company director's certificate. I.e. they cannot force themselves to go over the certificate limit.

5.18.6 To complete the acquisition, transfer the cash holding of the minor company to the major company treasury; transfer any trains held by the minor company to the major company. Trains in excess of the train limit must be discarded; all other trains must be kept. If forced to discard trains, the major company can discard trains that it or the minor company held before the acquisition (or possibly one of each). Transfer any private companies or tokens that the minor company owns to the major company. The major company may then exchange the minor company token for one of its own exchange tokens, if it has one; or remove the minor company token from the board and transfer one of its exchange tokens, if it has one, to the available station tokens area on its charter for future use. The acquiring company's available tokens may not be used for this purpose.

5.18.7 If a major company has a station token in a city and acquires a minor company with a station token in the same city, move an exchange token to the available tokens section of the charter and do not place it on the map as an exchange token. London is an exception to this rule as it is possible to have more than one station marker per company in London.

5.18.8 If the acquiring major company has a permanent 2 train and the acquired minor company has a permanent L train, then one of the two trains must be discarded without compensation and is permanently removed from play.

5.18.9 Once a minor company has been acquired it is removed from play.

5.19 Minor Company Acquisitions (Phase 5 to Phase 7 Inclusive)

5.19.1 As an alternative to acquiring a minor company that is already operating, from phase 5 onwards a company may instead buy a minor company from those (if any) remaining on the bidding boxes (at the beginning of each stock round the bidding boxes are repopulated with any remaining minor companies in the start packet). The acquiring major company must be able to trace a route to the minor company's home station.

5.19.2 As its acquisition step, the major company pays £200 to the bank to acquire the minor company. The major company may then place one of its exchange tokens, if it has one, in the home station of the minor company (for no additional cost), or transfer one of its exchange tokens, if it has one, to the available station tokens area on its charter for future use (at £100 cost, when placed on the map).

5.20 Issue or Redeem Stock

5.20.1 The company may either issue or redeem its own stock, but not both in one turn. Issued stock is transferred from the company treasury to the bank pool, and the company receives from the bank the final resting price for each 10% sold. Issuing stock must not cause more than 50% of the stock to be in the bank pool. As with sales, issuing stock may cause the company's price to drop: the company's stock market token moves vertically down by a number of spaces equal to the number of 10% shares issued or to the bottom of the chart if there is insufficient room for the full drop. If the token is already on the ledge it does not move. If the token moves to a space on the stock market which is already occupied, it is placed at the bottom of the pile; if the token stays on its original space it keeps its relative position in a pile.

5.20.2 For example, if a company is valued at £100 and issues three shares, the price drops 3 spaces to £70 and the company receives £210 (i.e. three times £70) treasury from the bank.

5.20.3 A company may not issue stock in its first operating turn.

5.20.4 Redeemed stock is transferred from the bank pool to the company; the current price must be paid from the company treasury to the bank. More than one certificate can be redeemed in a single operating turn. Redeeming stock does not cause the company's price to change.

6. Play Options

6.1 Variants

6.1.1 Players are allowed to inspect of the three stacks of upcoming concession, minor company, and private company certificates. However, players could be forbidden from examining the stacks at all, or limited to only seeing the next batch of certificates (based on the assumption that the bidding boxes will need to be completely restocked each stock round). These variants might be particularly appropriate when a player who is familiar with 1822 is playing against players that are not familiar with the game.

6.1.2 An optional rule for P16 is that, once the owning player has used their own money to buy a single share, the cash that accumulates in the tax haven can be used to buy additional shares. The tax haven cannot hold more than one certificate in each company. It can only buy one share per stock round: doing so counts as a stock turn action for the controlling player.

6.1.3 When playing with 1822+, players may choose to use all 21 private companies instead of discarding down to 18 as per the set up instructions. Players may also choose not to allocate types of private companies to specific stacks / bid boxes, but may mix them all together as per the original 1822 set up. Be aware that if the permanent L is available in the first stock round, and if a high dividend minor company acquires it in OR1, it is possible for phase 2 to start in OR1. This will probably have a significant impact on the gameplay.

6.2 Scenarios

6.2.1 1822 is one of the larger 18xx games available and is not particularly suited to evening games sessions (unless the players are nocturnal!). For those players wishing to play 18xx, but operating with time constraints, there are a number of scenario options that reduce the game length – at the expense of a loss of some of the complexity, variety, and strategy of the full game. The scenarios fall into two groups – regional scenarios, involving the removal of specific companies from the game and playing on a reduced area map; and full map scenarios with a random selection of companies being removed from the game. These are available as a free print and play expansion on the All-Aboard Games website.

6.2.2 The 1822+ expansion introduces three additional private companies and changes the private company set up rules. Only 18 of the 21 available private companies are in play. Players may wish to use the full set, or experiment with alternative ways of selecting the private companies to be discarded and the way in which they enter play. The expansion also introduces an additional six minor companies. There are thus 30 minor companies in play in total.

Credits

• Francis Tresham, for starting it all off with 1829.
• Huw Webberley, Paul Heald, Steve Thomas, Bob Lecuyer for extensive assistance with the rules and map.
• Leonhard Orgler, Helmut Ohley, Ian D Wilson, David Hecht and Peter Minder for the concept of Minor companies (1844, 1837, 1824, 18West, 18EU, 18Ardennes, 1861).
• Steve Thomas and Chris Lawson for the auction mechanism and the concept of a Railroad Convention, which the early stock rounds mimic (1848).
• Steve Thomas for issuing a set of game rules (1848) as a word document, allowing easy plagiarising, and digitising the original map and tile set.
• Steve Thomas, Chris Lawson, Federico Vellani and Manlio Manzini for the concept of concessions (1848, 1841).
• Leonhard Orgler, for the concept of player cash determining stock round order (1844).
• David Hecht for minor company acquisitions (18West).
• David Hecht for the idea of Electric trains (a cross between Electric and TGV in 1826).
• Bill Dixon, Helmut Ohley, Peter Minder, David Hecht for the concept of destinations (1870, 1862, 1844, 1826).
• Bob Lecuyer for creating a Cyber Board version of the game and extensive contributions to art work.
• Bob Lecuyer and Jonathan Sabean for insisting on the scenario options, making me revisit them as a concept after originally discounting it.
• Huw Webberley for planting the idea of a UK map.
• Playtesters: David Nash, Huw Webberley, Jon Lawson, Paul Heald, Rob Turner, Steve Thomas, Chris Appleton, Caroline Sandford, Tony Bromley, Richard Clyne, Jon Draper, Peter Eldridge, Ian D Wilson, Danny Victor, Stephen Webb, Ken Simpson, Bob Lecuyer, Jonathan Sabean, and Jim Knight. And many more contributors to refine the rules to this version. I think that very little has changed from what I intended, but the written rules have hopefully become clearer and more comprehensive. The placement of up to three bids and the revised rules for private company 16 (the tax haven) are the only major changes.
• Huw Webberley, David Nash, and Paul Heald have play tested so many times and made so many suggestions (a reasonable number of which have been adopted) that they could be considered Co-Designers.
• And of course Scott Petersen/All Aboard Games for producing 1822, turning my ideas into reality.
• I have played other 18xx titles by these and other designers. No doubt other ideas have been developed subliminally from these other titles, so I also thank those designers not listed above by whom I have been influenced.

Designer's Notes

My overarching goal was to create a game that did not have a scripted start or a combination of "the best opening." I wanted to have a different opening with each outing.

My second most important consideration was to create a game with minor companies in it, and to have flexibility in which minor companies merged into major companies. This offers an enhancement on the first goal and extends the games flexibility, and hence ineffectiveness of scripted plans, into the mid game – hopefully creating a game that has good replay potential.

Of all the initial auction mechanisms I have come across, the "Lawsonian" mechanism utilising bidding boxes has always been my favourite. I personally think that the other mechanisms all have weaknesses because, in one way or another, they require a decision on some bids before other bid results are known. The adoption of the "Lawsonian" auction mechanism was therefore a matter of personal choice, but I also feel that it addresses any inherent instability in the random start packet by allowing the players to determine the value of each item in the start packet based on the specific combination of private companies, minor companies, and concessions available.

The auction mechanism also allows the pace of the initial train buying to be set, with the intention that even the advent of the 3-trains is difficult and before the bottom of the stack of 3-trains is reached players are having to use their major companies to acquire their minor companies.

On Game Balance

Some of the companies in the game are much better than others. Some minors are good if floated in phase 2 or later, but poor if floated in phase 1. Some minors, if floated in phase 1, will not merely under-perform, but actively lead the director into difficulty. Some minors will be fine if floated early in phase 1, but will also be troublesome if floated just before phase 2 starts.

The minors can work in combination with other companies if they float at the right time, so which company is "good" and which is "bad" is not totally consistent from game to game, although some are inherently stronger than others.

Subject to which minor companies start, phase 2 might start in OR2, unless actively blocked it always can, (but might not) start in OR3, and if it has not already done so it will very likely start in OR4. As a general rule, the later phase 2 starts, the more vulnerable companies starting late in phase 1 will be.

All of this is deliberate – the game is intended to be different each time it is played and to require careful consideration of the order in which minors will become available.

On Geographical and Historical Accuracy

There are hundreds of historical railway companies, but there were only four big railway companies left by the time the game enters phase 7, and only one of these (the GWR) kept its corporate identity through the grouping. Of these hundreds, I have tried to select larger and geographically appropriate companies, but where these criteria gave me a choice I have selected companies that I consider to be most appropriate. For the ten majors, I have selected from the larger rather than largest companies, perhaps at the expense of a company that really ought to have been included. Some of these largest companies feature as minor companies, but in some cases, it is only their precursors that are included as minor companies. The other three companies emerging from the Railways Act, namely the London, Midland and Scottish Railway; The London and North Eastern Railway; and the Southern Railway do not feature in the game as they postdate most the game.

Easy to Miss Rules

Set Up and Map

• Private company P1, M24, and the LNWR concession are always placed in the first bid boxes. All other company and concession certificates are shuffled in their stacks. Additionally, sort private companies by color if playing with 1822+.
• Building into each side of an estuary costs £40 (thus a complete estuary crossing costs a total of £80).
• London upgrades cost £20.
• Although London counts as six separate stations, it is not allowed to run a train from one station to another.
• M14 starts in London and pays £20 to place its home station marker. This counts as the company's track lay.
• The six hexes around London are protected for the adjacent London companies.
• If the English Channel is not tokened out, any company running to the English Channel space can count the revenue from the France off-board area. If connected by track to the English Channel, the SECR may place an available token there free of charge. This counts as its token laying step for that round.

End of Stock Round

• End of stock round player cash determines player order for the next stock round.
• Remove a 2/L-train from play for each unsold minor company.
• If the minor company in bid box 1 is unsold, remove it and the next available train in the bank (not pool) from the game (applies throughout the game).
• Minor company floatation order is determined by sum bid, tie break is by ascending bid box number.

Concessions

• Have a face value £100 and contribute £100 to the conversion to the director's certificate of the associated major company.
• Cannot be started until the stock round after it is won at auction and after a 2-train has been purchased.
• Are removed with no compensation at the start of phase 5.
• Pay a £10 dividend.

Private Companies

• Red private companies cannot be acquired by minor companies.
• Are assigned, not sold, to minor/major companies. When assigning a private company, flip the private company over and it provides its special abilities to that company. Private companies stop paying revenue once owned by a company (exception: if the back of the private company still says "Revenue £10" then it will continue to pay £10 to the company).
• Private companies in player hands count against a player's certificate limit. The only time a player can assign a private company is during a major/minor company's turn in the operating round (i.e. not during a stock round).

Minor Companies

• Must own a train (emergency fundraising if necessary).
• Can buy an L-train at the start of their first turn.
• May only lay one yellow or green track per turn (never brown or grey).

Major Companies

• May only start via concession conversion until phase 5. They float immediately upon conversion.
• From phase 5, the director's certificate can be purchased directly from initial offering. They float when 50% of shares have been sold.
• Are incrementally capitalised until phase 6 and are fully capitalized in phase 6 or later (place the remaining 50% of shares in the bank pool).
• Have a destination token that is placed when they connect to their destination (exception LNWR). The destination marker doubles the value of the destination city for one train when running a route from home to destination.
• LNWR has two home stations (London [N] and Manchester). When an unblocked connection is completed between the two stations, the station in Manchester becomes a destination station.
• May only be sold once the company has completed one turn of operation.

Changes at the Start of Phase 5

• Remove concessions from the game with no compensation. The director's certificates are available for direct purchase in a stock round.
• Minor companies may be acquired from the auction row directly for £200 during the acquiring major company's "Acquire a Minor Company" step. The major company must be able to trace a route the minor company. The major company may exchange the token or make an exchange token "Available."

Minor Company Acquisition

• This is the only way to close a player-owned minor company.
• Acquisition happens during the operation of a major company.
• Prerequisites:
  • Both companies must have operated in a previous operating round. I.e. in OR B of a set of two ORs, both companies will have met this condition. In OR A of a set, newly formed companies will not have met this condition.
  • The minor company must be able to trace a legal route (of arbitrary length) to a token of the major company (station-blocking rules apply).
• Compensation for the minor company:
  • The major company must pay the full value of the minor company (minor stock value x2) to the player.
  • 0, 1, or 2 shares of the major may be exchanged as part of the transaction to offset the cost. Each share counts as its stock market value. Cash is exchanged one way or the other to make the transaction sum to zero.
  • If either the player or the company do not have the cash to make an equal exchange, no acquisition is possible.
  • This may not cause a player to exceed their certificate limit. It does allow a player to exceed 60% holding of a company.
• Acquisition of minor company's assets:
  • After the exchange is complete, give all assets (trains, cash, and private companies) of the minor company to the major company.
  • Remember that the major can not use the minor's assets to fund the acquisition.
  • If the major company has an exchange token, either place it in the minor company's home or move it into its available tokens.
  • Remove the minor's token, charter, stock token, and share certificate from the game.

Trains

• L-trains run only a single large station. In addition, they can include a single small station on their route. Only one L-train may run on each token.
• E trains include every token of the owning company on its route, skipping all other stations. The value of each tokened station is doubled. (destination stations are quadrupled if running from home to the destination). They can run on the same track as other trains.
• 2P and P+ trains (and the permanent L train if playing with 1822+):
  • Do not count against a company's train limit.
  • Do not contribute to a company's requirement to own a train.
  • Cannot be bought by other companies.
• The decision to pay in full, pay half, or full withhold revenue for a 2P (or permanent L) may be made independent of the decision made for a company's combined other trains. If both the 2P and the other trains pay half, they are added together before halving, in order to minimize the amount of rounding. In any case, the dividend declared by a company (for the purposes of payout and stock chart movement) is equal to the sum of the dividends of ALL trains.
• Pullman + Trains, when added to a normal train, allow it to include revenue from small stations but not count them against the train number (i.e. it only counts large stations). They do not count against the train limit. They do not relieve the owning company of the requirement to own a train. They cannot be sold.
• The 5-train private company (P1) may be assigned to a company even if that company already has two trains. This will cause the company to discard a train.

Emergency Money for Forced Train Purchase

• When emergency fundraising for a train, the player must buy the cheapest available train from the bank/bank pool. This means that if paying out of pocket and there is a 3-train that was discarded, the player must buy it. It also means that emergency money can never buy an E-train, because 7-trains are cheaper.
• The emergency fundraising rules also mean that if a company has £0, it cannot buy a train from another company. Rather it must emergency fundraise the full price of the cheapest available train.
• If the player still does not have enough money, they borrow the remaining shortfall from the bank. Interest, at 50%, is applied immediately, so their debt is 150% of the shortfall borrowed.
• At the end of each SR, a further 50% interest is applied to any outstanding loan. A player may not buy or bid on anything whilst they have a loan.

Company Tables

Minor Companies

Minor Company	Name	Abbreviation	Location	Hex
M1	Great North of Scotland Railway	GNoSR	Aberdeen	H1
M2	Lanarkshire & Dunbartonshire Railway	L&DR	Highlands	E2-4
M3	Edinburgh & Dalkeith Railway	E&DR	Edinburgh	H5
M4	Newcastle & North Shields Railway	N&NSR	Newcastle	K10
M5	Stockton and Darlington Railway	S&DR	Darlington	J15
M6	Furness Railway	FR	Barrow	G16
M7	Warrington & Newton Railway	W&NR	Warrington	H23
M8	Manchester Sheffield & Lincolnshire Railway	MS&LR	Sheffield	K24
M9	East Lincolnshire Railway	ELR	Grimsby	N29
M10	Grand Junction Railway	GJR	Birmingham	I30
M11	Great Northern Railway	GNR	Peterborough	M30
M12	Eastern Union Railway	EUR	Ipswich	P35
M13	Headcorn & Maidstone Junction Light Railway	H&MJLR	Maidstone	O40
M14	Metropolitan Railway*	MetR	London (Optional)	M38
M15	London Tilbury & Southend Railway	LT&SR	London (NE)	M38
M16	London & Birmingham Railway	L&BR	London (NW)	M38
M17	London & Southampton Railway	L&SR	Southampton	J41
M18	Somerset & Dorset Joint Railway	S&DJR	Bournemouth	I42
M19	Penarth Harbour & Dock Railway Company	PH&DRC	Cardiff	F35
M20	Monmouthshire Railway & Canal Company	MR&CC	Pontypool	F33
M21	Taff Vale Railway	TVR	Merthyr Tydfil	E34
M22	Exeter and Crediton Railway	E&CR	Exeter	D41
M23	West Cornwall Railway	WCR	Plymouth	A42
M24	Swansea and Mumbles Railway	S&MR	Swansea	D35
M25	Yarmouth & Norwich Railway	Y&NR	Norwich	Q30
M26	Hull and Selby Railway	H&SR	Hull	N21
M27	City of Glasgow Union Railway	CGR	Glasgow	E6
M28	Maryport and Carlisle Railway	M&CR	Carlisle	G12
M29	Shropshire and Montgomeryshire Railway	S&MR	Mid Wales	F28
M30	Plymouth and Dartmoor Railway	P&DR	Plymouth	B43

*M14 places its home station marker on the off-board London roundel: this costs £20 and counts as M14's track lay. No other company may place a token on the London roundel. The London roundel effectively allows the MetR to convert one of the London stations into a double station. The MetR acquires the track laying rights adjacent to London of the company with which it is co-located.

Private Companies

(see section 3.1 of the rules for additional information)

Nr.	Name	Rev.	Acq. By Minor	Acq. From Phase	Special Property / Notes
P1	Butterley Engineering Company (BEC)	£5	N	5	5-Train. This is a normal 5-train that is subject to all of the normal rules. Note that a company can acquire this private company at the start of its turn, even if it is already at its train limit as this counts as an acquisition action, not a train buying action. However, once acquired the acquiring company needs to check whether it is at train limit and discard any trains held in excess of limit.
P2	Middleton Railway (MtonR)	£10	Y	2	Remove Small Station. Allows the owning company to place a plain yellow track tile directly on an undeveloped small station hex location or upgrade a small station tile of one colour to a plain track tile of the next colour. This closes the company and counts as the company's normal track laying step. All other normal track laying restrictions apply. Once acquired, the private company pays its revenue to the owning company until the power is exercised and the company is closed.
P3	Shrewsbury and Hereford Railway (S&HR)	£0	N	2	Permanent 2-Train. 2P-train is a permanent 2-train. It cannot be sold to another company. It does not count against train limit. It does not count as a train for the purpose of mandatory train ownership and purchase. A company may not own more than one 2P train. Dividends can be separated from other trains and may be split, paid in full, or retained. If a company runs a 2P-train and pays a dividend (split or full), but retains its dividend from other train operations this still counts as a normal dividend for stock price movement purposes. Vice-versa, if a company pays a dividend (split or full) with its other trains, but retains the dividend from the 2P, this also still counts as a normal dividend for stock price movement purposes. Does not close.
P4	South Devon Railway (SDR)	£0	N	2	Permanent 2-Train. Same as P3.
P5	London, Chatham and Dover Railway (LC&DR)	£10	N	3	English Channel. The owning company may place an exchange station token on the map, free of charge, in a token space in the English Channel. The company does not need to be able to trace a route to the English Channel to use this property (i.e. any company can use this power to place a token in the English Channel). If no token spaces are available, but a space could be created by upgrading the English Channel track then this power may be used to place a token and upgrade the track simultaneously. This counts as the acquiring company's tile lay action and incurs the usual costs for doing so. Alternatively, it can move an exchange station token to the available station token section on its company charter.
P6	Leeds & Selby Railway (L&SR)	£10	N	3	Mail Contract. After running trains, the owning company receives income into its treasury equal to one half of the base value of the start and end stations from one of the trains operated. Doubled values (for E trains or destination tokens) do not count. The company is not required to maximise the dividend from its run if it wishes to maximise its revenue from the mail contract by stopping at a large city and not running beyond it to include small stations. Does not close.
P7	Shrewsbury and Birmingham Railway (S&BR)	£10	N	3	Mail Contract. Same as P6.
P8	Edinburgh and Glasgow Railway (E&GR)	£10	Y	3	Mountain/Hill Discount. Either: The acquiring company receives a discount token that can be used to pay the full cost of a single track tile lay on a rough terrain, hill or mountain hex. This closes the company. Or: The acquiring company rejects the token and receives a £20 discount off the cost of all hill and mountain terrain (i.e. NOT off the cost of rough terrain). The private company does not close. Closes if free token taken when acquired. Otherwise, flips when acquired and does not close.
P9	Midland and Great Northern Joint Railway (M&GNR)	£10	Y	3	Declare 2x Cash Holding. If held by a player, the holding player may declare double their actual cash holding at the end of a stock round to determine player turn order in the next stock round. If held by a company it pays revenue of £20 (green)/£40 (brown)/£60 (grey). Does not close.
P10	Glasgow and South-Western Railway (G&SWR)	£10	Y	3	River/Estuary Discount. The acquiring company receives two discount tokens each of which can be used to pay the cost for one track lay over an estuary crossing. They can be used on the same or different tile lays. Use of the second token closes the company. In addition, until the company closes it provides a discount of £10 against the cost of all river terrain (excluding estuary crossings).
P11	Bristol & Exeter Railway (B&ER)	£10	Y	2	Advanced Tile Lay. The owning company may lay one plain or small station track upgrade using the next colour of track to be available, before it is actually made available by phase progression. The normal rules for progression of track lay must be followed (i.e. grey upgrades brown upgrades green upgrades yellow) it is not possible to skip a colour using this private. All other normal track laying restrictions apply. This is in place of its normal track lay action. Once acquired, the private company pays its revenue to the owning company until the power is exercised and the company closes.
P12	Leicester & Swannington Railway (L&SR)	£10	Y	3	Extra Tile Lay. The owning company may lay an additional yellow tile (or two for major companies), or make one additional tile upgrade in its track laying step. The upgrade can be to a tile laid in its normal tile laying step. All other normal track laying restrictions apply. Once acquired, the private company pays its revenue to the owning company until the power is exercised and the company closes.
P13	York, Newcastle and Berwick Railway (YN&BR)	£10	Y	5	Pullman. A "Pullman" carriage train that can be added to another train owned by the company. It converts the train into a + train. Does not count against train limit and does not count as a train for the purposes of train ownership. Cannot be sold to another company. Does not close.
P14	Kilmarnock and Troon Railway (K&TR)	£10	Y	5	Pullman. Same as P13.
P15	Highland Railway (HR)	£10 x phase	Y	2	£10x Phase. Pays revenue of £10 x phase number to the player, and pays treasury credits of £10 x phase number to the private company. This credit is retained on the private company charter. When acquired, the acquiring company receives this treasury money and this private company closes. If not acquired beforehand, this company closes at the start of Phase 7 and all treasury credits are returned to the bank.
P16	Off-Shore Tax Haven	£0	N	X	Tax Haven. As a stock round action, under the direction and funded by the owning player, the off-shore Tax Haven may purchase an available share certificate and place it onto P16's charter. The certificate is not counted for determining directorship of a company. The share held in the tax haven does NOT count against the 60% share limit for purchasing shares. If at 60% (or more) in hand in a company, a player can still purchase an additional share in that company and place it in the tax haven. Similarly, if a player holds 50% of a company, plus has 10% of the same company in the tax haven, they can buy a further 10% share. A company with a share in the off-shore tax haven CAN be "all sold out" at the end of a stock round. Dividends paid to the share are also placed onto the off-shore tax haven charter. At the end of the game, the player receives the share certificate from the off-shore tax haven charter and includes it in their portfolio for determining final worth. The player also receives the cash from dividend income accumulated on the charter. Cannot be acquired. Does not count against the certificate limit.
P17	Lancashire Union Railway	£10	N	2	Move Card. Allows the director of the owning company to select one concession, private company, or minor company from the relevant stack of certificates, excluding those items currently in the bidding boxes, and move it to the top or the bottom of the stack. Closes when the power is exercised.
P18	Cromford and High Peak Railway	£10	N	5	Station Marker Swap. Allows the owning company to move a token from the exchange token area of its charter to the available token area, or vice versa. This company closes when its power is exercised.
P19	Avonside Engine Company	£0	Y	1	Permanent L-Train. An L-train cannot be sold to another company. It does not count as a train for the purposes of mandatory train ownership. It does not count against train ownership limit. A company cannot own a permanent L-train and a permanent 2-train. Dividends can be separated from other trains and may be split, paid in full, or retained. If a company runs a permanent L-train and pays a dividend (split or full), but retains its dividend from other train operations this still counts as a normal dividend for stock price movement purposes. Vice-versa, if a company pays a dividend (split or full) with its other trains, but retains the dividend from the permanent L, this also still counts as a normal dividend for stock price movement purposes. Does not close.
P20	Canterbury and Whitstable Railway	£5 x phase	Y	3	£5x Phase. Pays revenue of £5 x phase number. Pays treasury of £5 x phase number. This credit is retained on the private company charter. When acquired, the acquiring company receives this treasury money and the private company closes. If not acquired beforehand, this company closes at the start of Phase 7 and all treasury credits are returned to the bank.
P21	Humber Suspension Bridge Company	£10	Y	2	Grimsby/Hull Bridge. Allows the owning company to lay yellow tiles in Grimsby and / or Hull, forming a direct track connection between the two cities over the Humber estuary. If one of the cities already has a yellow tile in place, then if used in phase 3 or later, one of the tile lays may be a green upgrade. No terrain costs apply for these tile lays. These tile lays count as the normal track laying phase for the operating company. The owning company must have a token in Hull or Grimsby to use this power. Closes when its power is exercised.

Major Companies

Major Company	Name	Location	Destination
LNWR	London and North West Railway	London (N) & Manchester	Manchester
GWR	Great Western Railway	London (SW)	Bristol
LBSCR	London, Brighton and South Coast Railway	London (S)	Brighton
SECR	South Eastern & Chatham Railway	London (SE)	Dover*
CR	Caledonian Railway	Glasgow	Carlisle
MR	Midland Railway	Derby	York
L&YR	Lancashire & Yorkshire	Liverpool	Manchester
NBR	North British Railway	Edinburgh	Aberdeen
SWR	South Wales Railway	Gloucester	Fishguard
NER	North Eastern Railway	York	Edinburgh

*In addition to its destination station in Dover, the South Eastern & Chatham Railway (SECR) may place an available station token in an open token space in the English Channel, free of charge. The SECR must be able to trace a route to the English Channel to utilise this power, which counts as its standard token laying step.