This paper examines major privately-owned British railway companies before World War I. Quantitative evidence is presented on return on capital employed, total factor productivity growth, cost inefficiency, and speed of passenger services. There were discrepancies in performance across companies...

This is a revised version of a previous working paper, of the same name, which incorporates corrections to errors in our estimates of TFP growth. This paper examines major privately-owned British railway companies before World War I. Quantitative evidence is presented on return on capital...