This paper examines the related problems of the capitalization and financial performance of the railway companies in the inter-war period. It examines the critics' view that the railways were over-capitalized, and places the debate in context by analysing the dividend and accounting policies of...

In July 2000, the Government published Transport 2010, its ten-year plan to improve Britain's transport. This article reviews the proposals to improve the railway system, and examines their likely effects on investment by the railway companies and on passenger safety. The plan is analysed in the...

This article examines the brief and unsuccessful career of the privately-owned infrastructure company, Railtrack, and its part in the privatised railway system in the UK between 1996 and 2001. It discusses the decision of the British government to discontinue public support for Railtrack and to...