CHAPTER XXI RAILWAYS AND THE STATE

From the earliest moment of there being any prospect¹ of railways, operated by locomotives in place of animal power, coming into general use, the attitude of the State towards their promoters was one less of sympathy than of distrust; and this distrust was directly due to the experience the country had already had of the waterway interests, whose merciless exactions and huge dividends³ had led to the fear that if the railway companies, in turn, were to get a monopoly of the transport facilities of the country, they might follow in the footsteps of the inland navigation companies unless they were restrained either by law or by the enforcement of the principle of competition.

Public sentiment, which Parliament is assumed to represent, and of which our legislation is supposed to be the outcome, was divided between, on the one hand, the landed gentry⁵, the canal proprietors⁶ (each alike hostile to the railways until they found they had more to hope for from exploiting them), and the inevitable⁷ opponents of innovations of any kind; and, on the other hand, the traders, by whom the railways were being cordially welcomed, not only because of the greater and better transport facilities they offered, but also because they presented an alternative to the canals, the earlier enthusiasm for which had been greatly moderated by the prospect of an improved means of transport.

Without adopting wholeheartedly the views of either of these two opposing parties, Parliament regarded the position with much concern lest there might be a renewal⁸, in another form, of what we have seen to be the grasping tendencies of monopolistic canal companies; and the distrust inspired, under these particular circumstances, and from the very outset, towards railway companies which were preparing to create a revolution in the transport conditions of the {259}country—a revolution the State was not itself disposed to effect or to finance—was powerfully to influence much of the subsequent railway legislation, if, indeed, it has even to-day entirely⁹ disappeared.

At first it was assumed that competition in rail transport would be assured, and the dangers in question proportionately reduced, by different carriers using their own locomotives, coaches and carriages on the railway lines, which alone, it was thought, would be owned by the railway companies constructing them. In some of the earlier railway Acts there was even a provision that the railway companies could lease their tolls¹⁰, as turnpike trustees were doing. But the apparent safeguard in the form of competition between rival carriers disappeared when it was found (1) that, although a railway company was required to allow a trader's own horse or locomotive to use the line, it was under no obligation to afford him access to stations and watering-places, or to provide him with any other facilities, however indispensable these might be to the carrier's business; (2) that the tolls charged by the railway companies were heavier than the carriers could afford to pay; (3) that the entire operation of a line of railway worked by locomotives must necessarily be under the control of the owning and responsible company; and (4) that railway companies would have to become carriers of goods as well as owners of rails.

A Parliamentary Committee which sat in 1840, and of which Sir Robert Peel was a member, had reported in the strongest terms that the form of competition originally designed was both impracticable and undesirable¹¹, and that monopoly upon the same line, at all events as regarded passengers, must be looked upon as inevitable. "Your Committee," said the report, "deems it indispensable both for the safety and convenience of the public, that as far as locomotive powers are concerned, the rivalry¹² of competing parties on the same line should be prohibited"; though, as some check to the consequent monopoly of the railway companies, they suggested that the Board of Trade should act as a supervising authority, with power to hear complaints, consider bye-laws, etc.

A witness for the Grand Junction¹³ Railway Company, who gave evidence before this Committee, said that any person {260}might run his own engine on the Grand Junction, and in one instance this was done by a trader who had a locomotive on the company's line for drawing his own coal; but the witness apprehended¹⁵ the greatest possible inconvenience from any general resort to such powers. On the Liverpool and Manchester, also, anyone might run his own engines on the line; but, the witness added, "no one does."

The Royal Commission of 1865 summed up the position thus:—"No sooner were railways worked on a large scale with locomotive power than it was found impracticable for the general public to use the line with carriages and engines, and railway companies were compelled to embark¹⁶ in the business of common carriers on their own line, and conduct the whole operations."

When, in these circumstances, it was made certain that any idea of competition between carriers using a railway company's lines in the same manner as an ordinary highway would have to be abandoned, it became the established policy of the State to promote competition between the railway companies themselves by encouraging the construction of competitive lines or otherwise, thus still protecting, as was thought, the interests of railway users, and checking any monopolistic tendencies on the part of the railway companies. The futility¹⁷, however, of seeking to compel railway companies to compete with one another had already been pointed¹⁸ out by Mr James Morrison, whose speech on the subject in the House of Commons on May 17, 1836, confirms, also, the theory I have suggested as to the attitude adopted towards the railway companies being traceable to fears engendered¹⁹ by the undue²⁰ prosperity of the canal and navigation companies.

If, argued Morrison, after one company had spent a large sum on a line to Liverpool, another company were encouraged to spend as much again, with a view to providing a competition which would keep down the charges, the two would inevitably²¹ arrive at some understanding by which the original charges would be confirmed; and the Legislature, he contended—though the Legislature never acted on his contention—was "bound to prevent, as far as it could, the unnecessary waste of capital" on the building of unnecessary lines to promote a competition he held to be futile²³. The safeguarding of the public interests could, he thought, be effected in another way. {261}"The history of the existing canals, waterworks, etc., afforded," he went on, "abundant evidence of the evils" of allowing too much freedom in the matter of rates; and he quoted the high prices at which the shares of the Loughborough Canal and the Trent and Mersey Canal were then still being sold,[40] adding: "The possession of the best, or, it may be, the only practicable line, and the vast capital required for the formation of new canals, have enabled the associations in question, unchecked by competition, to maintain rates of charges which have realised enormous profits for a long series of years."

The remedy he recommended in preference to competition was that when Parliament established companies for the formation of canals or railroads it should invariably reserve to itself the power to make such periodical revisions of the rates and charges as it might deem expedient²⁴, examining into the whole management and affairs of each company, and fixing the rates and charges for another term; the period he favoured being one of twenty years.[41]

There was no suggestion, at this time, that the railway companies had abused their powers. The only suggestion—and expectation—was that because the canal companies had abused theirs, the railway companies might, and doubtless would, do the same, unless they were prevented; and it will {262}be found that this was mainly the position throughout the whole of the subsequent controversies²⁵.

Morrison's proposal was approved in the House of Commons, and on May 17 he brought in a Bill for giving effect to it in regard to all new railways, to be sanctioned in that or any subsequent Session. But the prospect of a Parliamentary limitation of the profits a railway might earn had a most depressing effect on the railway interests, and on July 11 Sir Robert Peel urged that the question should be decided²⁶ without further delay inasmuch as "this branch of commercial enterprise was injured and almost paralysed." On the following day the Bill was brought up again, and it was then defeated.

In the same Session (1836) the Duke of Wellington moved, and carried, in the House of Lords a general clause, to be inserted in all railway Acts, the effect of which would have been to give to Parliament the power of dealing²⁷ as it might think fit with any railway company during the next year. John Herapath thereupon inserted in the current issue of his "Railway Magazine" a letter addressed to the Duke of Wellington, in the course of which he said:—

"No person can doubt your Grace's intentions are honourable²⁸ to all parties. Fearful of the consequences of overgrown monopolies, you are anxious to put some salutary restrictions²⁹ to those bodies riding, as you apprehend¹⁴, rough-shod over the public; and you are anxious to do this before they become too powerful to be ruled. Every honest and right-minded man must be satisfied that such are needful; nor is there a company got up on honourable principles that would object to any reasonable measure, in which a due regard is paid to their own interests, and a proper consideration is had to all the circumstances of their situation and risk. But in common fairness these must be taken into account."

Defending the railways, and keenly criticising the attitude of the State towards them, Herapath further said:—

"No man knows better than yourself that these works, if they are at all likely to be beneficial to the nation—which everyone in his sober senses admits—will form a great and brilliant era in its prosperity. Nay³⁰, my Lord Duke, permit me to ask you if they have not been a Godsend towards the preservation³¹ of this country, by giving a new impetus³² to {263}industry and trade, and saving us from that anarchy³³ and confusion to which distress³⁴ was fast hurrying a large proportion of our population? With all these advantages staring us in the face, what have the Government done to promote railways? Have they done a single thing? I am not conscious of one. Have they removed a single impediment? Not to my knowledge; but they have raised several. Have they contributed a single farthing? Rather, I believe, by the intolerable and vexatious oppositions³⁵ permitted in passing the bills, have been the cause of spending many hundred thousands, which, like another national debt, will prey³⁸ to the end of time on the vitals of public industry."

The Duke's proposed clause was dropped, and was heard of no more; but Herapath's prediction as to the equivalent of "another national debt" being imposed on public industry was to be verified by the course of subsequent events still more than by any avoidable expenditure³⁹ then already incurred⁴⁰.

If, again, as Herapath said, the Government had done nothing to promote railways, they had not been backward in seeking advantage from them in the interests both of the Exchequer⁴¹ and of the Post Office.

Within two years of the opening of the Liverpool and Manchester line, a tax of one-eighth of a penny per mile for every passenger conveyed on the railway was imposed, and the directors of the Liverpool and Manchester, then struggling into existence, announced that, in consequence of the tax, they would be obliged to charge the public higher fares. By 1840 the Exchequer receipts from the tax amounted to ￡112,000. Two years later, following on a great public agitation⁴², Peel substituted for the mileage⁴³ tax a tax of five per cent on receipts from passenger traffic, and in 1844 the tax (which had been especially oppressive on the poorer class of travellers) was abolished in the case of third-class passengers carried at fares not exceeding a penny a mile in "Parliamentary trains," stopping at every station.[42]

The local authorities, with Parliamentary sanction, also subjected the railways to a degree of taxation⁴⁴ against which {264}Mr G. C. Glynn, chairman of the London and Birmingham Railway, in a speech (at a meeting of his company) quoted by Francis, protested in the following terms: "Then comes the last item of local taxes and parochial rates; these, gentlemen, we do take exception to.... The county assessors and the parties to whom appeal from them is made seem actuated by one principle, namely, to extract every farthing they can from the railway property. We ask no boon⁴⁵, we ask for no favour from Government on this subject; but we do ask for justice."

The railways had to submit to the taxation, but they won the day as against certain excessive and, as they considered, intolerable demands made upon them by or on behalf of the Post Office.

In 1838, based on the recommendations of a select Committee of the House of Commons on the transmission of mails by railway, the Government introduced a Bill which, in effect, placed the entire railway system of the country, then and for all future time, at the command and under the supreme⁴⁶ control of the Postmaster-General. That functionary⁴⁷ was empowered by the Bill to call upon the railway companies to provide him with—at their own cost—special or ordinary trains for carrying the mails at any hour of the day or night, proceeding⁴⁸ at such speed, and calling or not calling at such places, as he might direct, the companies giving security to the Queen by bond for duly complying with all Post Office orders, and being made liable to a penalty of ￡20 in respect to every railway officer, servant or agent, who might disobey any Post Office order. If the Post Office wished to use its own engines and conveyances⁵⁰ it was to be at liberty to do so without paying any rates or tolls whatever; and it was, also, to be free to clear away any obstructions⁵² to its engines, and use any of the railway company's appliances it wanted. The railway companies were, in return, to be assured a "fair remuneration" for (in effect) the wear and tear of the rails; but, lest this payment might be too much for the Post Office, the Postmaster-General was further authorised to recoup himself by carrying, not simply the mails, but passengers, in the trains he might think fit to command or to run, thus competing on the railway lines with the companies whose property he was virtually to annex⁵³.
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The companies declared they were willing to render every reasonable facility to the Post Office; but they protested most vigorously against what they called "the absurd and tyrannical clauses" of the Bill.

These were, nevertheless, defended in the Commons on behalf of the Government, the Attorney-General saying "he had no doubt if the prerogative⁵⁴ of the Crown were put in force, the Post Office and the troops and stores might be transmitted along the railroads without the payment of any tolls whatever; though he thought the companies should have a fair remuneration for the accommodation given."

Sir James Graham, on the other hand, wanted to know what were the Queen's rights on the Paddington Canal. He understood that troops were frequently moved from Paddington to Liverpool by canal, but were always paid for as passengers. Lord Sandon, too, declared that the question was whether the public interest conferred a right upon the Post Office to take possession of railroads, and make use of them without the slightest remuneration whatever. That the railways should be subject to control he readily admitted; but there was a wide difference between justifiable⁵⁵ control and absolute sway, between fair remuneration and robbery, for such it would be to use the property of these companies without paying for it.

The companies, according to a statement in the "Railway Magazine" for August, 1838, where a summary of the debate will be found, had been "prepared not merely to petition but to act"—whatever this may mean. The Government, however, adopted a more conciliatory attitude towards them by either withdrawing or amending⁵⁶ the clauses which had evoked⁵⁷ these protests, and an amicable⁵⁸ settlement of the future relations between the railways and the Post Office was then effected.

The rejection⁵⁹ of Morrison's Bill and the withdrawal⁶⁰ of the Duke of Wellington's motion, following on their adverse⁶¹ criticism by the railway interests, had committed the Government still more to their policy of stimulating⁶² competition between the railway companies themselves, thus, they considered, diminishing the risk of seeing any of them become too prosperous a monopoly. It was in full accord with this policy that encouragement was given to the creation of {266}many small, independent, and more or less competing lines, and that no attempt was made to encourage the provision, either by individual companies or by groups of companies, of "trunk lines" of the type which Thomas Gray and others had been urging on the country with so much though with such futile persistence⁶⁴.

The advent⁶⁵ of the new means of transport was, in fact, marked by the complete absence of any centralised effort with a view to securing the network of a railway system, so planned or so co-ordinated as to make the best possible provision for the country as a whole, and especially for the rapidly increasing necessities of trade, commerce and industry. The failure to act on these lines was, however, only in accordance with the previous policy, or no-policy, which had successively left the improvement of rivers, the making of roads, the construction of canals and the provision of turnpikes either to private benevolence⁶⁶ or to private enterprise, influenced mainly by considerations of local or personal interests.

Much had certainly been done in these various directions by those to whom the State had thus relegated⁶⁷ the carrying out of public works which in most other countries—as regards main routes, at least—are regarded as a matter of national obligation. But, apart from any question of providing State funds, the lack even of intelligent direction and efficient supervision⁶⁸ by a central power, qualified⁶⁹ to advise or to organise⁷⁰ private effort, had led both to a prodigious⁷¹ waste of money and to results either unsatisfactory in themselves or in no way commensurate with the expenditure incurred. The same conditions now were to lead, in regard to the railways, to a further waste of money, to disastrous⁷² speculation⁷³, to infinite confusion, to the piling up of a huge railway debt, and to the provision of innumerable small lines which were to remain more or less independent and disconnected fragments of a railway system until the more enterprising companies began, on their own initiative, to amalgamate⁷⁴ them into through routes of traffic.[43]

The general position at the period here in question was well stated by G. R. Porter in his "Progress of the Nation" {267}(1846), where he wrote, on the subject of railway development:—

"The laissez faire system which is pursued in this country to such an extent that it has become an axiom with the Government to undertake nothing and to interfere⁷⁵ with nothing which can be accomplished⁷⁶ by individual enterprise, or by the associated means of private parties has been pregnant with great loss and inconvenience to the country in carrying forward the railway system. Perhaps there never was an occasion in which the Government could with equal propriety⁷⁷ have interfered⁷⁸ to reconcile the conflicting interests involved, and to prevent public injury arising from the false steps so likely to be made at first in bringing about a total revolution in the internal communication of the country. It is not meant by these remarks to infer that Government should have taken into its own hands the construction of all or any of the railroads called for by the wants of the community; but only to suggest the propriety and advantage that must have resulted from a preliminary inquiry⁷⁹, made by competent and uninterested professional men with a view to ascertain⁸⁰ the comparative advantages and facilities offered by different lines for the accomplishment⁸¹ of the object in view. If this course had been adopted before any of the numerous projects were brought forward for the construction of lines of railway between all imaginable places, and if it had been laid down as a rule by the legislature that no such projected line could be sanctioned or even entertained by Parliament which was not in accordance with the reports and recommendations of the Government engineers, the saving of money would have been immense. The expensive contests between rival companies in which large capitals had been so needlessly sunk would then have been wholly avoided; and it might further have followed from this cause that, a kind of public sanction having been given to particular lines and localities, much of that personal opposition³⁶ which has thrown difficulties in the way of works of great and acknowledged utility would never have been brought forward."

In making these remarks, Porter was only giving expression to views entertained in various influential⁸² quarters, and to a certain extent he did but anticipate, or re-echo, according to the precise date at which his observations had been {268}written, certain views and proposals put forward by the select Committee of 1844, of which Mr Gladstone (then President of the Board of Trade) was chairman. In the Fifth Report of this Committee it is said:—

"The Committee entertain very strongly the opinion that in the future proceedings⁸³ of Parliament railway schemes ought not to be regarded as merely projects of local improvement, but that each new line should be viewed as a member of a great system of communication, binding⁸⁴ together the various districts of the country with a closeness and intimacy⁸⁵ of relation in many respects heretofore unknown."

So long, the Report continued, as railways were considered to be of problematical benefit, and were in general subject to extensive opposition on the part of the owners and occupiers of land, and of the inhabitants of the districts they traversed, there might have been reasons for ensuring a very full, and, in some points of view, a disproportionately full, representation to local interests; but "The considerations which tend to attach to railways a national rather than a local character gain weight from year to year as those undertakings⁸⁶ are progressively consolidated⁸⁸ among themselves, as the points of contact between them are multiplied, and as those that were first isolated⁹⁰ in comparison are thus brought into relation with gradually extending ranges of space, traffic and population."

The select Committee went on to give their reasons for considering that the ordinary machinery⁹¹ of Private Bill Committees, with their separate and unconnected proceedings, and an individual existence commencing and ending with each particular Bill, was inadequate⁹² and unsatisfactory; and they especially pointed to the fact that hitherto it had not been customary to examine railway Bills "systematically⁹³ and at large with reference to public interests." There were various questions which could not be thoroughly⁹⁴ sifted⁹⁵ under the mode of procedure then in vogue⁹⁷, and the Committee recommended that, with a view to assisting the judgment⁹⁸ of the Houses of the Legislature, all future railway Bills should, previously⁹⁹ to coming before Parliament, be submitted to the Board of Trade for their report thereon. They further said—and these observations have a special significance in view of events that were to follow:—
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"The Committee entertain the opinion that the announcement of an intention on the part of Parliament to sift⁹⁶ with care the particulars of railway schemes, to associate them with the public interest (in the cases of all future schemes and of all subsisting¹⁰⁰ companies which may voluntarily accede¹⁰¹ to such an arrangement) ... will produce very beneficial effects in deterring¹⁰² parties from the attempt to entrap¹⁰³ the public by dishonest projects, in securing railway projects against the shocks to which in periods of great commercial excitement it must otherwise be liable from such causes," etc.

Praiseworthy as was the design thus put forward by Mr Gladstone's Committee, it failed to bring about the results anticipated.

In accordance with the recommendations made, a special department of the Board of Trade, under the direction of Lord Dalhousie, was created, in August, 1844, to inquire into and report to Parliament on all new railway schemes and Bills, with a view to guiding the Private Bill Committees of both Houses. The special department was more especially to report as to the positive and comparative advantages to the public of any Bills proposed for the construction of competing lines.

A great deal was hoped for from this new arrangement, and the decisions of the department as to which of the schemes then being promoted they would recommend for first consideration by Parliament were keenly awaited.

The expansion of the railway system had, by this time, proceeded so far that by the end of 1843 Parliament had authorised the construction of 2390 miles of railway, of which 2036 miles were then open for traffic. The capital of these lines was ￡82,800,000, and of this amount about ￡66,000,000 had been raised. A good deal of wild speculation in 1836-7 had been followed by a reaction, and the railway market was still depressed¹⁰⁴ in 1843; but in 1844 interest in railway enterprise was greatly stimulated¹⁰⁵ by the announcement that the Liverpool and Manchester, the Grand Junction, the London and Birmingham and the York and Midland were paying dividends of from ten to twelve per cent each, and that the Stockton and Darlington was paying fifteen per cent. The shares in existing companies rose in value, a number of new companies were formed, and companies already operating {270}projected branches in defence of their own interests against threatened competition. It was at this juncture¹⁰⁶ that Mr Gladstone's Committee presented its Report and that, following thereon, the special department of the Board of Trade was called upon to undertake its responsible duties.

On November 28, 1844, the department intimated that the points it would particularly inquire into in regard to railway Bills then before it were (1) ability and bona fide intentions of the promoters to prosecute¹⁰⁷ their application to Parliament in the following Session; (2) national advantages to be gained; (3) local advantages; (4) engineering conditions; and (5) cost of construction, prospective¹⁰⁸ traffic and working expenses. On the last day of the year the department announced which Bills they proposed to recommend, and subsequently they issued reports giving their reasons. Strong protests were raised by the disappointed projectors¹⁰⁹, and on the opening of the Session of 1845 Sir Robert Peel announced that the Government intended to leave railway Bills, as before, to the judgment of the Private Bill Committees.

This meant the virtual setting aside of the newly-formed department, though its actual existence was not terminated until the following August. It meant—since each Private Bill Committee would deal only with the merits of a particular scheme—the definite abandonment of any opportunity for securing, through an authority dealing with railway projects as a whole, the realisation of the ideal of Mr Gladstone's Committee that "each new line should be viewed as a member of a great system of communication, binding together the various districts of the country with a closeness and intimacy of relation" previously unknown. It meant, also, the adoption¹¹⁰ of a policy of free trade in railways, without protection for established interests, and to any and every honest promoter or dishonest speculator who had a scheme to propose it gave, in effect, carte blanche to bring it forward.

Much disappointment was felt at this collapse¹¹¹ of Mr Gladstone's apparently¹¹³ well-devised scheme, and the policy adopted in regard to it was keenly criticised. Francis quotes, for instance, the following passages from "Railway Legislation," the authorship of which, however, I have been unable to trace:—

"Swayed by motives² which it is difficult to fathom¹¹⁵, the {271}two Houses, with singular unanimity¹¹⁶, agreed ... to give unrestricted scope to competition.... Little regard was paid to the claims and interests of existing railway companies, still less to the interests of the unfortunate persons who were induced to embark in the new projects for no better reason than that they had been sanctioned by Parliament.... The opportunity of confining the exceptional gauge¹¹⁷ within its original territory was also for ever thrown away. By an inconceivable want of statesmanlike views and foresight¹¹⁸, no effort was made to connect the isolated railways which then existed by new links into one great and combined system in the form in which they would be most subservient¹¹⁹ to the wants of the community and to the great ends of domestic government and national defence. Further, the sudden change from the one extreme of determined¹²⁰ rejection or dilatory¹²¹ acquiescence¹²² to the opposite extreme of unlimited¹²³ concession¹²⁴ gave a powerful stimulus¹²⁵ to the spirit of speculation, and turned nearly the whole nation into gamblers."

Francis himself says of the position thus brought about:—

"All hope of applying great general principles passed away. Every chance of directing the course of railways to form a national system of communication was lost.... The legislative¹²⁶ body—to appropriate the idea of Mr Morrison—committed the mistake of converting the Kingdom into a great stock exchange, and of stimulating the various members of the railway system to a deep and deadly struggle, destructive of order and fruitful of vice¹²⁷."

This may seem to be unduly¹²⁸ strong language; but what actually and immediately followed on the course of events here in question was—the Railway Mania¹³⁰ of 1845-6.

By the summer of 1845 the country had gone railway mad. In the Session of 1843 the number of railway Acts passed had been twenty-four, showing no more than a normal development of the railway system in meeting the legitimate¹³¹ needs of the country. In the Session of 1844 the number increased to thirty-seven. In the Session of 1845 there were no fewer than 248 railway Bills. In the next Session Bills were deposited with the Board of Trade for the construction of 815 new lines of railway, with a length of 20,687 miles, and capital powers to the extent of ￡350,000,000. Of these 815 Bills many were abortive¹³² for technical reasons, or {272}because the necessary deposit was not paid; but over 700 of them reached the Private Bill Office.

How every class of society joined in the scramble¹³³ for shares; how extravagant¹³⁴ prices were given for the scrip of lines which, when completed, could not for years have covered their working expenses; how half-pay officers, ticket-porters and men, even, in receipt of parish relief put down their names on the "subscription¹³⁵" lists for thousands of pounds' worth of shares, on their being paid a fee—sometimes as low as five shillings—for so doing; how "frenzy¹³⁶ seized the whole nation"; how "there was scarcely a family in England which was not directly or indirectly¹³⁷ interested in the fortunes of the rail"; and how the inevitable collapse reached every hearth¹³⁸ and saddened every heart in the Metropolis¹³⁹, bringing many families both there and elsewhere to ruin, will be found recorded in detail by John Francis, in his "History of the English Railway," and need not be enlarged upon here.

In referring to the events of this period, the Report of the Joint¹⁴⁰ Committee on the Amalgamation¹⁴¹ of Railway Companies, 1872, admits that "One effect of the favour shown by Parliament to competing schemes was to encourage a large number of speculative¹⁴² enterprises." Leaving aside the enterprises, of whatever type, that did not survive the passage through Parliament, I compile, from figures given in Clifford's "History of Private Bill Legislation," the following table showing new lines of railway actually sanctioned by Parliament during the Sessions 1845-7:—
Year.     Number.     Miles.     Capital.
1845     118     2700     ￡56,000,000
1846     270     4538     ￡132,000,000
1847     190     1354     ￡39,460,000
    ——     ——     ——————
Totals     578     8592     ￡227,460,000

These figures indicate sufficiently¹⁴³ the magnitude of the schemes in respect to which, during so short a period as three years, Parliament assumed the responsibility of giving its express sanction and approval.

The period of speculation was followed by the inevitable reaction, and in 1850 it was found necessary to pass an Act {273}"to facilitate the abandonment of railways and the dissolution of railway companies." Of the 8592 miles of railway sanctioned in the three Sessions, 1845-7, no fewer than 1560 miles were (as shown by the Report of the Royal Commission on Railways, 1867), abandoned by the promoters under the authority of the Act; while a further 2000 miles of railway, requiring 40 millions of capital, are said by the Report of the 1853 Committee to have been abandoned without the consent of Parliament.

To the extent indicated by these abandonments the railway situation was certainly relieved. But the mania and the resultant panic had serious consequences in regard not alone to investors¹⁴⁴ in the schemes that failed but also to the companies that survived.

Apart from projects designed to open up entirely new districts—many of them of a perfectly¹⁴⁵ genuine and desirable character—there were others directly devised to compete with existing lines and capture some of the remunerative¹⁴⁶ traffic these were then handling; and it was, as I have shown, quite in accordance with the accepted principle of State railway-policy that such competition should be encouraged, in preference to any "districting" of the country among particular companies or to the creation or co-ordination of an organised system of railways on the lines proposed by Mr Gladstone's Committee.

The existing companies, finding that the territory already "allotted¹⁴⁷" to them (as they considered) was being invaded, or was in danger of being invaded, felt themselves forced, for the purposes of self-defence, to enter on a number of protective schemes which might not, at the time, otherwise have been warranted. Clifford says on this point in his "History of Private Bill Legislation": "As the Government took no steps to prevent the promotion¹⁴⁸ of competitive railways, tending to diminish the profits of existing companies, the latter sought to protect themselves as they best could, and justified¹⁴⁹ their many unprofitable extensions and amalgamations as measures forced upon them by the leave-alone policy of the Government."

Confirmation¹⁵⁰ of this statement will be found in a speech delivered on February 23, 1848, by Mr C. Russell, M.P., chairman of the Great Western Railway Company, at the {274}sixth half-yearly meeting, at Paddington, of the South Wales Railway Company (of which he was also chairman), and reported in "The Times" of the following day. Referring to a pamphlet which had been issued attacking the policy of the Great Western Railway Company, Mr Russell said:—

"If their engagements were extensive, and he did not deny that they were so, they had been entered in only as a matter of necessity. They all arose out of the mania of 1845-46, and even in the pamphlet in question it had been admitted that the Great Western was not one of those companies which at that time had promoted any of the many schemes which were afloat. He, as far as he was concerned, had not only not promoted these projects, but had taken every means in his power to check them. In January, 1846, in his place in Parliament he had predicted the results if some steps were not at once adopted to put a curb¹⁵¹ upon reckless speculation; but most unfortunately for all parties that was not the view which was taken by the House of Commons. Mr Hudson and other gentlemen maintained that the course he recommended would be an unfair interference with private enterprise, and the consequence was that schemes involving altogether the sum of ￡125,000,000 passed through the Legislature in that year. The Great Western had remonstrated¹⁵² with the President and the Vice-President of the Board of Trade, and, left to their own resources, they had been compelled, in self-defence, to look after their own interests by getting hold of all the rival or contemplated¹⁵³ rival schemes."

In some instances the existing companies guaranteed interest to the shareholders¹⁵⁴ of branches and extensions which were feared as rivals. F. S. Williams, in "Our Iron Roads," says of such lines as these that while many of them were accepted as feeders they "proved for a time to be only suckers."

The effects of the mania on the finances of existing railway companies was further shown by the fact that, in order to pay their contractors¹⁵⁵, some of the companies were obliged during the crisis to raise money at from ten to thirty, and, in some instances it is said, even at fifty per cent discount. Then, also, the shares in ten leading companies suffered between 1845 and 1847 a depreciation¹⁵⁶ in value estimated at {275}￡18,000,000. The following are typical examples of the falls experienced:—
COMPANY.     SHARES.     JULY,1845.     APRIL 4,1848.     DECLINE.
    ￡     ￡     ￡     ￡
London and Birmingham     100     243     126     117
Great Western     80(paid)     205     88     117
Midland     100     187     95     92
London and Brighton     50     76     28?     47?

While the general situation in the railway world had been thus developing, there was a revival¹⁵⁷, in 1846, of the idea that the work of Private Bill Committees in respect to railway schemes should be supplemented by some other form of inquiry into their merits.

Writing on this subject in the issue of his "Railway Magazine" for July, 1837, John Herapath had said:—

"It has long been anxiously expected that Parliament would take some steps to relieve itself from the onerous¹⁵⁸ duties of investigating and deciding on railway matters. Probably no tribunals can be less fitted for inquiries¹⁵⁹ of this kind than Parliamentary Committees, of which the House of Commons has lately given a demonstrative proof in the case of the Brighton line. After Committees of the two Houses had sat nearly the whole of last session, and a Committee of the Commons for thirty-five days of the present; after the Committee's reports had been made on each of the lines and near 300,000l. of the subscribers' money had been wasted, the House of Commons stamped its own opinion of all those labours by giving them the 'go-by,' and referring the whole four lines to the judgment of a military engineer."

As for the element of uncertainty¹⁶⁰ in the decisions of Parliamentary Committees, F. S. Williams is responsible for the statement that six railway Bills rejected by Commons Committees in 1844 were passed on precisely¹⁶¹ the same evidence in 1845; that of eighteen Bills rejected in 1845 seven were passed unaltered in 1846; and that of six Bills thrown out by Committees of the House of Lords in 1845 four were adopted by other Committees in 1846.

The failure, however, of the special department of the Board of Trade, created on the recommendation of Mr {276}Gladstone's Committee to meet the requirements of the situation, was complete. In giving evidence before the select Committee of 1881, the secretary of the Board of Trade, Mr T. Farrer (afterwards Lord Farrer), referring to the work of Lord Dalhousie's department, said the reports made "were very able, but they were thrown over immediately they got to the House." When, he declared, the Board of Trade had taken all the means in their power to make a full report, "it was treated as waste paper. The Board might just as well have made no report at all." On the other hand, he admitted that the reports had not been of much actual value, the Board of Trade having no power to call the parties before them and take evidence.

Apart from a feeling of jealousy¹⁶² entertained by members in general and Private Bill Committees in particular towards any curtailment¹⁶³ of their powers, privileges and functions by departmental officials, experience had shown that the Private Bill Committees, after examining witnesses, getting expert testimony¹⁶⁴ and hearing counsel, were better able to ascertain the facts of particular schemes than the special department, while the latter had lost credit, also, on account of its recommendations in regard to amalgamations.

The first scheme of this kind on which it was asked to report was one for an amalgamation between the Liverpool and Manchester Railway, the Grand Junction Railway (from Liverpool to Birmingham) and the North union (from Warrington to Preston). The Bill was opposed by public bodies and traders in the leading towns of Lancashire, and Lord Dalhousie's report favoured the opposition; but the select Committee on the Bill nevertheless assented¹⁶⁵ to an amalgamation which was, in effect, to lead to the creation of the London and North-Western system of to-day. The department also reported unsuccessfully in 1845 against the amalgamation of the Chester and Birkenhead with the Chester and Holyhead Railway—two other lines which were first united to each other and then to the London and North-Western. It further reported against various proposed amalgamations and arrangements in the Midland Counties; so that, as the Report of the select Committee of 1872 points out, the department would have objected strongly to such combinations as the present London and North-Western Railway, the {277}Great Western, the North-Eastern, the Midland, the Great Northern and the Great Eastern.

These considerations should be borne in mind by those who might otherwise be disposed to criticise¹¹⁴ the attitude adopted by the Government of 1845 towards the special department here in question.

The one experiment had been a failure—with, as we have seen, deplorable consequences for the country and serious prejudice to bona fide railways; but Committees of both Houses, appointed in 1846, were now to recommend another. They advised the creation of a Board of Commissioners¹⁶⁶ of Railways who were to discharge the dual⁶³ functions of (1) seeing that the railway companies did not contravene¹⁶⁷ the provisions of their special Acts or of any general Statutes¹⁶⁸; and (2) report to Parliament, if so directed, upon any pending³⁷ railway Bills.

An Act to this effect was passed in 1846; but in the following Session there was introduced a Bill which proposed greatly to increase the powers of the Board of Commissioners. Clifford says, concerning this Bill, that it made the Commissioners, in effect, arbiters¹⁶⁹ of all railway legislation. Promoters were not even to survey an intended line until the Commissioners gave permission. When the survey was made one of their officers was to report upon the project. With them plans and sections were to be deposited; they were to examine into compliance¹⁷⁰ with Standing²² Orders and report to Parliament upon engineering merits and proposed rates. Considerable authority was also vested in them over existing railways. They were to report annually¹⁷¹ to Parliament upon tolls, fares and charges, and upon the regularity¹⁷² or irregularity of trains; and they might call for returns as to traffic and many other details of management, inspect the books and documents of railway companies, and settle disputes between companies having termini or portions of line in common.

"Parliament," Clifford further tells us, "was again jealous of this proposed interference with legislation." The railway companies also protested, and the measure was received with such general disfavour that it was withdrawn¹⁷³ before it reached a second reading. As for the Board of Commissioners, instead of getting more authority it got less. Part of its functions were re-united to those of the Board of Trade in 1848, and the {278}remainder followed in 1851, whereupon the new authority ceased to exist.[44]

Once more, therefore, railway Bills were left to be dealt with on their individual merits by Private Bill Committees operating on lines to which, not simply John Herapath, but Mr Gladstone's own Committee, had taken exception; and once more was a set-back given to the aspiration¹⁷⁵ for the establishment of some central authority which could organise, co-ordinate or otherwise consolidate⁸⁹ the still rapidly increasing railways on the basis of a national system of rail communication. The difficulty might, perhaps, have been met by the creation of a Minister of Communications, who would have held a position somewhat similar to that of the Minister of Public Works in Prussia or in France, and have discharged a useful function as director-in-chief, or, at least, as adviser-in-chief, in regard alike to railways, roads, rivers and canals. Such a Minister, being a member of the Government, might have acted or recommended without wounding the susceptibilities of Private Bill Committees or of individual members; he might have organised or been the means of organising an efficient system of railways at an earlier date and at far less cost; and he might have saved both the country from its enormous losses on the wild-cat projects of unscrupulous schemers during the mania period and bona fide companies from much of the excessive capitalization into which they were driven.

Whether or not the problems of the situation could have been solved in this manner, the fact remains¹⁷⁶ that it was the railway companies themselves who—in spite of the established policy of the State, directed to the maintenance of railway competition, and in spite of the disapproval¹⁷⁷ of amalgamations by one Parliament Committee after another—brought about the conveniences of through travel or through transit¹⁷⁸. It was they themselves who, by amalgamation or otherwise, instigated¹⁷⁹ the creation of the "great" companies which both ensured these conveniences and effected a complete transformation¹⁸⁰ in the general railway position, to the great advantage of everyone concerned.
{279}

Before, however, reaching this stage in their development, the railways had had some other struggles with the Government on questions of State policy arising out of those aforesaid feelings of suspicion and distrust, and due to the same fear as before that the companies would be sure to abuse their position unless they were restrained from so doing.

Following on the recommendations of the Committee of 1840, and with a view to safeguarding the public interests in regard alike to safety and to reasonable treatment, some important statutory powers had already been conferred on the Board of Trade. Under the Regulation of Railways Act, 1840, notice was to be given to the Board of Trade of the opening of all new lines of railway; such lines were to be inspected by Board of Trade inspectors¹⁸¹; various returns in respect of traffic, tolls, rates and accidents were to be made to that body, to which, also, all existing bye-laws affecting the public were to be submitted for confirmation. In 1842 a further Act gave the Board power to delay the opening of any new line until they were satisfied that all the necessary works had been effectively constructed. Mr Glyn, chairman of the London and Birmingham Railway, said of this measure: "It is a Bill which I do not hesitate to say is, on the whole, calculated to do the interests of railways very considerable service."

But the attitude of the companies was no longer favourable¹⁸² when Mr Gladstone's Committee of 1844 proposed to confer on the Board of Trade some drastic powers for the periodical revision of railway rates, and likewise sought to lay down the terms on which the State might acquire all future lines of railway. The proposals in question were incorporated in a Bill which was brought in by Mr Gladstone; but the measure met with strenuous¹⁸³ opposition from the railway interests, and the modifications¹⁸⁴ introduced before it became law were of such a nature that the Act has never been put into operation.

In regard to the revision of rates, the Act laid down that if, after the lapse¹¹² of twenty-one years (not fifteen, as proposed in Mr Gladstone's first Bill), any railway sanctioned after the passing of the Act had paid ten per cent for three years, the Treasury¹⁸⁵ (not the Board of Trade) might reduce the rates, guaranteeing, however, a ten per cent dividend⁴ to {280}the company, while the revised rates and the guarantee were to continue for another twenty-one years. Needless to say, railway companies in general do not pay ten per cent dividends, though in 1844 ten per cent was regarded as quite a reasonable dividend for a railway, in view of what the canal companies had been paying; while no such guarantee as that suggested is ever likely to be made by the Treasury. Provisions authorising the Board of Trade to make deductions¹⁸⁶ from the guaranteed income as penalties for what they might regard as mismanagement, and prohibiting a company from increasing its capital pending a revision of rates, without the sanction of the Board of Trade, were so vigorously opposed that they were abandoned.

The clauses of the Act relating to State purchase were to apply only to new lines of railway, the 2320 miles of railway sanctioned prior to the Session of 1844—and including many of the chief links in the great trunk lines of to-day—being expressly excluded. As regarded railways sanctioned in the Session of 1844, or subsequently thereto, it was enacted¹⁸⁷ that after the lapse of fifteen years the Treasury might acquire them for twenty-five years' purchase of the average annual profits for the preceding three years; but if those profits were less than ten per cent, the amount was to be settled by arbitration¹⁸⁸. It was further enacted that no railway less than five miles in length should be bought; that no branch should be acquired without purchase of the entire railway; that the policy of revision or purchase was not to be prejudiced by the Act; that "public resources" were not to be employed to sustain undue competition with independent companies; and, finally, that no revision of rates or State purchase of lines should take place at all without an Act of Parliament authorising the guarantee or the purchase, and determining how either was to be done.

To argue, as many advocates of the nationalisation of railways habitually¹⁸⁹ do, that the basis for State purchase has already been established by the Act of 1844 is to set up a theory which is obviously inconsistent with the real facts of the situation.

Commenting on this Act of 1844 the Joint Committee on the Amalgamation of Railway Companies (1872) say in their report:—
{281}

"It would be impossible to deal with railways made since 1844 without dealing with railways made before that time, since both form part of the same systems.

"As regards the revision of rates, no Government would undertake to try experiments in reducing rates on an independent company whose income they must guarantee; and efficient or economical administration could scarcely be expected from a railway company whose rates were cut down and whose dividend at ten per cent was guaranteed by Government.

"Whatever value there may be in the notice given to the companies by this Act of their liability to compulsory¹⁹⁰ purchase by the State, over and above the general right of expropriation possessed¹⁹¹ by the latter in such cases, its terms do not appear suited to the present condition of railway property or likely to be adopted by Parliament in case of any intention at any future time on the part of Parliament to purchase the railways."

The proposals contained in the Bill, and modified into the Act of 1844, were, of course, simply a further development of the then established policy of the State in taking precautions against the evils that might result from railway monopoly.

A greater degree of apparent success was, at first, to attend those further precautionary measures which took the form of encouraging the construction of competing lines, leading both to new and to existing companies invading the so-called "territory" of other companies, as distinct from the provision of lines in districts which had no railways at all.

There was at this time much discussion as to the rights of established companies.

When the proposal for the appointment of the Committee of 1840 was under discussion in the House of Commons, Sir Robert Peel had contended that a material distinction was to be drawn¹⁷⁴ between new companies approaching Parliament for the first time and companies which, relying on the faith of Parliament, had invested their capital in the construction of railways. "Parliament, it was true, might repent¹⁹² of the indiscretion and levity¹⁹⁴ with which it had granted those powers ... but he would advise Parliament to be very cautious how it interfered with the profits or management of companies which had been called into existence by the {282}authority, and had invested their money on the faith, of Parliament." Mr Gladstone's Committee of 1844 also declared that they had been "governed throughout their consideration of the subject by the strongest conviction that no step should be taken by Parliament which would either induce so much as a reasonable suspicion of its good faith with regard to the integrity of privileges already granted, and not shown to have been abused, or which would prospectively¹⁹⁵ discourage the disposition¹⁹⁶ now so actively¹⁹⁷ in operation to extend the railway system by the formation of new lines."

On the other hand, there was that ever-present and ever-active dread¹⁹⁸ of what might happen if the railway companies did become grasping and merciless monopolists. There was, also, the fact that while there would be direct competition between two railways having the same terminal points, each line might further serve a more or less considerable and important intermediate stretch of country which otherwise would be left without railway accommodation at all.

For one or other of these reasons competing lines continued to be sanctioned, notwithstanding Special Committees' recommendations and railway companies' protests. One such protest, giving a specific example of the tendencies of the day, was made in a memorial to the Board of Trade, dated June 26, 1857, and headed, "Proposed Remedies for Railway Grievances¹⁹⁹." The memorial, signed by Sir John Hall, Bart., and six others, and addressed to Lord Stanley of Alderley, president, and Mr Robert Lowe, vice-president, of the Board of Trade, had been drawn up at the request of those two gentlemen as a more detailed²⁰⁰ statement of facts to which their attention had already been called. Five specific grievances were dealt with, and the first of these was "The Tendency of Parliament to concede competing or otherwise unnecessary lines." Under this head the memorialists state:—

"It is not our desire that the railway system should be legislatively²⁰¹ restricted within its present limits, or that existing shareholders should by any process whatever be nominally²⁰² or practically gifted with a monopoly of the means of railway transit. We should submit to the introduction of new lines of railway wherever called for by absolute public necessity.... In such cases, however, we consider that the Legislature would only be doing justice to its previous enactments²⁰³ in {283}giving former applicants²⁰⁴ time to complete their engagements so that they might be able, at the proper time, to exhibit their ability and their willingness to consider the wants of the public as well as their proper remuneration."

The memorialists mention the fact that in 1853 several new lines were sanctioned, the period fixed²⁰⁵ for their completion being 1858, and they proceed:—

"Already, however, before these lines are opened, others are promoted in competition with them—promoted, not by a complaining locality, but in some cases by existing companies, in others by persons whose only apparent object is to sell the schemes to advantage when Parliament has sanctioned their construction. In such instances as these we humbly²⁰⁶ submit that the Legislature should not permit the introduction of new lines until it has seen whether or not the company in possession can fulfil its engagements, and whether, also, such company should not be permitted an opportunity of electing to extend its undertaking⁸⁷, or to leave further effort to the discretion¹⁹³ of the Legislature."

Whilst the State was thus maintaining its own policy of competition, the railway companies were equally persistent²⁰⁷ in keeping to their policy of amalgamation; so that, as the Joint Committee of 1872 remarked, "A new line was sure sooner or later to join the combination of existing railways, and to make common cause with them."

Practical railway experience was showing that the ordinary ideas of competition, as regarded commercial undertakings in general, did not and could not be made to apply to railways beyond a certain point. The capital sunk alike in obtaining a railway Act, in acquiring and adapting land, with provision of embankments, cuttings, viaducts, bridges, tunnels, etc., for the railway lines, and in supplying the various necessary appurtenances, railway stations, and so on, was irredeemable, since, in the case of failure of the line, due to competition or otherwise, the capital invested could not be realised again, the land, rails, buildings, etc., on which it had been spent being of little or no value for other than railway purposes. There could thus be no transfer of capital from one undertaking to another, as in ordinary commercial affairs.

In addition to this it might be that interest would have to be paid on two lots of railway capital in a district where the {284}traffic was sufficient to allow of the financial obligations of only a single company being efficiently²⁰⁸ met, any success achieved by the new company depending (until the available traffic increased) on its power to divert business and profits from the other company.

Hence it might well occur that "the best laid schemes" of Parliament and Parliamentary Committees, in approving competitive lines, resulted only in the companies concerned coming to, at least, a friendly understanding; and it might even be that the public did not eventually benefit at all, because, as the Joint Committee of 1872 say, "The necessity of carrying interest on the additional capital required for the new line tends sometimes, in the end, to raise rather than to reduce the rates."

Economic considerations, again, apart altogether from those monopolistic tendencies on the fear of which the policy of the State had been founded, were quite sufficient to account for the absorption of one company by another, and especially of small companies by larger ones, not so much to avoid competition as to ensure the provision of through routes operated under one and the same management, involving less outlay²⁰⁹ on working expenses, and providing greater advantages to the public than if the same length of line belonged to a number of different companies.

The lines between London and Liverpool, for example, were originally divided between three companies, and the same was the case with the lines between Bristol and Leeds. In some instances the companies were not on good terms with one another, and they ran their trains to suit their own convenience. Even when they were on good terms, they might not have any interests in common, apart from (at one time) offering as few comforts and conveniences as possible to the third-class traveller, and compelling him at least to complete his journey by going first class, if he wished to get to his destination the same night.

As early as 1847 attempts had been made by some of the companies to overcome the glaring defects of the original system of railway construction by establishing the Railway Clearing House, with a view to facilitating through traffic and allowing of a better adjustment of accounts when passengers or goods were carried over various lines in return for a {285}single payment. The companies persevered²¹⁰, however, in their further policy of amalgamation and consolidation²¹¹, and in 1853 the number and magnitude of schemes with these objects in view created such alarm on the part both of politicians and of traders that a further select Committee—known as Mr. Cardwell's Committee—was appointed.

The members of this Committee pointed out in their report that the whole tendency of the companies was towards union and extension, that competition ended in combination, and that the companies were able in great measure to attain²¹² these ends by agreements with one another without the authority of Parliament. The economy and the convenience resulting from amalgamation were admitted by the report; but, though still no proof was offered, or suggestion made, that the companies were actually abusing the greater powers they had thus secured, there was an obvious under-current of alarm in the minds of the Committee as to the many undesirable things which large concerns might do.

The Committee were opposed to any "districting" of the country between different companies, and they recommended that, while working agreements might be allowed, amalgamations between large companies should not. As an example of the combinations they deprecated, I might mention that they pointed with evident feelings of much concern to the fact that if the amalgamation schemes then being proposed by the London and North-Western Railway Company were conceded, they would involve the union under one control of a capital of ￡60,000,000, a revenue of ￡4,000,000, and 1200 miles of railway, with the further result of "rendering²¹³ impossible the existence of independent rival trunk lines." One wonders what the members of this Committee would have said had they been told that by the end of 1910 (as shown by the Board of Trade "Railway Returns") the London and North-Western would control a total authorised capital of (in round figures) ￡134,000,000, have gross receipts in a single year amounting to ￡15,962,000, and be operating 1966 route miles of line, equivalent to 5490 miles of single track (including sidings), besides being only one of half a dozen great trunk lines.

A much more practical result of the deliberations of this Committee was seen in certain provisions of the Railway and Canal Traffic Act, 1854, which laid down that every {286}railway company should afford proper facilities for receiving and forwarding traffic; that no undue or unreasonable²¹⁴ preferences should be given; and that where the systems were continuous the companies should afford due and reasonable facilities for the interchange of traffic, without undue preference or obstruction⁵¹. In this way it was sought to bring about greater co-ordination between the numerous small lines, and secure a better provision for through traffic. The Act is well described by the select Committee of 1872 as "a measure valuable in fact and most important in its scope and intention." It may have been further anticipated that companies which, as the result of the Act, secured running powers or free interchange of traffic over the lines of other companies—and especially as regards lines having access to London—would be less ready to agree to absorption by them; but if this expectation were, indeed, entertained, it was not realised.

The companies, in fact, continued to develop their commercial undertakings in accordance with what they regarded as commercial principles, and the Joint Committee on the Amalgamation of Railway Companies, 1872, taking a much broader view of the situation than previous Committees had done, pointed out how small had been the effect of the policy sought to be enforced against the railways, since the combinations which had enabled the great trunk lines to attain to the position they occupied at that date had been effected "contemporaneously with reports against large combinations," those reports having had "little influence upon the action of Private Bill Committees," and not staying "the progress of the companies in their course of union and amalgamation." The Committee further said, on the subject of "districting":—

"Among the various suggestions which naturally occur when dealing with the question of amalgamation, one of the most obvious and most important is to the effect that for the future some endeavour should be made to compel railways in amalgamating²¹⁵ to follow certain fixed lines or principles.... If at an earlier period in railway history such an attempt had been successfully made, there is no doubt that it might have provided us with a railway system, if not more efficient, at any rate far less costly²¹⁶ than that which we now possess. But considering the policy, or want of policy, which has hitherto {287}been pursued, and the interests which have grown up under it, the difficulties of laying down any fixed policy for the future are very formidable."

The words in this extract which I have put in italics, representing, as they do, the views of a Joint Committee of the House of Lords and of the House of Commons, justify²¹⁷, I would suggest, much of the criticism in which I have here ventured to indulge.

Among the conclusions at which the Committee arrived were the following:—

"Past amalgamations have not brought with them the evils which were anticipated."

"Competition between railways exists only to a limited extent, and cannot be maintained by legislation."

"Combination between railway companies is increasing and is likely to increase, whether by amalgamation or otherwise."

"It is impossible to lay down any general rules determining the limits or the character of future amalgamations."

In support of their views in regard to the first of these conclusions, the Committee pointed especially to the North-Eastern and the Great Eastern Railway Companies, each of which had so far pursued a policy of amalgamation that the report speaks of the former as "pervading²¹⁸ and possessing one of the wealthiest and most important districts of the Kingdom," and of the latter as having "almost exclusive possession of the principal centres to which it extends."

The Committee did not suggest that either of these companies had abused its powers, or taken undue advantage of such "monopoly" as it had secured in the districts concerned. In fact, of the North-Eastern Railway they said:— "That railway, or system of railways, is composed of thirty-seven lines, several of which formerly²¹⁹ competed with each other. Before their amalgamation they had, generally speaking, high rates and fares and low dividends. The system is now the most complete monopoly in the United Kingdom ... and it has the lowest fares and the highest dividends of any English railway." As for the Great Eastern, instead of abusing their "almost exclusive possession" of the Eastern Counties, everyone knows that the Company have won for themselves the credit of pioneering the movement for offering {288}exceptionally low rates and other special facilities for the transport of agricultural produce, and, also, of having done more, perhaps, than any other single railway company to enable working men to live in healthy suburbs around London.

The whole position in regard to the prospective abuse of a so-called monopoly due to railway amalgamations is, in fact, much misunderstood.

A railway company which controls, or practically controls, the traffic in a certain section of the country is especially interested in developing that traffic because it will enjoy all the advantages thereof, without having to share them with a rival. For this reason, instead of restricting facilities, such a company seeks to increase them; instead of imposing²²⁰ extortionate fares and rates it aims, not merely at immediate¹²⁹ profits on the transport of particular commodities, but at encouraging such a development of the district in general as will ensure its prosperity, increase its population, expand its trade, and create more traffic of all kinds in a not far distant future.

It was precisely this idea that led the Great Eastern Railway Company to set the example it did in seeking to develop the interests of its agricultural districts. The more these interests expanded, and the more profitable the agricultural industry became to the people living in those districts, the greater would be the demand for household supplies, for furniture, for pianos, for building materials, and for countless²²¹ other commodities, most of which would bring additional traffic to the line apart from the greater amount of agricultural produce carried, and apart, also, from the further inevitable increase in passenger traffic.

Cornwall, again, might be regarded as the "monopoly" of the Great Western Railway; but what person would suggest that the Great Western have not sufficiently boomed "the Cornish Riviera"?

Nor is there necessarily a "monopoly" simply because a particular district is served by a single railway. If the Great Eastern did not take people to East-coast resorts at reasonable rates, or if the Great Western charged excessive fares for the journey to Cornwall, holiday-makers would, in each case, go elsewhere. If either company, or any other company, sought to get too much for carrying milk to London, milk {289}would be obtained by the metropolitan²²² dealers²²³ from other districts, instead; and so on with most other commodities.

Indirect competition, on sound economic lines, may, therefore, still exist even when a railway company is, after many amalgamations, in the possession of an apparent monopoly. The law of supply and demand will still regulate both prices and charges. When, on the other hand, an attempt is made to enforce an artificial and non-economic competition by Act of Parliament, the inevitable result is that the companies concerned find it to their advantage to combine, or to agree, rather than to compete in rates and fares under conditions that would not only be mutually disadvantageous, but confer no lasting²²⁴ benefit on the public they seek to serve.

How the ultimate result of railway policy, as here described, has been to bring about the creation of great systems out of small ones may be seen from the following typical examples, showing in each case the number of lesser²²⁵ companies absorbed, leased or worked as the result of amalgamations, of leases in perpetuity, or otherwise; though the figures do not include railways which have been vested in two or more companies jointly:—
NAME OF COMPANY.     LENGTH OF LINE.[45]
Miles.     COMPANIES
AMALGAMATED²²⁶
OR LINES LEASED.
Great Central     753     15
Great Eastern     1133     26
Great Northern     856     22
Great Western     2993     115
Lancashire and Yorkshire     589     14
London and North-Western     1966     59
London and South-Western     964     40
London, Brighton and South Coast     454     19
Midland     1531     35
North-Eastern     1728     41
South-Eastern and Chatham     629     29
Caledonian     1074     41
North British     1363     45
Great Northern of Ireland     560     14
Great Southern and Western (Ireland)     1121     19
{290}

The process of amalgamation has been carried even further than these figures suggest, some of the companies absorbed into the great systems having themselves previously amalgamated a number of still smaller companies. The North-Eastern, for example, came into existence in 1854, through a combination of three companies—the York, Newcastle and Berwick, the Leeds Northern, and the York and North Midland—which three companies then represented between them what had originally been fifteen separate undertakings. Since 1854 the North-Eastern Company have purchased or amalgamated thirty-eight other companies, one of which, the Stockton and Darlington (absorbed in 1863), was already an amalgamation of eleven companies.[46]

That the conveniences of travel and the advantages to traders have been greatly enhanced by the substitution of these few great companies for a large number of small ones is beyond question, and actual experience has shown that the fears of grave evils resulting from prospective abuses of the railway "monopoly" brought about by amalgamations such as these have been mainly imaginary, notwithstanding the fact that they have formed the basis of so much of the policy of the State in its dealings with the railways.

There are still various small and even diminutive²²⁷ companies which have escaped the fate of being swallowed up by their big neighbours. One of the smallest engaged in a general traffic—as distinct from dock or mineral lines—is the Easingwold railway, Yorkshire, which connects with the {291}North-Eastern at Alne, but still maintains an independent existence. According to the Board of Trade Returns for 1910 the Easingwold Railway consists of two miles of line, or three miles if we include sidings, and it owns one locomotive, two carriages for the conveyance⁴⁹ of passengers and one goods waggon²²⁸. It carried in 1910 a total of 33,888 passengers, 5547 tons of minerals and 11,214 tons of general merchandise. Its total gross receipts from all sources of traffic for the year amounted to ￡2358, and the net receipts, after allowing for working expenses, were ￡936. The authorised capital of the company is ￡18,000, of which ￡16,000 has been paid up.

Small as this line is, it serves a useful purpose; but the policy of amalgamation, followed up by leading companies with such pertinacity²²⁹, and in spite of so much distrust and opposition, has, happily, saved the railway system of the country from remaining split up among an endless number of companies of the Easingwold type—even though they might have had more than three miles of railway and a single locomotive each.

Other developments of State policy towards the railways have applied²³⁰ to ensuring both perfection of construction and safety in operation.

In the former respect the English lines have been built with a solidity and a completeness not to be surpassed by the railways of any other country in the world. Even in sparsely²³¹ populated districts where, under similar circumstances, the American or the Prussian railway engineer would lay down only such a line as would be adequate to the actual or prospective traffic, would give the passengers no platform, would provide little more than a shed for a railway station, and would expect the public to be content with a level crossing and look out for the trains, a British railway company is obliged to respect State requirements by laying down a line equal to the traffic of a busy urban centre, give the passengers such platforms as will enable them to enter or leave the trains without the slightest inconvenience, erect²³² well-built and more or less commodious²³³ station buildings, and, it may be, arrange for bridges, viaducts or underground passages such as in other countries would be found only in centres having a substantial amount of traffic.

Apart, in fact, from any question as to expenditure on {292}Parliamentary proceedings and on the acquiring of land, the cost simply of building the railway itself has, generally speaking, been far greater in this country than, under corresponding geographical²³⁴ and traffic conditions, has been the case elsewhere. Judging from the example of the Prussian State Railway administration it is extremely doubtful if, had the British railway system been constructed, owned and operated by the State, instead of being left to private enterprise, any responsible Chancellor²³⁵ of the Exchequer would have authorised so great a degree of expenditure, in the interests of an absolute perfection of construction under all possible conditions, as that which has been forced upon commercial companies dependent for their capital on the money they could raise from investors.

Less scope for criticism is offered by the provision of the most complete of safety appliances in regard to signalling and other phases of railway operation. The desirability of reducing the risk of railway accidents to an absolute minimum is beyond the range of all possible dispute. Yet, as a matter of detail, the substantial cost of ensuring this all-important element of safety, no less than the exceptionally heavy outlay on the lines themselves, has helped still further to increase that capital expenditure a return on which is only to be secured by the investors from the revenue the companies can get from the railway users.

When we look for the ultimate and combined results of the various conditions touched upon in this and the preceding chapter—excessive cost of land, abnormal expenditure on Parliamentary proceedings and various aspects of State policy and control—we find them in the fact that, whether or not the British railways are really the best in the world, they have certainly been the most costly.

Comparisons with other countries may be misleading unless we remember that published statistics as to the cost of construction of the world's railways apply to route mileage—or, otherwise, "length of line"—and that the English lines have a large proportion of double, treble and other multiple track, while in more sparsely populated countries the railways, except in and around the large towns, consist to a far larger extent of single track. The actual position is not, therefore, quite so bad as the comparative figures appear to show. But, even allowing for these considerations, the following table—which {293}I compile from data published in the "Bulletin of the International Railway Congress Association" for February, 1911—may be regarded as conveying the moral of the story I have here been seeking to tell:—
CONSTRUCTION COST OF THE RAILWAYS OF
DIFFERENT COUNTRIES.
COUNTRY.     SYSTEM.     YEAR.     MILES.     CONSTRUCTION
TOTAL.     CAPITAL
PER MILE.
Great Britain
and Ireland     Entire     1905     22,843     ￡
1,272,600,000     ￡
55,712
Germany     "     1908     35,639     813,300,000     22,821
France     Main lines     1906     24,701     706,700,000     28,611
Belgium     State lines     1907     2,523     93,600,000     37,088
Netherlands     Entire     1897     1,653     28,700,000     17,350
Denmark     State     1909     1,218     13,250,000     10,884
United States
of America     —     1908     233,632     3,521,200,000     15,071
Canada     —     1907     22,447     269,850,000     12,022

1 prospect   

n.前景，前途；景色，视野

参考例句：

• This state of things holds out a cheerful prospect.事态呈现出可喜的前景。
• The prospect became more evident.前景变得更加明朗了。

2 motives   

n.动机，目的( motive的名词复数 )

参考例句：

• to impeach sb's motives 怀疑某人的动机
• His motives are unclear. 他的用意不明。

3 dividends   

红利( dividend的名词复数 )； 股息； 被除数； （足球彩票的）彩金

参考例句：

• Nothing pays richer dividends than magnanimity. 没有什么比宽宏大量更能得到厚报。
• Their decision five years ago to computerise the company is now paying dividends. 五年前他们作出的使公司电脑化的决定现在正产生出效益。

4 dividend   

n.红利，股息；回报，效益

参考例句：

• The company was forced to pass its dividend.该公司被迫到期不分红。
• The first quarter dividend has been increased by nearly 4 per cent.第一季度的股息增长了近 4%。

5 gentry   

n.绅士阶级，上层阶级

参考例句：

• Landed income was the true measure of the gentry.来自土地的收入是衡量是否士绅阶层的真正标准。
• Better be the head of the yeomanry than the tail of the gentry.宁做自由民之首，不居贵族之末。

6 proprietors   

n.所有人，业主( proprietor的名词复数 )

参考例句：

• These little proprietors of businesses are lords indeed on their own ground. 这些小业主们，在他们自己的行当中，就是真正的至高无上的统治者。 来自英汉文学 - 嘉莉妹妹
• Many proprietors try to furnish their hotels with antiques. 许多经营者都想用古董装饰他们的酒店。 来自辞典例句

7 inevitable   

adj.不可避免的，必然发生的

参考例句：

• Mary was wearing her inevitable large hat.玛丽戴着她总是戴的那顶大帽子。
• The defeat had inevitable consequences for British policy.战败对英国政策不可避免地产生了影响。

8 renewal   

adj.(契约)延期，续订，更新，复活，重来

参考例句：

• Her contract is coming up for renewal in the autumn.她的合同秋天就应该续签了。
• Easter eggs symbolize the renewal of life.复活蛋象征新生。

9 entirely   

ad.全部地，完整地；完全地，彻底地

参考例句：

• The fire was entirely caused by their neglect of duty. 那场火灾完全是由于他们失职而引起的。
• His life was entirely given up to the educational work. 他的一生统统献给了教育工作。

10 tolls   

（缓慢而有规律的）钟声( toll的名词复数 )； 通行费； 损耗； （战争、灾难等造成的）毁坏

参考例句：

• A man collected tolls at the gateway. 一个人在大门口收通行费。
• The long-distance call tolls amount to quite a sum. 长途电话费数目相当可观。

11 undesirable   

adj.不受欢迎的，不良的，不合意的，讨厌的；n.不受欢迎的人，不良分子

参考例句：

• They are the undesirable elements among the employees.他们是雇员中的不良分子。
• Certain chemicals can induce undesirable changes in the nervous system.有些化学物质能在神经系统中引起不良变化。

12 rivalry   

n.竞争，竞赛，对抗

参考例句：

• The quarrel originated in rivalry between the two families.这次争吵是两家不和引起的。
• He had a lot of rivalry with his brothers and sisters.他和兄弟姐妹间经常较劲。

13 junction   

n.连接，接合；交叉点，接合处，枢纽站

参考例句：

• There's a bridge at the junction of the two rivers.两河的汇合处有座桥。
• You must give way when you come to this junction.你到了这个路口必须让路。

14 apprehend   

vt.理解，领悟，逮捕，拘捕，忧虑

参考例句：

• I apprehend no worsening of the situation.我不担心局势会恶化。
• Police have not apprehended her killer.警察还未抓获谋杀她的凶手。

15 apprehended   

逮捕，拘押( apprehend的过去式和过去分词 )； 理解

参考例句：

• She apprehended the complicated law very quickly. 她很快理解了复杂的法律。
• The police apprehended the criminal. 警察逮捕了罪犯。

16 embark   

vi.乘船，着手，从事，上飞机

参考例句：

• He is about to embark on a new business venture.他就要开始新的商业冒险活动。
• Many people embark for Europe at New York harbor.许多人在纽约港乘船去欧洲。

17 futility   

n.无用

参考例句：

• She could see the utter futility of trying to protest. 她明白抗议是完全无用的。
• The sheer futility of it all exasperates her. 它毫无用处，这让她很生气。

18 pointed   

adj.尖的，直截了当的

参考例句：

• He gave me a very sharp pointed pencil.他给我一支削得非常尖的铅笔。
• She wished to show Mrs.John Dashwood by this pointed invitation to her brother.她想通过对达茨伍德夫人提出直截了当的邀请向她的哥哥表示出来。

19 engendered   

v.产生（某形势或状况），造成，引起( engender的过去式和过去分词 )

参考例句：

• The issue engendered controversy. 这个问题引起了争论。
• The meeting engendered several quarrels. 这次会议发生了几次争吵。 来自《简明英汉词典》

20 undue   

adj.过分的；不适当的；未到期的

参考例句：

• Don't treat the matter with undue haste.不要过急地处理此事。
• It would be wise not to give undue importance to his criticisms.最好不要过分看重他的批评。

21 inevitably   

adv.不可避免地；必然发生地

参考例句：

• In the way you go on,you are inevitably coming apart.照你们这样下去，毫无疑问是会散伙的。
• Technological changes will inevitably lead to unemployment.技术变革必然会导致失业。

22 standing   

n.持续，地位；adj.永久的，不动的，直立的，不流动的

参考例句：

• After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
• They're standing out against any change in the law.他们坚决反对对法律做任何修改。

23 futile   

adj.无效的，无用的，无希望的

参考例句：

• They were killed,to the last man,in a futile attack.因为进攻失败，他们全部被杀，无一幸免。
• Their efforts to revive him were futile.他们对他抢救无效。

24 expedient   

adj.有用的，有利的；n.紧急的办法，权宜之计

参考例句：

• The government found it expedient to relax censorship a little.政府发现略微放宽审查是可取的。
• Every kind of expedient was devised by our friends.我们的朋友想出了各种各样的应急办法。

25 controversies   

争论

参考例句：

• We offer no comment on these controversies here. 对于这些争议，我们在这里不作任何评论。 来自英汉非文学 - 历史
• The controversies surrounding population growth are unlikely to subside soon. 围绕着人口增长问题的争论看来不会很快平息。 来自辞典例句

26 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

27 dealing   

n.经商方法，待人态度

参考例句：

• This store has an excellent reputation for fair dealing.该商店因买卖公道而享有极高的声誉。
• His fair dealing earned our confidence.他的诚实的行为获得我们的信任。

28 honourable   

adj.可敬的；荣誉的，光荣的

参考例句：

• I don't think I am worthy of such an honourable title.这样的光荣称号，我可担当不起。
• I hope to find an honourable way of settling difficulties.我希望设法找到一个体面的办法以摆脱困境。

29 restrictions   

约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）

参考例句：

• I found the restrictions irksome. 我对那些限制感到很烦。
• a snaggle of restrictions 杂乱无章的种种限制

30 nay   

adv.不；n.反对票，投反对票者

参考例句：

• He was grateful for and proud of his son's remarkable,nay,unique performance.他为儿子出色的，不，应该是独一无二的表演心怀感激和骄傲。
• Long essays,nay,whole books have been written on this.许多长篇大论的文章，不，应该说是整部整部的书都是关于这件事的。

31 preservation   

n.保护，维护，保存，保留，保持

参考例句：

• The police are responsible for the preservation of law and order.警察负责维持法律与秩序。
• The picture is in an excellent state of preservation.这幅画保存得极为完好。

32 impetus   

n.推动，促进，刺激；推动力

参考例句：

• This is the primary impetus behind the economic recovery.这是促使经济复苏的主要动力。
• Her speech gave an impetus to my ideas.她的讲话激发了我的思绪。

33 anarchy   

n.无政府状态；社会秩序混乱，无秩序

参考例句：

• There would be anarchy if we had no police.要是没有警察，社会就会无法无天。
• The country was thrown into a state of anarchy.这国家那时一下子陷入无政府状态。

34 distress   

n.苦恼，痛苦，不舒适；不幸；vt.使悲痛

参考例句：

• Nothing could alleviate his distress.什么都不能减轻他的痛苦。
• Please don't distress yourself.请你不要忧愁了。

35 oppositions   

（强烈的）反对( opposition的名词复数 )； 反对党； （事业、竞赛、游戏等的）对手； 对比

参考例句：

• That's fine because all perihelic oppositions of Mars are spectacular. 但它和最近的几次区别不大，因为火星所有的近日对冲都很壮观。
• He tried his best to bear down all of his oppositions. 他尽全力击败一切反对意见。

36 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

37 pending   

prep.直到，等待…期间；adj.待定的；迫近的

参考例句：

• The lawsuit is still pending in the state court.这案子仍在州法庭等待定夺。
• He knew my examination was pending.他知道我就要考试了。

38 prey   

n.被掠食者，牺牲者，掠食；v.捕食，掠夺，折磨

参考例句：

• Stronger animals prey on weaker ones.弱肉强食。
• The lion was hunting for its prey.狮子在寻找猎物。

39 expenditure   

n.(时间、劳力、金钱等)支出；使用，消耗

参考例句：

• The entry of all expenditure is necessary.有必要把一切开支入账。
• The monthly expenditure of our family is four hundred dollars altogether.我们一家的开销每月共计四百元。

40 incurred   

[医]招致的，遭受的； incur的过去式

参考例句：

• She had incurred the wrath of her father by marrying without his consent 她未经父亲同意就结婚，使父亲震怒。
• We will reimburse any expenses incurred. 我们将付还所有相关费用。

41 exchequer   

n.财政部；国库

参考例句：

• In Britain the Chancellor of the Exchequer deals with taxes and government spending.英国的财政大臣负责税务和政府的开支。
• This resulted in a considerable loss to the exchequer.这使国库遭受了重大损失。

42 agitation   

n.搅动；搅拌；鼓动，煽动

参考例句：

• Small shopkeepers carried on a long agitation against the big department stores.小店主们长期以来一直在煽动人们反对大型百货商店。
• These materials require constant agitation to keep them in suspension.这些药剂要经常搅动以保持悬浮状态。

43 mileage   

n.里程，英里数；好处，利润

参考例句：

• He doesn't think there's any mileage in that type of advertising.他认为做那种广告毫无效益。
• What mileage has your car done?你的汽车跑了多少英里？

44 taxation   

n.征税，税收，税金

参考例句：

• He made a number of simplifications in the taxation system.他在税制上作了一些简化。
• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。

45 boon   

n.恩赐，恩物，恩惠

参考例句：

• A car is a real boon when you live in the country.在郊外居住，有辆汽车确实极为方便。
• These machines have proved a real boon to disabled people.事实证明这些机器让残疾人受益匪浅。

46 supreme   

adj.极度的，最重要的；至高的，最高的

参考例句：

• It was the supreme moment in his life.那是他一生中最重要的时刻。
• He handed up the indictment to the supreme court.他把起诉书送交最高法院。

47 functionary   

n.官员；公职人员

参考例句：

• No functionary may support or cover up unfair competition acts.国家官员不得支持、包庇不正当竞争行为。
• " Emigrant," said the functionary,"I am going to send you on to Paris,under an escort."“ 外逃分子，”那官员说，“我要把你送到巴黎去，还派人护送。”

48 proceeding   

n.行动，进行，(pl.)会议录，学报

参考例句：

• This train is now proceeding from Paris to London.这次列车从巴黎开往伦敦。
• The work is proceeding briskly.工作很有生气地进展着。

49 conveyance   

n.(不动产等的)转让，让与；转让证书；传送；运送；表达；（正）运输工具

参考例句：

• Bicycles have become the most popular conveyance for Chinese people.自行车已成为中国人最流行的代步工具。
• Its another,older,usage is a synonym for conveyance.它的另一个更古老的习惯用法是作为财产转让的同义词使用。

50 conveyances   

n.传送( conveyance的名词复数 )；运送；表达；运输工具

参考例句：

• Transport tools from work areas by using hand trucks and other conveyances. 负责用相关运输设备从工作区域运载模具。 来自互联网
• Railroad trains and buses are public conveyances. 火车和公共汽车是公共交通工具。 来自互联网

51 obstruction   

n.阻塞，堵塞；障碍物

参考例句：

• She was charged with obstruction of a police officer in the execution of his duty.她被指控妨碍警察执行任务。
• The road was cleared from obstruction.那条路已被清除了障碍。

52 obstructions   

n.障碍物( obstruction的名词复数 )；阻碍物；阻碍；阻挠

参考例句：

• The absence of obstructions is of course an idealization. 没有障碍物的情况当然是一种理想化的情况。 来自辞典例句
• These obstructions could take some weeks to clear from these canals. 这些障碍物可能要花几周时间才能从运河中清除掉。 来自辞典例句

53 annex   

vt.兼并，吞并；n.附属建筑物

参考例句：

• It plans to annex an England company in order to enlarge the market.它计划兼并一家英国公司以扩大市场。
• The annex has been built on to the main building.主楼配建有附属的建筑物。

54 prerogative   

n.特权

参考例句：

• It is within his prerogative to do so.他是有权这样做的。
• Making such decisions is not the sole prerogative of managers.作这类决定并不是管理者的专有特权。

55 justifiable   

adj.有理由的，无可非议的

参考例句：

• What he has done is hardly justifiable.他的所作所为说不过去。
• Justifiable defense is the act being exempted from crimes.正当防卫不属于犯罪行为。

56 amending   

改良，修改，修订( amend的现在分词 )； 改良，修改，修订( amend的第三人称单数 )( amends的现在分词 )

参考例句：

• Amending acts in 1933,1934, and 1935 attempted to help honest debtors rehabilitate themselves. 一九三三年，一九三四年和一九三五年通过的修正案是为了帮助诚实的债务人恢复自己的地位。
• Two ways were used about the error-amending of contour curve. 采用两种方法对凸轮轮廓曲线进行了修正。

57 evoked   

[医]诱发的

参考例句：

• The music evoked memories of her youth. 这乐曲勾起了她对青年时代的回忆。
• Her face, though sad, still evoked a feeling of serenity. 她的脸色虽然悲伤，但仍使人感觉安详。

58 amicable   

adj.和平的，友好的；友善的

参考例句：

• The two nations reached an amicable agreement.两国达成了一项友好协议。
• The two nations settled their quarrel in an amicable way.两国以和睦友好的方式解决了他们的争端。

59 rejection   

n.拒绝，被拒，抛弃，被弃

参考例句：

• He decided not to approach her for fear of rejection.他因怕遭拒绝决定不再去找她。
• The rejection plunged her into the dark depths of despair.遭到拒绝使她陷入了绝望的深渊。

60 withdrawal   

n.取回，提款；撤退，撤军；收回，撤销

参考例句：

• The police were forced to make a tactical withdrawal.警方被迫进行战术撤退。
• They insisted upon a withdrawal of the statement and a public apology.他们坚持要收回那些话并公开道歉。

61 adverse   

adj.不利的；有害的；敌对的，不友好的

参考例句：

• He is adverse to going abroad.他反对出国。
• The improper use of medicine could lead to severe adverse reactions.用药不当会产生严重的不良反应。

62 stimulating   

adj.有启发性的，能激发人思考的

参考例句：

• shower gel containing plant extracts that have a stimulating effect on the skin 含有对皮肤有益的植物精华的沐浴凝胶
• This is a drug for stimulating nerves. 这是一种兴奋剂。

63 dual   

adj.双的；二重的，二元的

参考例句：

• The people's Republic of China does not recognize dual nationality for any Chinese national.中华人民共和国不承认中国公民具有双重国籍。
• He has dual role as composer and conductor.他兼作曲家及指挥的双重身分。

64 persistence   

n.坚持，持续，存留

参考例句：

• The persistence of a cough in his daughter puzzled him.他女儿持续的咳嗽把他难住了。
• He achieved success through dogged persistence.他靠着坚持不懈取得了成功。

65 advent   

n.(重要事件等的)到来，来临

参考例句：

• Swallows come by groups at the advent of spring. 春天来临时燕子成群飞来。
• The advent of the Euro will redefine Europe.欧元的出现将重新定义欧洲。

66 benevolence   

n.慈悲，捐助

参考例句：

• We definitely do not apply a policy of benevolence to the reactionaries.我们对反动派决不施仁政。
• He did it out of pure benevolence. 他做那件事完全出于善意。

67 relegated   

v.使降级( relegate的过去式和过去分词 )；使降职；转移；把…归类

参考例句：

• She was then relegated to the role of assistant. 随后她被降级做助手了。
• I think that should be relegated to the garbage can of history. 我认为应该把它扔进历史的垃圾箱。 来自《现代汉英综合大词典》

68 supervision   

n.监督，管理

参考例句：

• The work was done under my supervision.这项工作是在我的监督之下完成的。
• The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。

69 qualified   

adj.合格的，有资格的，胜任的，有限制的

参考例句：

• He is qualified as a complete man of letters.他有资格当真正的文学家。
• We must note that we still lack qualified specialists.我们必须看到我们还缺乏有资质的专家。

70 organise   

vt.组织，安排，筹办

参考例句：

• He has the ability to organise.他很有组织才能。
• It's my job to organise all the ceremonial events.由我来组织所有的仪式。

71 prodigious   

adj.惊人的，奇妙的；异常的；巨大的；庞大的

参考例句：

• This business generates cash in prodigious amounts.这种业务收益丰厚。
• He impressed all who met him with his prodigious memory.他惊人的记忆力让所有见过他的人都印象深刻。

72 disastrous   

adj.灾难性的，造成灾害的；极坏的，很糟的

参考例句：

• The heavy rainstorm caused a disastrous flood.暴雨成灾。
• Her investment had disastrous consequences.She lost everything she owned.她的投资结果很惨，血本无归。

73 speculation   

n.思索，沉思；猜测；投机

参考例句：

• Her mind is occupied with speculation.她的头脑忙于思考。
• There is widespread speculation that he is going to resign.人们普遍推测他要辞职。

74 amalgamate   

v.(指业务等)合并，混合

参考例句：

• Their company is planning to amalgamate with ours.他们公司正计划同我们公司合并。
• The unions will attempt to amalgamate their groups into one national body.工会将试图合并其群体纳入一个国家机构。

75 interfere   

v.(in)干涉，干预；(with)妨碍，打扰

参考例句：

• If we interfere, it may do more harm than good.如果我们干预的话，可能弊多利少。
• When others interfere in the affair,it always makes troubles. 别人一卷入这一事件，棘手的事情就来了。

76 accomplished   

adj.有才艺的；有造诣的；达到了的

参考例句：

• Thanks to your help,we accomplished the task ahead of schedule.亏得你们帮忙,我们才提前完成了任务。
• Removal of excess heat is accomplished by means of a radiator.通过散热器完成多余热量的排出。

77 propriety   

n.正当行为；正当；适当

参考例句：

• We hesitated at the propriety of the method.我们对这种办法是否适用拿不定主意。
• The sensitive matter was handled with great propriety.这件机密的事处理得极为适当。

78 interfered   

v.干预( interfere的过去式和过去分词 )；调停；妨碍；干涉

参考例句：

• Complete absorption in sports interfered with his studies. 专注于运动妨碍了他的学业。 来自《简明英汉词典》
• I am not going to be interfered with. 我不想别人干扰我的事情。 来自《简明英汉词典》

79 inquiry   

n.打听，询问，调查，查问

参考例句：

• Many parents have been pressing for an inquiry into the problem.许多家长迫切要求调查这个问题。
• The field of inquiry has narrowed down to five persons.调查的范围已经缩小到只剩5个人了。

80 ascertain   

vt.发现，确定，查明，弄清

参考例句：

• It's difficult to ascertain the coal deposits.煤储量很难探明。
• We must ascertain the responsibility in light of different situtations.我们必须根据不同情况判定责任。

81 accomplishment   

n.完成，成就，（pl.）造诣，技能

参考例句：

• The series of paintings is quite an accomplishment.这一系列的绘画真是了不起的成就。
• Money will be crucial to the accomplishment of our objectives.要实现我们的目标，钱是至关重要的。

82 influential   

adj.有影响的，有权势的

参考例句：

• He always tries to get in with the most influential people.他总是试图巴结最有影响的人物。
• He is a very influential man in the government.他在政府中是个很有影响的人物。

83 proceedings   

n.进程，过程，议程；诉讼(程序)；公报

参考例句：

• He was released on bail pending committal proceedings. 他交保获释正在候审。
• to initiate legal proceedings against sb 对某人提起诉讼

84 binding   

有约束力的，有效的，应遵守的

参考例句：

• The contract was not signed and has no binding force. 合同没有签署因而没有约束力。
• Both sides have agreed that the arbitration will be binding. 双方都赞同仲裁具有约束力。

85 intimacy   

n.熟悉，亲密，密切关系，亲昵的言行

参考例句：

• His claims to an intimacy with the President are somewhat exaggerated.他声称自己与总统关系密切，这有点言过其实。
• I wish there were a rule book for intimacy.我希望能有个关于亲密的规则。

86 undertakings   

企业( undertaking的名词复数 )； 保证； 殡仪业； 任务

参考例句：

• The principle of diligence and frugality applies to all undertakings. 勤俭节约的原则适用于一切事业。
• Such undertakings require the precise planning and foresight of military operations. 此举要求军事上战役中所需要的准确布置和预见。

87 undertaking   

n.保证，许诺，事业

参考例句：

• He gave her an undertaking that he would pay the money back with in a year.他向她做了一年内还钱的保证。
• He is too timid to venture upon an undertaking.他太胆小，不敢从事任何事业。

88 consolidated   

a.联合的

参考例句：

• With this new movie he has consolidated his position as the country's leading director. 他新执导的影片巩固了他作为全国最佳导演的地位。
• Those two banks have consolidated and formed a single large bank. 那两家银行已合并成一家大银行。

89 consolidate   

v.使加固，使加强；(把...)联为一体，合并

参考例句：

• The two banks will consolidate in July next year. 这两家银行明年7月将合并。
• The government hoped to consolidate ten states to form three new ones.政府希望把十个州合并成三个新的州。

90 isolated   

adj.与世隔绝的

参考例句：

• His bad behaviour was just an isolated incident. 他的不良行为只是个别事件。
• Patients with the disease should be isolated. 这种病的患者应予以隔离。

91 machinery   

n.(总称)机械，机器；机构

参考例句：

• Has the machinery been put up ready for the broadcast?广播器材安装完毕了吗？
• Machinery ought to be well maintained all the time.机器应该随时注意维护。

92 inadequate   

adj.(for,to)不充足的，不适当的

参考例句：

• The supply is inadequate to meet the demand.供不应求。
• She was inadequate to the demands that were made on her.她还无力满足对她提出的各项要求。

93 systematically   

adv.有系统地

参考例句：

• This government has systematically run down public services since it took office.这一屆政府自上台以来系统地削减了公共服务。
• The rainforest is being systematically destroyed.雨林正被系统地毀灭。

94 thoroughly   

adv.完全地，彻底地，十足地

参考例句：

• The soil must be thoroughly turned over before planting.一定要先把土地深翻一遍再下种。
• The soldiers have been thoroughly instructed in the care of their weapons.士兵们都系统地接受过保护武器的训练。

95 sifted   

v.筛( sift的过去式和过去分词 )；筛滤；细查；详审

参考例句：

• She sifted through her papers to find the lost letter. 她仔细在文件中寻找那封丢失的信。 来自《简明英汉词典》
• She sifted thistles through her thistle-sifter. 她用蓟筛筛蓟。 来自《简明英汉词典》

96 sift   

v.筛撒，纷落，详察

参考例句：

• Sift out the wheat from the chaff.把小麦的壳筛出来。
• Sift sugar on top of the cake.在蛋糕上面撒上糖。

97 Vogue   

n.时髦，时尚；adj.流行的

参考例句：

• Flowery carpets became the vogue.花卉地毯变成了时髦货。
• Short hair came back into vogue about ten years ago.大约十年前短发又开始流行起来了。

98 judgment   

n.审判；判断力，识别力，看法，意见

参考例句：

• The chairman flatters himself on his judgment of people.主席自认为他审视人比别人高明。
• He's a man of excellent judgment.他眼力过人。

99 previously   

adv.以前，先前（地）

参考例句：

• The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
• Let me digress for a moment and explain what had happened previously.让我岔开一会儿，解释原先发生了什么。

100 subsisting   

v.（靠很少的钱或食物）维持生活，生存下去( subsist的现在分词 )

参考例句：

• Perfect God and perfect man, of a reasonable soul and human subsisting. 衪是完全的神又是完全的人，且有理性的灵魂和人类血肉之躯。 来自互联网
• The benevolence subsisting in her character draws her friends closer to her. 存在于她性格中的仁慈吸引她的朋友们接近她。 来自互联网

101 accede   

v.应允，同意

参考例句：

• They are ready to accede to our request for further information.我们要是还需要资料，他们乐于随时提供。
• In a word,he will not accede to your proposal in the meeting.总而言之，他不会在会中赞成你的提议。

102 deterring   

v.阻止，制止( deter的现在分词 )

参考例句：

• However, investors say are a number of issues deterring business. 然而，投资者表示，有很多问题让他们却步。 来自互联网
• It's an effective way of deterring potential does online, the logic goes. 逻辑上这是抑制潜在线上威胁的有效方法。 来自互联网

103 entrap   

v.以网或陷阱捕捉，使陷入圈套

参考例句：

• The police have been given extra powers to entrap drug traffickers.警方已经被进一步授权诱捕毒贩。
• He overturned the conviction,saying the defendant was entrapped.他声称被告是被诱骗的，从而推翻了有罪的判决。

104 depressed   

adj.沮丧的，抑郁的，不景气的，萧条的

参考例句：

• When he was depressed,he felt utterly divorced from reality.他心情沮丧时就感到完全脱离了现实。
• His mother was depressed by the sad news.这个坏消息使他的母亲意志消沉。

105 stimulated   

a.刺激的

参考例句：

• The exhibition has stimulated interest in her work. 展览增进了人们对她作品的兴趣。
• The award has stimulated her into working still harder. 奖金促使她更加努力地工作。

106 juncture   

n.时刻，关键时刻，紧要关头

参考例句：

• The project is situated at the juncture of the new and old urban districts.该项目位于新老城区交界处。
• It is very difficult at this juncture to predict the company's future.此时很难预料公司的前景。

107 prosecute   

vt.告发；进行；vi.告发，起诉，作检察官

参考例句：

• I am trying my best to prosecute my duties.我正在尽力履行我的职责。
• Is there enough evidence to prosecute?有没有起诉的足够证据？

108 prospective   

adj.预期的，未来的，前瞻性的

参考例句：

• The story should act as a warning to other prospective buyers.这篇报道应该对其他潜在的购买者起到警示作用。
• They have all these great activities for prospective freshmen.这会举办各种各样的活动来招待未来的新人。

109 projectors   

电影放映机，幻灯机( projector的名词复数 )

参考例句：

• Energy projectors fired and peeled off the ships' armor in a flash. 能量投射器开火然后在一阵闪光后剥离了飞船的装甲。
• All classrooms equipped with computers, projectors, video and audio booth, broadcasting equipment. 全部教室配备电脑、投影仪、视频展台和音响、广播设备。

110 adoption   

n.采用，采纳，通过；收养

参考例句：

• An adoption agency had sent the boys to two different families.一个收养机构把他们送给两个不同的家庭。
• The adoption of this policy would relieve them of a tremendous burden.采取这一政策会给他们解除一个巨大的负担。

111 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

112 lapse   

n.过失，流逝，失效，抛弃信仰，间隔；vi.堕落，停止，失效，流逝；vt.使失效

参考例句：

• The incident was being seen as a serious security lapse.这一事故被看作是一次严重的安全疏忽。
• I had a lapse of memory.我记错了。

113 apparently   

adv.显然地；表面上，似乎

参考例句：

• An apparently blind alley leads suddenly into an open space.山穷水尽，豁然开朗。
• He was apparently much surprised at the news.他对那个消息显然感到十分惊异。

114 criticise   

v.批评，评论；非难

参考例句：

• Right and left have much cause to criticise government.左翼和右翼有很多理由批评政府。
• It is not your place to criticise or suggest improvements!提出批评或给予改进建议并不是你的责任！

115 fathom   

v.领悟，彻底了解

参考例句：

• I really couldn't fathom what he was talking about.我真搞不懂他在说些什么。
• What these people hoped to achieve is hard to fathom.这些人希望实现些什么目标难以揣测。

116 unanimity   

n.全体一致，一致同意

参考例句：

• These discussions have led to a remarkable unanimity.这些讨论导致引人注目的一致意见。
• There is no unanimity of opinion as to the best one.没有一个公认的最好意见。

117 gauge   

v.精确计量；估计；n.标准度量；计量器

参考例句：

• Can you gauge what her reaction is likely to be?你能揣测她的反应可能是什么吗？
• It's difficult to gauge one's character.要判断一个人的品格是很困难的。

118 foresight   

n.先见之明，深谋远虑

参考例句：

• The failure is the result of our lack of foresight.这次失败是由于我们缺乏远虑而造成的。
• It required a statesman's foresight and sagacity to make the decision.作出这个决定需要政治家的远见卓识。

119 subservient   

adj.卑屈的，阿谀的

参考例句：

• He was subservient and servile.他低声下气、卑躬屈膝。
• It was horrible to have to be affable and subservient.不得不强作欢颜卖弄风骚，真是太可怕了。

120 determined   

adj.坚定的；有决心的

参考例句：

• I have determined on going to Tibet after graduation.我已决定毕业后去西藏。
• He determined to view the rooms behind the office.他决定查看一下办公室后面的房间。

121 dilatory   

adj.迟缓的，不慌不忙的

参考例句：

• The boss sacked a dilatory worker yesterday.昨天老板开除了一个凡事都爱拖延的人。
• The dilatory limousine came rolling up the drive.那辆姗姗来迟的大型轿车沿着汽车道开了上来。

122 acquiescence   

n.默许；顺从

参考例句：

• The chief inclined his head in sign of acquiescence.首领点点头表示允许。
• This is due to his acquiescence.这是因为他的默许。

123 unlimited   

adj.无限的，不受控制的，无条件的

参考例句：

• They flew over the unlimited reaches of the Arctic.他们飞过了茫茫无边的北极上空。
• There is no safety in unlimited technological hubris.在技术方面自以为是会很危险。

124 concession   

n.让步，妥协；特许(权)

参考例句：

• We can not make heavy concession to the matter.我们在这个问题上不能过于让步。
• That is a great concession.这是很大的让步。

125 stimulus   

n.刺激，刺激物，促进因素，引起兴奋的事物

参考例句：

• Regard each failure as a stimulus to further efforts.把每次失利看成对进一步努力的激励。
• Light is a stimulus to growth in plants.光是促进植物生长的一个因素。

126 legislative   

n.立法机构，立法权；adj.立法的，有立法权的

参考例句：

• Congress is the legislative branch of the U.S. government.国会是美国政府的立法部门。
• Today's hearing was just the first step in the legislative process.今天的听证会只是展开立法程序的第一步。

127 vice   

n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的

参考例句：

• He guarded himself against vice.他避免染上坏习惯。
• They are sunk in the depth of vice.他们堕入了罪恶的深渊。

128 unduly   

adv.过度地，不适当地

参考例句：

• He did not sound unduly worried at the prospect.他的口气听上去对前景并不十分担忧。
• He argued that the law was unduly restrictive.他辩称法律的约束性有些过分了。

129 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

130 mania   

n.疯狂；躁狂症，狂热，癖好

参考例句：

• Football mania is sweeping the country.足球热正风靡全国。
• Collecting small items can easily become a mania.收藏零星物品往往容易变成一种癖好。

131 legitimate   

adj.合法的，合理的，合乎逻辑的；v.使合法

参考例句：

• Sickness is a legitimate reason for asking for leave.生病是请假的一个正当的理由。
• That's a perfectly legitimate fear.怀有这种恐惧完全在情理之中。

132 abortive   

adj.不成功的，发育不全的

参考例句：

• We had to abandon our abortive attempts.我们的尝试没有成功，不得不放弃。
• Somehow the whole abortive affair got into the FBI files.这件早已夭折的案子不知怎么就进了联邦调查局的档案。

133 scramble   

v.爬行，攀爬，杂乱蔓延，碎片，片段，废料

参考例句：

• He broke his leg in his scramble down the wall.他爬墙摔断了腿。
• It was a long scramble to the top of the hill.到山顶须要爬登一段长路。

134 extravagant   

adj.奢侈的；过分的；(言行等)放肆的

参考例句：

• They tried to please him with fulsome compliments and extravagant gifts.他们想用溢美之词和奢华的礼品来取悦他。
• He is extravagant in behaviour.他行为放肆。

135 subscription   

n.预订，预订费，亲笔签名，调配法，下标（处方）

参考例句：

• We paid a subscription of 5 pounds yearly.我们按年度缴纳5英镑的订阅费。
• Subscription selling bloomed splendidly.订阅销售量激增。

136 frenzy   

n.疯狂，狂热，极度的激动

参考例句：

• He was able to work the young students up into a frenzy.他能激起青年学生的狂热。
• They were singing in a frenzy of joy.他们欣喜若狂地高声歌唱。

137 indirectly   

adv.间接地，不直接了当地

参考例句：

• I heard the news indirectly.这消息我是间接听来的。
• They were approached indirectly through an intermediary.通过一位中间人，他们进行了间接接触。

138 hearth   

n.壁炉炉床，壁炉地面

参考例句：

• She came and sat in a chair before the hearth.她走过来，在炉子前面的椅子上坐下。
• She comes to the hearth,and switches on the electric light there.她走到壁炉那里，打开电灯。

139 metropolis   

n.首府；大城市

参考例句：

• Shanghai is a metropolis in China.上海是中国的大都市。
• He was dazzled by the gaiety and splendour of the metropolis.大都市的花花世界使他感到眼花缭乱。

140 joint   

adj.联合的，共同的；n.关节，接合处；v.连接，贴合

参考例句：

• I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
• We wrote a letter in joint names.我们联名写了封信。

141 amalgamation   

n.合并，重组；；汞齐化

参考例句：

• We look towards the amalgamation of some of the neighborhood factories.我们指望合并一些里弄工厂。
• The proposed amalgamation of the two institutes has mow fallen through.这两个研究所打算合并的事现在已经落空了。

142 speculative   

adj.思索性的，暝想性的，推理的

参考例句：

• Much of our information is speculative.我们的许多信息是带推测性的。
• The report is highly speculative and should be ignored.那个报道推测的成分很大，不应理会。

143 sufficiently   

adv.足够地，充分地

参考例句：

• It turned out he had not insured the house sufficiently.原来他没有给房屋投足保险。
• The new policy was sufficiently elastic to accommodate both views.新政策充分灵活地适用两种观点。

144 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

145 perfectly   

adv.完美地，无可非议地，彻底地

参考例句：

• The witnesses were each perfectly certain of what they said.证人们个个对自己所说的话十分肯定。
• Everything that we're doing is all perfectly above board.我们做的每件事情都是光明正大的。

146 remunerative   

adj.有报酬的

参考例句：

• He is prepared to make a living by accepting any remunerative chore.为了生计，他准备接受任何有酬报的杂活。
• A doctor advised her to seek remunerative employment.一个医生建议她去找有酬劳的工作。

147 allotted   

分配，拨给，摊派( allot的过去式和过去分词 )

参考例句：

• I completed the test within the time allotted . 我在限定的时间内完成了试验。
• Each passenger slept on the berth allotted to him. 每个旅客都睡在分配给他的铺位上。

148 promotion   

n.提升，晋级；促销，宣传

参考例句：

• The teacher conferred with the principal about Dick's promotion.教师与校长商谈了迪克的升级问题。
• The clerk was given a promotion and an increase in salary.那个职员升了级，加了薪。

149 justified   

a.正当的，有理的

参考例句：

• She felt fully justified in asking for her money back. 她认为有充分的理由要求退款。
• The prisoner has certainly justified his claims by his actions. 那个囚犯确实已用自己的行动表明他的要求是正当的。

150 confirmation   

n.证实，确认，批准

参考例句：

• We are waiting for confirmation of the news.我们正在等待证实那个消息。
• We need confirmation in writing before we can send your order out.给你们发送订购的货物之前，我们需要书面确认。

151 curb   

n.场外证券市场，场外交易；vt.制止，抑制

参考例句：

• I could not curb my anger.我按捺不住我的愤怒。
• You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。

152 remonstrated   

v.抗议( remonstrate的过去式和过去分词 )；告诫

参考例句：

• They remonstrated with the official about the decision. 他们就这一决定向这位官员提出了抗议。
• We remonstrated against the ill-treatment of prisoners of war. 我们对虐待战俘之事提出抗议。 来自辞典例句

153 contemplated   

adj. 预期的 动词contemplate的过去分词形式

参考例句：

• The doctor contemplated the difficult operation he had to perform. 医生仔细地考虑他所要做的棘手的手术。
• The government has contemplated reforming the entire tax system. 政府打算改革整个税收体制。

154 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

155 contractors   

n.（建筑、监造中的）承包人( contractor的名词复数 )

参考例句：

• We got estimates from three different contractors before accepting the lowest. 我们得到3个承包商的报价后，接受了最低的报价。 来自《简明英汉词典》
• Contractors winning construction jobs had to kick back 2 per cent of the contract price to the mafia. 赢得建筑工作的承包商得抽出合同价格的百分之二的回扣给黑手党。 来自《简明英汉词典》

156 depreciation   

n.价值低落，贬值，蔑视，贬低

参考例句：

• She can't bear the depreciation of the enemy.她受不了敌人的蹂躏。
• They wrote off 500 for depreciation of machinery.他们注销了500镑作为机器折旧费。

157 revival   

n.复兴，复苏，（精力、活力等的）重振

参考例句：

• The period saw a great revival in the wine trade.这一时期葡萄酒业出现了很大的复苏。
• He claimed the housing market was showing signs of a revival.他指出房地产市场正出现复苏的迹象。

158 onerous   

adj.繁重的

参考例句：

• My household duties were not particularly onerous.我的家务活并不繁重。
• This obligation sometimes proves onerous.这一义务有时被证明是艰巨的。

159 inquiries   

n.调查( inquiry的名词复数 )；疑问；探究；打听

参考例句：

• He was released on bail pending further inquiries. 他获得保释，等候进一步调查。
• I have failed to reach them by postal inquiries. 我未能通过邮政查询与他们取得联系。 来自《现代汉英综合大词典》

160 uncertainty   

n.易变，靠不住，不确知，不确定的事物

参考例句：

• Her comments will add to the uncertainty of the situation.她的批评将会使局势更加不稳定。
• After six weeks of uncertainty,the strain was beginning to take its toll.6个星期的忐忑不安后，压力开始产生影响了。

161 precisely   

adv.恰好，正好，精确地，细致地

参考例句：

• It's precisely that sort of slick sales-talk that I mistrust.我不相信的正是那种油腔滑调的推销宣传。
• The man adjusted very precisely.那个人调得很准。

162 jealousy   

n.妒忌，嫉妒，猜忌

参考例句：

• Some women have a disposition to jealousy.有些女人生性爱妒忌。
• I can't support your jealousy any longer.我再也无法忍受你的嫉妒了。

163 curtailment   

n.缩减，缩短

参考例句：

• The usage based allocation method and the curtailment based allocation method are discuss. 在责任分摊法中，阐述了使用程度分摊法和裁减量分摊法。 来自互联网
• In transaction curtailment study, different transaction curtailment models using different types of curtailment objectives. 在交易裁减的研究中，不同的交易裁减模型采用了不同类型的裁减目标。 来自互联网

164 testimony   

n.证词；见证，证明

参考例句：

• The testimony given by him is dubious.他所作的证据是可疑的。
• He was called in to bear testimony to what the police officer said.他被传入为警官所说的话作证。

165 assented   

同意，赞成( assent的过去式和过去分词 )

参考例句：

• The judge assented to allow the prisoner to speak. 法官同意允许犯人申辩。
• "No," assented Tom, "they don't kill the women -- they're too noble. “对，”汤姆表示赞同地说，“他们不杀女人——真伟大！

166 commissioners   

n.专员( commissioner的名词复数 )；长官；委员；政府部门的长官

参考例句：

• The Commissioners of Inland Revenue control British national taxes. 国家税收委员管理英国全国的税收。 来自《简明英汉词典》
• The SEC has five commissioners who are appointed by the president. 证券交易委员会有５名委员，是由总统任命的。 来自英汉非文学 - 政府文件

167 contravene   

v.违反，违背，反驳，反对

参考例句：

• The moves contravene the peace plan agreed by both sides.这些举措违反了双方同意的和平方案。
• He said the article did not contravene the industry's code of conduct.他说这一条款并未违反行业的行为准则。

168 statutes   

成文法( statute的名词复数 )； 法令； 法规； 章程

参考例句：

• The numerous existing statutes are complicated and poorly coordinated. 目前繁多的法令既十分复杂又缺乏快调。 来自英汉非文学 - 环境法 - 环境法
• Each agency is also restricted by the particular statutes governing its activities. 各个机构的行为也受具体法令限制。 来自英汉非文学 - 环境法 - 环境法

169 arbiters   

仲裁人，裁决者( arbiter的名词复数 )

参考例句：

• In the forensicfield, the final arbiters of quality are the courts. 在法医学领域，质量的最后仲裁者是法庭。
• They are, increasingly, arbiters of which types of borrowers get credit. 它们正越来越多地充当决定哪几种借款人可获得信贷的裁决人角色。

170 compliance   

n.顺从；服从；附和；屈从

参考例句：

• I was surprised by his compliance with these terms.我对他竟然依从了这些条件而感到吃惊。
• She gave up the idea in compliance with his desire.她顺从他的愿望而放弃自己的主意。

171 annually   

adv.一年一次，每年

参考例句：

• Many migratory birds visit this lake annually.许多候鸟每年到这个湖上作短期逗留。
• They celebrate their wedding anniversary annually.他们每年庆祝一番结婚纪念日。

172 regularity   

n.规律性，规则性；匀称，整齐

参考例句：

• The idea is to maintain the regularity of the heartbeat.问题就是要维持心跳的规律性。
• He exercised with a regularity that amazed us.他锻炼的规律程度令我们非常惊讶。

173 withdrawn   

vt.收回；使退出；vi.撤退，退出

参考例句：

• Our force has been withdrawn from the danger area.我们的军队已从危险地区撤出。
• All foreign troops should be withdrawn to their own countries.一切外国军队都应撤回本国去。

174 drawn   

v.拖，拉，拔出；adj.憔悴的，紧张的

参考例句：

• All the characters in the story are drawn from life.故事中的所有人物都取材于生活。
• Her gaze was drawn irresistibly to the scene outside.她的目光禁不住被外面的风景所吸引。

175 aspiration   

n.志向，志趣抱负；渴望；(语)送气音；吸出

参考例句：

• Man's aspiration should be as lofty as the stars.人的志气应当象天上的星星那么高。
• Young Addison had a strong aspiration to be an inventor.年幼的爱迪生渴望成为一名发明家。

176 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

177 disapproval   

n.反对，不赞成

参考例句：

• The teacher made an outward show of disapproval.老师表面上表示不同意。
• They shouted their disapproval.他们喊叫表示反对。

178 transit   

n.经过，运输；vt.穿越，旋转；vi.越过

参考例句：

• His luggage was lost in transit.他的行李在运送中丢失。
• The canal can transit a total of 50 ships daily.这条运河每天能通过50条船。

179 instigated   

v.使（某事物）开始或发生，鼓动( instigate的过去式和过去分词 )

参考例句：

• The government has instigated a programme of economic reform. 政府已实施了经济改革方案。
• He instigated the revolt. 他策动了这次叛乱。 来自《现代汉英综合大词典》

180 transformation   

n.变化；改造；转变

参考例句：

• Going to college brought about a dramatic transformation in her outlook.上大学使她的观念发生了巨大的变化。
• He was struggling to make the transformation from single man to responsible husband.他正在努力使自己由单身汉变为可靠的丈夫。

181 inspectors   

n.检查员( inspector的名词复数 )；（英国公共汽车或火车上的）查票员；（警察）巡官；检阅官

参考例句：

• They got into the school in the guise of inspectors. 他们假装成视察员进了学校。 来自《简明英汉词典》
• Inspectors checked that there was adequate ventilation. 检查员已检查过，通风良好。 来自《简明英汉词典》

182 favourable   

adj.赞成的，称赞的，有利的，良好的，顺利的

参考例句：

• The company will lend you money on very favourable terms.这家公司将以非常优惠的条件借钱给你。
• We found that most people are favourable to the idea.我们发现大多数人同意这个意见。

183 strenuous   

adj.奋发的，使劲的；紧张的；热烈的，狂热的

参考例句：

• He made strenuous efforts to improve his reading. 他奋发努力提高阅读能力。
• You may run yourself down in this strenuous week.你可能会在这紧张的一周透支掉自己。

184 modifications   

n.缓和( modification的名词复数 )；限制；更改；改变

参考例句：

• The engine was pulled apart for modifications and then reassembled. 发动机被拆开改型，然后再组装起来。 来自《简明英汉词典》
• The original plan had undergone fairly extensive modifications. 原计划已经作了相当大的修改。 来自《简明英汉词典》

185 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

186 deductions   

扣除( deduction的名词复数 )； 结论； 扣除的量； 推演

参考例句：

• Many of the older officers trusted agents sightings more than cryptanalysts'deductions. 许多年纪比较大的军官往往相信特务的发现，而不怎么相信密码分析员的推断。
• You know how you rush at things,jump to conclusions without proper deductions. 你知道你处理问题是多么仓促，毫无合适的演绎就仓促下结论。

187 enacted   

制定（法律），通过（法案）( enact的过去式和过去分词 )

参考例句：

• legislation enacted by parliament 由议会通过的法律
• Outside in the little lobby another scene was begin enacted. 外面的小休息室里又是另一番景象。 来自英汉文学 - 嘉莉妹妹

188 arbitration   

n.调停，仲裁

参考例句：

• The wage disagreement is under arbitration.工资纠纷正在仲裁中。
• Both sides have agreed that the arbitration will be binding.双方都赞同仲裁具有约束力。

189 habitually   

ad.习惯地，通常地

参考例句：

• The pain of the disease caused him habitually to furrow his brow. 病痛使他习惯性地紧皱眉头。
• Habitually obedient to John, I came up to his chair. 我已经习惯于服从约翰，我来到他的椅子跟前。

190 compulsory   

n.强制的，必修的；规定的，义务的

参考例句：

• Is English a compulsory subject?英语是必修课吗？
• Compulsory schooling ends at sixteen.义务教育至16岁为止。

191 possessed   

adj.疯狂的；拥有的，占有的

参考例句：

• He flew out of the room like a man possessed.他像着了魔似地猛然冲出房门。
• He behaved like someone possessed.他行为举止像是魔怔了。

192 repent   

v.悔悟，悔改，忏悔，后悔

参考例句：

• He has nothing to repent of.他没有什么要懊悔的。
• Remission of sins is promised to those who repent.悔罪者可得到赦免。

193 discretion   

n.谨慎；随意处理

参考例句：

• You must show discretion in choosing your friend.你择友时必须慎重。
• Please use your best discretion to handle the matter.请慎重处理此事。

194 levity   

n.轻率，轻浮，不稳定，多变

参考例句：

• His remarks injected a note of levity into the proceedings.他的话将一丝轻率带入了议事过程中。
• At the time,Arnold had disapproved of such levity.那时候的阿诺德对这种轻浮行为很看不惯。

195 prospectively   

adv.预期； 前瞻性； 潜在； 可能

参考例句：

• Methods: Twenty-four cases with JAS were prospectively analyzed and followed up. 方法对24例JAS进行前瞻性分析及随访研究。 来自互联网
• Our study appears to be the only one a prospectively randomized investigation of 2 different surgeries. 我们的研究似乎是仅有的一个对2种术式前瞻性随机性研究。 来自互联网

196 disposition   

n.性情，性格；意向，倾向；排列，部署

参考例句：

• He has made a good disposition of his property.他已对财产作了妥善处理。
• He has a cheerful disposition.他性情开朗。

197 actively   

adv.积极地，勤奋地

参考例句：

• During this period all the students were actively participating.在这节课中所有的学生都积极参加。
• We are actively intervening to settle a quarrel.我们正在积极调解争执。

198 dread   

vt.担忧，忧虑；惧怕，不敢；n.担忧，畏惧

参考例句：

• We all dread to think what will happen if the company closes.我们都不敢去想一旦公司关门我们该怎么办。
• Her heart was relieved of its blankest dread.她极度恐惧的心理消除了。

199 grievances   

n.委屈( grievance的名词复数 )；苦衷；不满；牢骚

参考例句：

• The trade union leader spoke about the grievances of the workers. 工会领袖述说工人们的苦情。 来自《现代英汉综合大词典》
• He gave air to his grievances. 他申诉了他的冤情。 来自《简明英汉词典》

200 detailed   

adj.详细的，详尽的，极注意细节的，完全的

参考例句：

• He had made a detailed study of the terrain.他对地形作了缜密的研究。
• A detailed list of our publications is available on request.我们的出版物有一份详细的目录备索。

201 legislatively   

adv.立法地

参考例句：

• Indeed, experience with the legislatively imposed hybrid procedures has not been encouraging. 的确，立法规定的混合型程序的经历并不令人感到鼓舞。 来自英汉非文学 - 行政法
• The criminal pattern kidnapping and killing the kidnapped person is contained and aggravated crime legislatively. 从犯罪形态来看，“杀害被绑架人”的立法属于包容加重犯。 来自互联网

202 nominally   

在名义上，表面地； 应名儿

参考例句：

• Dad, nominally a Methodist, entered Churches only for weddings and funerals. 爸名义上是卫理公会教徒，可只去教堂参加婚礼和葬礼。
• The company could not indicate a person even nominally responsible for staff training. 该公司甚至不能指出一个名义上负责职员培训的人。

203 enactments   

n.演出( enactment的名词复数 )；展现；规定；通过

参考例句：

• The enactments specified in Part 3 of Schedule 5 are repealed. 附表５第３部指明的成文法则现予废除。 来自互联网
• On and after April 1st the new enactments shall be enforced. 从4月1日起实施新法令。 来自互联网

204 applicants   

申请人，求职人( applicant的名词复数 )

参考例句：

• There were over 500 applicants for the job. 有500多人申请这份工作。
• He was impressed by the high calibre of applicants for the job. 求职人员出色的能力给他留下了深刻印象。

205 fixed   

adj.固定的，不变的，准备好的；(计算机)固定的

参考例句：

• Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
• Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

206 humbly   

adv. 恭顺地，谦卑地

参考例句：

• We humbly beg Your Majesty to show mercy. 我们恳请陛下发发慈悲。
• "You must be right, Sir,'said John humbly. “你一定是对的，先生，”约翰恭顺地说道。

207 persistent   

adj.坚持不懈的，执意的；持续的

参考例句：

• Albert had a persistent headache that lasted for three days.艾伯特连续头痛了三天。
• She felt embarrassed by his persistent attentions.他不时地向她大献殷勤，使她很难为情。

208 efficiently   

adv.高效率地，有能力地

参考例句：

• The worker oils the machine to operate it more efficiently.工人给机器上油以使机器运转更有效。
• Local authorities have to learn to allocate resources efficiently.地方政府必须学会有效地分配资源。

209 outlay   

n.费用，经费，支出；v.花费

参考例句：

• There was very little outlay on new machinery.添置新机器的开支微乎其微。
• The outlay seems to bear no relation to the object aimed at.这费用似乎和预期目的完全不相称。

210 persevered   

v.坚忍，坚持( persevere的过去式和过去分词 )

参考例句：

• She persevered with her violin lessons. 她孜孜不倦地学习小提琴。
• Hard as the conditions were, he persevered in his studies. 虽然条件艰苦，但他仍坚持学习。 来自辞典例句

211 consolidation   

n.合并,巩固

参考例句：

• The denser population necessitates closer consolidation both for internal and external action. 住得日益稠密的居民，对内和对外都不得不更紧密地团结起来。 来自英汉非文学 - 家庭、私有制和国家的起源
• The state ensures the consolidation and growth of the state economy. 国家保障国营经济的巩固和发展。 来自汉英非文学 - 中国宪法

212 attain   

vt.达到，获得，完成

参考例句：

• I used the scientific method to attain this end. 我用科学的方法来达到这一目的。
• His painstaking to attain his goal in life is praiseworthy. 他为实现人生目标所下的苦功是值得称赞的。

213 rendering   

n.表现，描写

参考例句：

• She gave a splendid rendering of Beethoven's piano sonata.她精彩地演奏了贝多芬的钢琴奏鸣曲。
• His narrative is a super rendering of dialect speech and idiom.他的叙述是方言和土语最成功的运用。

214 unreasonable   

adj.不讲道理的，不合情理的，过度的

参考例句：

• I know that they made the most unreasonable demands on you.我知道他们对你提出了最不合理的要求。
• They spend an unreasonable amount of money on clothes.他们花在衣服上的钱太多了。

215 amalgamating   

v.（使）（金属）汞齐化( amalgamate的现在分词 )；（使）合并；联合；结合

参考例句：

• The design possesses the potential strength amalgamating fine art and marketing. 本设计为艺术与市场的融合留有很大设计余地。 来自互联网
• The two firms are amalgamating to increase productivity and save running costs. 两家公司正在进行合并，以提高生产率和节约营运成本。 来自互联网

216 costly   

adj.昂贵的，价值高的，豪华的

参考例句：

• It must be very costly to keep up a house like this.维修这么一幢房子一定很昂贵。
• This dictionary is very useful,only it is a bit costly.这本词典很有用，左不过贵了些。

217 justify   

vt.证明…正当(或有理)，为…辩护

参考例句：

• He tried to justify his absence with lame excuses.他想用站不住脚的借口为自己的缺席辩解。
• Can you justify your rude behavior to me?你能向我证明你的粗野行为是有道理的吗？

218 pervading   

v.遍及，弥漫( pervade的现在分词 )

参考例句：

• an all-pervading sense of gloom 无处不在的沮丧感
• a pervading mood of fear 普遍的恐惧情绪

219 formerly   

adv.从前，以前

参考例句：

• We now enjoy these comforts of which formerly we had only heard.我们现在享受到了过去只是听说过的那些舒适条件。
• This boat was formerly used on the rivers of China.这船从前航行在中国内河里。

220 imposing   

adj.使人难忘的，壮丽的，堂皇的，雄伟的

参考例句：

• The fortress is an imposing building.这座城堡是一座宏伟的建筑。
• He has lost his imposing appearance.他已失去堂堂仪表。

221 countless   

adj.无数的，多得不计其数的

参考例句：

• In the war countless innocent people lost their lives.在这场战争中无数无辜的人丧失了性命。
• I've told you countless times.我已经告诉你无数遍了。

222 metropolitan   

adj.大城市的，大都会的

参考例句：

• Metropolitan buildings become taller than ever.大城市的建筑变得比以前更高。
• Metropolitan residents are used to fast rhythm.大都市的居民习惯于快节奏。

223 dealers   

n.商人( dealer的名词复数 )；贩毒者；毒品贩子；发牌者

参考例句：

• There was fast bidding between private collectors and dealers. 私人收藏家和交易商急速竞相喊价。
• The police were corrupt and were operating in collusion with the drug dealers. 警察腐败，与那伙毒品贩子内外勾结。

224 lasting   

adj.永久的，永恒的；vbl.持续，维持

参考例句：

• The lasting war debased the value of the dollar.持久的战争使美元贬值。
• We hope for a lasting settlement of all these troubles.我们希望这些纠纷能获得永久的解决。

225 lesser   

adj.次要的，较小的；adv.较小地，较少地

参考例句：

• Kept some of the lesser players out.不让那些次要的球员参加联赛。
• She has also been affected,but to a lesser degree.她也受到波及，但程度较轻。

226 amalgamated   

v.（使）（金属）汞齐化( amalgamate的过去式和过去分词 )；（使）合并；联合；结合

参考例句：

• The company has now amalgamated with another local firm. 这家公司现在已与当地一家公司合并了。
• Those two organizations have been amalgamated into single one. 那两个组织已合并为一个组织。 来自《现代汉英综合大词典》

227 diminutive   

adj.小巧可爱的，小的

参考例句：

• Despite its diminutive size,the car is quite comfortable.尽管这辆车很小，但相当舒服。
• She has diminutive hands for an adult.作为一个成年人，她的手显得非常小。

228 waggon   

n.运货马车，运货车；敞篷车箱

参考例句：

• The enemy attacked our waggon train.敌人袭击了我们的运货马车队。
• Someone jumped out from the foremost waggon and cried aloud.有人从最前面的一辆大车里跳下来，大声叫嚷。

229 pertinacity   

n.执拗，顽固

参考例句：

230 applied   

adj.应用的；v.应用，适用

参考例句：

• She plans to take a course in applied linguistics.她打算学习应用语言学课程。
• This cream is best applied to the face at night.这种乳霜最好晚上擦脸用。

231 sparsely   

adv.稀疏地；稀少地；不足地；贫乏地

参考例句：

• Relative to the size, the city is sparsely populated. 与其面积相比，这个城市的人口是稀少的。 来自《简明英汉词典》
• The ground was sparsely covered with grass. 地面上稀疏地覆盖草丛。 来自《简明英汉词典》

232 erect   

n./v.树立，建立，使竖立；adj.直立的，垂直的

参考例句：

• She held her head erect and her back straight.她昂着头，把背挺得笔直。
• Soldiers are trained to stand erect.士兵们训练站得笔直。

233 commodious   

adj.宽敞的；使用方便的

参考例句：

• It was a commodious and a diverting life.这是一种自由自在，令人赏心悦目的生活。
• Their habitation was not merely respectable and commodious,but even dignified and imposing.他们的居所既宽敞舒适又尊严气派。

234 geographical   

adj.地理的；地区(性)的

参考例句：

• The current survey will have a wider geographical spread.当前的调查将在更广泛的地域范围內进行。
• These birds have a wide geographical distribution.这些鸟的地理分布很广。

235 chancellor   

n.(英)大臣；法官；(德、奥)总理；大学校长

参考例句：

• They submitted their reports to the Chancellor yesterday.他们昨天向财政大臣递交了报告。
• He was regarded as the most successful Chancellor of modern times.他被认为是现代最成功的财政大臣。