Trivia: Things that are used on the railway that have found their way to other completely unrelated industries.

[bcarmicle]

I can't remember where I got this from, but I think that I've seen it argued that the joint stock company and limited liability were created to allow railway companies to exist (organisations too big to be funded by one person, however wealthy, and too risky to allow all the investors to lose everything should it fail). Limited companies seem to have taken on at least a little bit of use outside the railway industry.

Well joint stock companies predate the railway - e.g. the East India Trading Company. Don’t know about limited companies though

 

[Dai Corner]

Well joint stock companies predate the railway - e.g. the East India Trading Company. Don’t know about limited companies though

The Limited Liability Act was passed in 1855.

 

[Sm5]

FYI I popped in to Gatwick last week and here is a Brute..

freshly overhauled to.

 

[Mr Micawber]

Simon Bradley, in his book The Railways (2015) describes how from 1849, to encourage nervous passengers to use the trains, it was possible to buy an insurance policy 'ticket' alongside the travel ticket, which would pay out in the event of death or injury during the journey. This 'Railway passengers assurance company' was the forerunner of the modern accident and liability insurance business.

 

[norbitonflyer]

The Limited Liability Act was passed in 1855.

Joint Stock companies have existed in some form or other for over 1000 years. In the UK, until 1844 they were only permitted to be created by Royal Charter or Act of Parliament. The "Bubble Act" of 1720, which was repealed in 1825, further limited thsi to forbid the creation of Joint Stock companies in the UK and its colonies unless granted a Royal Charter. This was intended to prevent a repetition of the "South Sea Bubble" or, according to some sources, to protect the government's own investment in the South Sea Company.(This seems more likely, as the Act was passed two months before the crash in the South Sea Company's share price)

 

[Rescars]

Simon Bradley, in his book The Railways (2015) describes how from 1849, to encourage nervous passengers to use the trains, it was possible to buy an insurance policy 'ticket' alongside the travel ticket, which would pay out in the event of death or injury during the journey. This 'Railway passengers assurance company' was the forerunner of the modern accident and liability insurance business.

The Raiway

Simon Bradley, in his book The Railways (2015) describes how from 1849, to encourage nervous passengers to use the trains, it was possible to buy an insurance policy 'ticket' alongside the travel ticket, which would pay out in the event of death or injury during the journey. This 'Railway passengers assurance company' was the forerunner of the modern accident and liability insurance business.

The Railway Passengers Assurance Company was ultimately acquired by Aviva and appears to have been wound up in 2002.