Railway panic of 1835–7 showed need of systematization Parliament applied same principles to railways as to canals Continuance of this impossible; railways essentially monopolistic Changes in legislation with recognition of monopolistic nature of railways Destructive competition prevented by working agreements . Recognition of failure of competition among railways where combination or
Effect upon coaching and carrying establishments Decreased revenues of some turnpike trusts and increase of trusts' debts Competition of steam vessels in rivers and around coast reduced business and