1822 Rules

1822
The
Railways
of Great
Britain
Copyright 2016 Simon Cutforth
1822 The Railways of Great Britain
March 29, 2016
COMPONENTS LIST
The game box contains the following
components:
This rule book
Map Board (three bi-fold sections)
Initial Offering and Bank Pool Sheet
Dividend Tracker Sheet
10 Major Company Charters
24 Minor Company Charters
2 Private Company Charters
81 Major Company 10% Share

Certificates
10 Concession Certificates (Printed

back to back with 9 Nr 20% Directors
Certificates; 1 Nr 10% Directors Certificates)
Treasury
Private Company Tokens: 1large diameter mountain token

and two large diameter estuary tokens.
Stick the black triangle (mountain) sticker and the two

blue triangle (estuary crossing) stickers onto large discs.
Minor Company Tokens -1large token per company for

the stock market; 1 large token per company for the
dividend tracker; 1 small token per company home station
marker for the map.
Stick two of each number onto two separate discs and

one of each number onto tall white cylinders.
London Value Token- 5 small diameter tokens, colour

coded to represent tile colour (i.e. pale green starting
value, yellow, green, brown and grey), with value marker
printed sticker on the top (20, 40, 60, 80, 100) and
20 track cost printed sticker on the bottom.
Major Company Tokens -1large token per company for

the stock market; 1 large token per company for the
dividend tracker; 1 small destination token per company;
for the LNWR 6 small station marker tokens; for all other
companies 5 small station marker tokens. The station
markers are placed on the company charters - the
destination marker on the destination token space; 1
station token on each of the home and available station
marker spaces; the remainder (4 for LNWR, 3 for all others)
on the exchange station marker spaces. The spaces for
tokens are coloured on the charter; tokens should not be
placed on the uncoloured available tokens spaces.
Stick the pale green 20 sticker and one of the black 20

stickers on either end of the white token.
Stick two of each company shields onto large diameter

discs.
Stick the yellow 40 sticker and one of the black 20

stickers on either end of the yellow token.
Stick the 5 (6 for LNWR) white bannered company shields

onto the appropriately coloured tall cylinder.
Stick the green 60 sticker and one of the black 20

stickers on either end of the green token.
Stick the black bannered company shield onto the

appropriately coloured tall cylinder. This is the
destination station marker.
Stick the brown 80 sticker and one of the black 20

stickers on either end of the brown token.
Stick the grey 100 sticker on the end of the black token.
SR/OR Token: 1large diameter token, placed on the

SR/OR roundel on the map board to indicate game
phase.
Stick the wheel symbol sticker to one of the large discs.
24 Minor Company Share Certificates
18 Private Company Share Certificates (printed double

sided)
7 Player order number cards
22 Nr L / 2 Trains (printed double sided) cards, 9 Nr 3 Train

cards, 6 Nr 4 Train cards, 3 Nr 5 Train cards, 3 Nr 6 Train
cards, 14 Nr 7/ E Trains (printed double sided) cards
Yellow, Green, Brown, and Grey track tiles (see manifest at

the end of this booklet)
2 sheets of stickers for use on the tokens
Bid Tokens: 7 sets of 6 coloured cubes, one set per player

(subject to number of players in the game, players do not
receive all of these tokens)
Various wooden round tokens (large diameter natural

coloured discs; small diameter colour coded cylinders.)
Attachment instructions for stickers:
Page 2
Com~anl
Token
colours
Com~anl
Token
colours
CR
Blue
MR
Red
GWR
Green
NBR
Brown
LBSCR
Yellow
NER
Green
LNWR
Black
SECR
Orange
L&YR
White
SWR
Black
March 29, 2016
OVERVIEW OF THE GAME
1.1
Sequence of Play
1.1.1
The game consists of an alternating series of stock rounds and operating rounds. Initially there is one
operating round between each stock round, but this changes to two operating rounds between each stock
round once the first 2 train has been purchased.
1.1.2
In stock rounds players act as investors, buying and selling shares in the various companies. The player with
the most shares in each company is the company's director and determines all actions that the company takes
in the operating round.
1.1.3
In operating rounds, players, in their capacity as company directors, operate the various companies that they
control: they choose whether to build track, place station tokens, which trains to operate on which routes,
whether to pay or withhold dividends and whether to invest in additional trains, etc.
1.2
TheMap
1.2.1
The map shows most of Great Britain. Superimposed on the map is a hex grid on which hexagonal track tiles
may be laid. Cities are represented by large open circles and towns by small solid black circles near the centre
of the hex. City and town names have no effect on play. Some cities bear a label (one of L, B-M, Y, S, C, Tor
EC) restricting the set of track tiles which may be played there. Some hexes are coloured yellow or grey
denoting pre-built track.
1.2.2
The Swansea hex has pre-printed track, but is not yellow: the first track tile to be laid on this hex must be
yellow.
1.2.3
The London hex is coloured black with pre-printed track extensions from each city to the adjacent hex. There
is also an off board roundel showing the London hex located in the Thames estuary. The roundel is used to
show the value of London and to show the location of Minor Company #14 The Metropolitan Railway.
1.2.4
The track between Merthyr Tydfil and Pontypool is pre printed. A train can run from Newport to Pontypool
and then terminate off-board at Merthyr Tydfil but cannot run beyond Merthyr Tydfil (i.e. on to Cardiff).
Similarly, a train can run from Cardiff to Merthyr Tydfil and then terminate off board at Pontypool, but cannot
run beyond Pontypool (i.e. on to Newport).
1.2.5
There is no direct connection between Mid Wales (hexes F25-F31) and either Holyhead to the north (hex F23) or
Pontypool to the south (Hex F33).
1.3
Game End
1.3.1
The game ends as soon as one of the following conditions is met:
immediately if the first stock round ends with nothing sold.
at the end of the operating round in which a company's stock market value reaches the game end
value of the stock market.
at the end of the first operating round following a stock round in which a major company's stock
market value reaches the game end value of the stock market.
at the end of the pair of operating rounds in which the bank runs out of money. The game still ends
at that point even if the bank subsequently becomes solvent. The bank continues to pay demands
due of it even when broken; players should record these, or each lend the bank some money.
1.3.2
Each player's total wealth is the value of his stock, at current prices, plus his cash on hand. Concession
certificates, if they are still open and held by players, count face value. Company assets count for nothing.
The richest player wins.
1.4
Etiquette
1.4.1
Players should attempt to speed play as much as possible. Determining what share to buy, and which tile(s) to
lay should preferably be done in other players' turns. Other players should assist the banker(s) by claiming
payments in a timely manner. All personal and corporate assets are public knowledge, and must be disclosed
to any player on request. Assets should be kept neatly so that the need for explicit requests is minimised.
Players may negotiate with each other and strike deals. Such deals are not binding.
Page3
March 29, 2016

2
2.1
2.1.1
STTIMG UP THE GAME
lnltflls.tup
Lay the map board and stoclc market open on the table between the players. Place the 10% maJor company
share certfficates on the Initial offering spaces.
2.1.2 The bank comprises 12.000 including players starting money: 2,100, which should be divided equally between
the players. See table 1.
Place the money. sorted by denomination. and the track tiles. sorted Into type, by the board. At the start of
2.1.3
the game only the yellow track will be used but the other tiles should be available for inspection. Place the
company chartet's and the company station tolcens and tokens for each company by the board.
2.1.4 Talce the set of company concession certificates. Remove the London & North West Railway {L&NWR)
concession and shuffle the remaining concession certificates. Place the concession certificates on a separate
face up pile with the L&NWR on top. The players may examine the order In which the concessions have been
stacked, but onoe shuffled, the order may not be changed, other than by 1he use of the special power of
private 17 (The Lancashire Union Railway~
Talce
the set of minor company presidency certificates. Remove the Swansea & Mumble.s Railway (S&MR)
2.1.5
certificate and shuffle the remaining certificates. Place the certificates In a separate face up pile wtth the
S&MR on top. The players may examine the order In which the minor company director's certificates have
been stacked, but once shuffled, the order may nat be dlanged, other than by the use of the special power of
private 17 (The Lancashire Union Railway).
2.1.6 Talce the set of private company certfflcates. Remove the Butterley Engineering Company (BEC) certificate and
shuffle the remaining certificates. Place the certificates on a separate face up pile with the BEC certificate on
top. The players may examine the order in which the private companies have ~ staded, but once shuffled,
the order may not be changed, other than by the use of the special power of private 17 (The Lancashire Union
Railway}.
Place the round marker on the space marked stock round.
2.1.7
Distribute the blddlfli tokens to all players. Each player receives 9 minus the number of players (except for the
2.1.8
7 player game~ See table 1.
2.1.9
Appoint one or two players banker; they will bear llaSponsibilitv for conductil'\lt transactions with the bank.
2.1.10 Players may find it useful to place one station token
for each minor and major company on Its home
station. These tokens indicate reserved station
spaces: only the owning company may place a station
token In this space. They are not In play on the board
and hence they do not ax.nt as station tokens for the
purpose of blocking routes. The minor company
reserved station tokens are removed from the map If
the minor company Is removed from the game as a
41
result of being in bid box 11 and not receiving any bids.
The figure Illustrates the we: minor company 12 has
not started operating. but Its reserved token space Is Indicated by Its token.
2.1.11 Arrange the Trains In order: The numbered trains should be placed In a stack. arranged In ascending order. The
double sided 2 / Ltrains should be stacked above the 3 trains; The double sided E/ 7 trains should be placed
at the bottom of 1he stack of numbered trains.
2.1.12 Talce the top three private company certificates. the top four minor company director's certificates and the
top three company concession certificates and put them on the appropriate bidding spaces on the board.
2.1.13 Deal out the player number cards, 1to each player, to randomly determine start player and player order.
2.1.14 Play then commences with a stock round.
:u Pllue Prope nlon Hou.sekeeplfll
2.2.1 The game starts In Phase 1. As each new type of train Is purchased the phase advances correspondingly. The
phase affects the availability of trad tile~. the revenue from off board areas and gey preprinted cities and the
number of oper.rting rounds between stock rounds. The full effects of phase changes are presented in table 2.
Page4
March 29, 2016
PHASE SUMMARY
PHASE 1
Yellow and green tiles are available.
The game starts in phase 1.
Off board area count second value.
Minor companies start at stock value of [sum

bid/2 rounded down to nearest starting value],
with [sum bid] cash.
Concessions may be converted to Director's

Certificates.
Major companies may acquire operational

minor companies.
Minor companies may lay 1 yellow or 1 green

upgrade tile.
Major companies may lay 2 yellow or 1 green

upgrade tile.
PHASEl
Minor company train limit is 2.
Phase 2 starts when the first L train is converted to a

2 train, or the first 2 train is purchased outright.
Major company train limit is 4.
Two ORs between SRs.
L trains are available.
Trains may only be purchased from the bank/

bank pool.
Only yellow tiles are available.
Off board area count lowest value.
Minor companies start at stock value 50 (cost

100), with 100 cash.
Minor companies may lay 1yellow tile.
One OR between SRs.
L and 2 trains are in play.
PHASE4
Trains may only be purchased from the bank/

bank pool.
Phase 4 starts when the first 4 train is purchased.
Only yellow tiles are available.
Off board area count lowest value

with [2*stock value] cash.

Certificates.

minor companies.
Major and Minor companies may lay 1 yellow

tile.
PHASE3
2 trains rust.
3 and 4 trains are in play.
Trains may be purchased from the bank/ bank

pool, or from another company.
Yellow and green tiles are available.
Off board area count second value.


Certificates.

minor companies.

upgrade tile.
Major companies may lay 2 yellow or 1 green

upgrade tile.
L trains rust.
2 and 3 trains are in play.

Page 5
March 29, 2016
PHASE 5
Major companies require 50% sold to float, but

receive full capitalisation (remaining shares are
placed in the bank pool).

minor companies or un-floated minor
companies direct from the bidding boxes.

upgrade tile.
Major companies may lay 2 yellow or 1 green or

brown upgrade tile.
3, 4 and 5 trains are in play.

Unconverted concessions are removed from

play.
Yellow, green and brown tiles are available.
Off board area count third value.

Major companies require 50% sold to float (still

incremental capitalisation).

PHASE 7
Phase 7 starts when the first 7 or E train is purchased.
4 trains rust.
5, 6, 7 and E trains are in play.


upgrade tile.
Major companies may lay 2 yellow or 1 green or

brown upgrade tile.
Yellow, green, brown and grey tiles are

available.
Off board area count fourth value.

Major companies require 50% sold to float, but

receive full capitalisation (remaining shares are
placed in the bank pool).


upgrade tile.
Major companies may lay 2 yellow or 1 green,

brown or grey upgrade tile.
PHASE6
3 trains rust.
4, 5 and 6 trains are in play.

Yellow, green and brown tiles are available.
Off board area count third value.

Page 6
March 29, 2016
RAILWAY COMPANIES
3.1
Private Companies
3.1.1
There are eighteen private companies in the game. While open, private companies pay their player owners a
fixed income (which in some cases is 0) at the start of each operating round. The face value of the private
companies is 0.
3.1.2
Generally, from phase 2, 3, or 5, major and minor companies may acquire private companies from consenting
players at the start of the company's turn in an operating round. Players receive no compensation from the
acquiring company for this transaction. There are several minor exceptions to these rules, as noted in the
description for each private company in table 3.
3.1.3
Private company certificates are colour coded blue, red or green. The blue private company (#16) cannot be
acquired. Red coloured private companies may only be acquired by major companies. Green coloured private
companies may be acquired by either major or minor companies.
3.1.4
The private company certificate also shows the phase from which it can be acquired.
3.1.5
There is no restriction on the number of private companies that may be acquired by a minor or major company
on its turn.
3.1.6
Private companies cannot be traded between players or sold to the bank. Private companies cannot be
transferred between companies.
3.1.7
Once acquired by a minor or major company, the private company certificate is flipped over and placed
reverse side up on the purchasing company's charter or is removed from play, giving the acquiring company
the associated token(s) or assets. As a consequence of this, the majority of the privates, once acquired by a
company, cease paying revenue.
3.1.8
Private companies 2, 11 and 12 continue to pay their revenue of 10 per operating round after they have been
acquired and flipped, until they are closed by utilizing their powers. This is noted on the reverse of the
certificates. The special property of private company 9 is that it pays a revenue (variable based on game
phase) once it has been acquired and flipped. In all of the above cases this revenue is paid to the owning
company treasury during the pay the private companies phase of each operating round. Thus the revenue
cannot be received by the owning player pre acquisition and then again by the acquiring company on the turn
in which it is acquired.
3.1.9
With the exception of company #15, which must close at the start of phase 7 but may be closed earlier, private
companies do not otherwise close.
3.1.10
With the exception of company #16, private companies, while held by players, count towards their overall
certificate limit.
3.1.11
A company can own two mail contracts, but only one mail contract can be used per train. A company would
therefore need to operate two trains to gain the benefit of owning two mail contracts. When running an E
train with a mail contract, the mail contract only pays half of the base value of the cities, not half of the
doubled value. Similarly, when running a mail contract on a destination run the mail contract only pays half of
the base value of the city, not half of the doubled value.
3.1.12
The powers of private company #2 (remove small station) and private company #11 (advanced track lay) can be
used together as part of the same track tile placement step.
3.1.13
The off shore tax haven can be used to purchase a share in a company even if the owning player already holds
60% of that company. However, the power cannot be used to buy a share in a company if the owning player
has already sold shares in that company in the same stock round.
Page 7
40
9
15
15
30
10
0
EC
X4
0 60 90 120
France
40
GWR
LBSCR
40
LBSCR
SECR
SECR
20
40
20
20
London
40
LNWR
LBSCR
40
LNWR
Canterbury
SECR
15
30
40
Maidstone
uth
LBSCR
40LBSCR
30
Dover
82
82
Folkstone
141
SECR
SECR
Brighton
10
15
30
141
10
0
EC
40
40
SECR
15
30
15
France
English Channel
405
405
10
40
0 60 90 12
100
SECR
LBSCR
40LBSCR
Dover
Folkstone
X4
40
9
T
100
English Channel
SECR
Brighton
545
4
SECR
Dover
82
3
Canterbury
SECR
SECR
SECR
20
Maidstone
Folkstone
40
82
82
30
SECR
60
40
20
40
82
LBSCR
40LBSCR
LBSCR
40
LBSCR
SECR
SECR
Canterbury
Maidstone
Brighton
405
20
40
London
GWR
LBSCR
40
LBSCR
SECR
SECR
20
20
40
82
40
LNWR
LBSCR
40
LNWR
60
40
20
London
GWR
40
LNWR
LBSCR
40
LNWR
CR
100 0
SECR
100
English Channel
EC
X9
3.3.4
.
In Phase 5 the concession certificates are removed from play and the directors certificates may
be purchased as a standard buy action
March 29,2016

3.4.5
3.4.6
3.4.7
3.4.8
3.4.9
3.4.10
From phase 5, a newly floated company does not become operational until 50% of its shares are sold.
For companies that float in Phase 6 or later, once 50% of the shares are sold, the company receives ten times
its starting value as treasury and the remaining 50% of shares are placed in the bank pool.
Starting values are indicated on the stock market in the red outlined area i.e. 60, 70, 80, 90 or 100.
The director of each company controls its actions.
Its earnings may be paid, wholly or partly, as a dividend (paid to players) or retained (kept in the treasury).
The actions of the company may cause its share price to rise or fall on the stock market.
STOCK ROUNDS
4.1
Introduction
4.1.1
At the start of each stock round the top concession certificates, minor company director's certificates, and
private company certificates (if any remain unsold) are placed in any appropriate empty bidding boxes. For the
minor companies, the uppermost certificate is placed in the empty bidding box with the lowest number, etc.
The stock round starts with the holder of the Player 1 card and proceeds in player number order until all
players pass in turn. All share certificate transfers in a stock round are made between a player and either the
bank or a company. Players may never buy shares directly from one another.
In a player's stock turn he may perform one or more of the following actions, which must be undertaken in the
order listed:
Optionally sell any certificates subject to the limits set out below.
Repay loans.
And / Or optionally.
buy one major company share certificate; OR
convert a concession certificate to a director's certificate; OR
place or increase a bid on a concession certificate, minor company director's certificate, or private
company.
Or pass.
4.1.2
4.1.3
4.2
Player Loans
4.2.1
A player may be forced to take loans to fund train purchases for companies of which he is the director (see
Forced Train Purchase and Emergency Fund Raising). A player may not buy any shares, convert a concession, or
place a bid whilst he has loans.
A player is not obliged to sell shares to raise money to pay off loans. Note that a player can only take loans
once he has sold all shares that he can sell: therefore, he will only have shares that it is possible to sell if other
players have bought shares out of the bank pool and/or taken the directorship of a company.
If a player still has debt at the end of a stock round a further 50% interest (rounded UP} is charged by the bank.
The sum of any loans in play does not affect the game bank limit of 12,000 i.e. treat the loan as coming from a
separate source, not the game bank.
4.2.2
4.2.3
4.2.4
For example, during phase 4, a company has 140 cash, but no train. The Director has only 20 cash. The Director
chooses not to buy a train from another company. The company therefore enters the emergency money raising
procedure. The Director first adds his 20, for a total of 160. Then the director sells one share (all that he is allowed
to sell), for 80, taking the total sum to 240. However, the next available train is a 4 train, costing 300. The Director
therefore takes a loan of 60 to make up the shortfall. 50% interest is applied to this, resulting in a total debt of 90.
During the remainder of the OR the player earns a further 50, which is paid off the loan as it is earned, and he thus
enters the SR with a 40 debt. Since he has nothing that he can sell during the SR, his debt remains and a 50%
interest charge of 20 is added to it. We hope that he earns enough to pay off the outstanding balance of 60 in the
next set of ORs.
Page 10
4.3
4.3.1
4.4
4.4.1
4.4.2
4.5
4.5.1
4.5.2
4.5.3
4.6
4.6.1
4.6.2
4.6.3
4.6.4
4.6.5
4.6.6
March 29, 2016
Bank Pool
Shares sold to the bank and trains returned to the bank are placed in the bank pool. Objects in the bank pool
may be bought by players or companies in accordance with the rules.
The Stock Market
There is one square shaded solid red and five red-outlined areas which are the initial positions allowed for a
company's stock market token. Only minor companies may start in the solid red coloured square.
Several squares in the bottom left hand region of the stock market are coloured yellow. Share certificates in
companies whose stock market value token lie in this area do not count against the certificate limit shown in
table 1.
Bidding Boxes
There are four bidding boxes for the minor company director's certificates, and three for each of the major
company concession certificates and private company certificates.
At the start of each stock round the bidding boxes are filled by taking the top certificate from the respective
stack and placing it in the lowest numbered vacant bidding box, repeating until each of the bidding boxes has
one certificate of the appropriate type in it. Thus in the first stock round, four of the minor company
director's certificates, and three of each of the major company concession certificates and the private
company certificates will be moved from their respective stacks to empty bidding boxes.
Each player has a number of bidding tokens as shown in table 1, and hence can bid on a maximum of that
number of the ten items available.
Selling Shares
On each turn, the player may sell any number of share certificates, transferring them from his holdings into the
bank pool subject to the constraints set out below. Only ordinary shares in major companies may be sold to
the bank pool. The following rules apply:
Private companies and minor companies may not be sold to the bank.
Shares cannot be sold in a company that has not operated.
A maximum of 50% of corporate stock is allowed in the bank pool.
The director's certificate cannot be sold into the bank pool. However, if as a result of selling shares
the holding of a company director drops below that of another player (who must own at least 20% of
the company (10% for LNWR)) that other player becomes the new director. If there is more than one
eligible player, the new director is the player with the largest holding, or, in the case of a tie, the tying
player closest to the outgoing director in subsequent stock turn order. The outgoing director
exchanges his director's certificate for two ordinary 10% shares (one 10% share for the LNWR) of the
affected company belonging to the new director. This exchange is effected before resolving the rest
of the sale. This mechanism allows the director of a company to divest himself of the directorship
without the director's certificate entering the bank pool.
The player receives from the bank the current share price for each share sold.
Selling shares causes the company's price to drop. After all sales are complete, the seller receives his payment.
Move the company's stock market token vertically down by a number of squares equal to the number of
shares sold, or to the bottom of the chart if there is insufficient room for the full drop. If the token is already
at the bottom of the chart it does not move.
If the token moves to a square on the stock market which is already occupied by other stock market tokens, it
is placed at the bottom of the pile; if the token remains on its original square it stays in its relative position in a
pile. The player receives the original price for each of the shares sold.
If the player sells shares in more than one company in a single turn, he decides on the order in which to sell
them; this will decide the relative order of companies whose stock market tokens drop to the same square.
A player who owns stock in excess of the certificate limit (which can only happen legally if another player buys
stock to cause a directorship transfer) must sell stock, if possible, to bring himself within the limit at his first
opportunity in a stock round. If he can sell some stock but not enough to bring himself within the limit then
he must sell what he can.
Page 11
March 29, 2016
4.7
Buying Shares
4.7.1
To buy stock, the active player transfers one certificate from the bank pool or a company treasury, into his
own holdings, paying the stock market value. If the certificate is from the bank pool, the payment is made to
the bank; if the certificate is from the company treasury the payment is made to the company treasury.
4.7.2
Only shares that have a stock market value can be purchased in this way: i.e. the director's certificate of a
company cannot be purchased by a buy shares action until phase 5. From phase 5 the stock market value is set
by the purchasing player when taking the director's certificate.
4.7.3
Buying stock does not cause the current share price to change.
4.7.4
Only one certificate may be bought per stock turn.
4.7.5
A player cannot buy stock in a company if he sold stock of it earlier in the same stock round.
4.7.6
No one player may purchase additional certificates in a company once he holds 60% of that company.
However, a player may acquire up to 100% of a company's stock through share exchange in the acquisition of
minor companies.
4.7.7
A player cannot purchase any share certificate if his holdings already equal or exceed the certificate limit, even
if the purchase would cause a change of directorship and immediately reduce the player's holding back to the
limit.
4.7.8
If, as a result of a share purchase, the player's holding exceeds that of the current director, he becomes the
new director, exchanging the director's certificate for two (one for the LNWR) 10% certificates of his own.
4.8
Converting A Concession to a Director's Certificate
4.8.1
Concessions cannot be converted until phase 2.
4.8.2
For all companies apart from the LNWR: The concession holder announces that he is converting the
concession. He flips the concession to the 20% director's certificate and takes the associated company
charter. He sets the initial starting price (between 60 and 100 in increments of 10). He takes 100 from the
bank and places it in the company treasury on its charter. He pays the balance (of two times the start price
less 100) into the company treasury from hand. The company is now floated.
4.8.3
For the LNWR: The concession holder announces that he is converting the concession. He flips the
concession to the 10% director's certificate of the LNWR and takes its charter. He sets the initial starting price
(between 60 and 100 in increments of 10). He takes this price from the bank and places it in the company
treasury on its charter. The company is now floated.
4.8.4
The player puts the share price token in the corresponding red-outlined space on the stock market,
underneath any tokens already there.
4.8.5
Note that concessions can only be purchased through the bidding mechanism. At the end of a stock round
those items that have bids against them are purchased. A player therefore does not gain possession of a
concession until the stock round has finished and therefore cannot convert it until the following stock round.
4.9
Bidding
4.9.1
In their turn, to place a bid a player either
places an unallocated bidding token in an empty space on a bidding box; or
moves a previously allocated bidding token to a higher-valued empty space on the same item. This is
only permitted if a higher bid has been placed by another player.
4.9.2
The opening bid on any item can be face value (i.e. plus 0) and all bids must be in whole multiples of 5.
4.9.3
In either case the bid must be higher-valued than any previously placed bids for that item, and the bid must
not take the player's committed resources to more than his available cash in hand. A player's committed
resources are the sum of the amounts bid for those items for which he has the highest bid.
4.9.4
A player may not place a bid on an item if he is at share limit. A players' existing bids that are currently the
highest bid on a certificate count as a certificate against share limit. If a player wishes to bid 100 or more over
Page 12
Concession
and South Coast

Railway
Cost 100
Revenue 10
125120115110105
London
Southampton
Compa
22
17 Minor
Directors C
Two Shares
16
15
14
1251201151
1 1
00 195 190 185 80 100 195 190 185 80
1
1
2
125120115110105
LBSCR
CR
Concession
3
London, Brighton
Revenue 10
50%
125120115110105
Discount 100 for LBSCR Directors Certi cate

Start: London, Destination: Brighton
1
0 195 190 185 180 00 195 190 185 180
Concession
Railway
Cost 100
10
10
Discount 100 for CR Directors Certi cate

Start: Glasgow, Destination: Carlisle
1
0 195 190 185 180 00 195 190 185 180
Concession
175170165160155
Start: London (NW) & Manchester,
Destination: Manchester
175170165160155
125120115110105
CR
Concession
2
Caledonian
Directors Certificate
Two Shares
175170165160155
175170165160155
Revenue 10
175170165160155
Western Railway
Cost 100
125120115110105
175170165160155
CR
LNWR
Concession
London and 1North
50%
0165160155
125120115110105
Two Shares
Newcastle and
NorthCompany
Shields Railway
3
4 Minor
15
0 145 140 135 130
50%
Penarth Harbour and
Railway
Company
2
19MinorDock
15
1
0 145 140 135 130 50 145 140 135 130
Two Shares
15
1
0 145 140 135 130 50 145 140 135 130
15
1
0 145 140 135 130 50 145 140 135 130
Swansea and
Mumbles
Railway
Company
1
24Minor
March 29, 2016
4.10
End of Stock Round
4.10.1
Once all players pass consecutively, the stock round is over. First, all bidding tokens are removed and players
take the items for which they have bid the most, paying the amount bid. The stock price tokens for the minor
companies sold are placed on the stock price indicator. Because minor companies operate before major
companies, it is convenient to place minor company tokens on top of any major company tokens already on
the relevant space. If any minor companies already occupy the relevant space, then the new tokens are placed
beneath them.
4.10.2
If two or more minor companies float at the same price (in Phase 1 the only possible price is 50}, then they are
placed in order of amount bid, with the highest bid being at the top. If they are tied, then they are placed in
order of bid box number, with bid box 1 being placed at the top etc.
4.10.3
Then, for each minor company with no bid placed upon it at the end of the stock round, one L/2 train is
removed from the bank. If there are no L/2 trains remaining in the bank, then no action is taken. Then, if the
minor company in bid box #1 is unsold at the end of the stock round it is removed from play, together with the
next available train from the bank (not the bank pool -any trains in the bank pool are ignored). (Thus a minor
unsold in bid box #1 could remove two trains). This train counts as a sale and can cause a phase change. The
reserved station space token on the map is also removed and the station space can be used by other
companies
4.10.4
All other unsold items remain on the bidding boxes. Those in higher numbered boxes are moved to occupy
the lower numbered bidding box. Thus if for example a minor company in bid box #3 was the only item unsold,
it would be moved to bidding box #1 before repopulating the remaining bidding boxes. The bidding boxes are
repopulated at the end and again at the beginning of a stock round (this is only relevant after phase 5, when
companies can acquire minor companies directly from the bidding boxes).
4.10.5
The Player #1 card for the next stock turn is given to the player with the most cash. The Player #2 card is given
to the player with the second most cash and so on. If two players have equal cash their stock turn order
remains unchanged from the previous stock round.
4.10.6
50% interest is charged on any outstanding loans.
4.11
Movement of Share Prices in A Stock Round
4.11.1
At the end of the stock round, if 100% of any company is in players' hands the stock market token for each
such company rises one space vertically on the stock market, if possible. If the token is already at the top of
the chart it moves diagonally one space down to the right.
4.11.2
All affected stock market tokens move in descending share value order, with ties determined by moving rightmost tokens first. If a company's token moves to a square which is already occupied, it goes to the bottom of
the stack.
4.11.3
Minor companies are never 100% sold out, as only 50% of their share stock is available for sale.
OPERATING ROUNDS
5.1
Number of Operating Rounds
5.1.1
Initially there is a single operating round after each stock round. Once the first 2 train has been purchased,
after the next stock round there will be two operating rounds after each stock round.
5.2
Operating Round Turn Order
5.2.1
During an operating round companies operate in the following order:
5.2.2
Private companies and concessions pay their dividend to their owner.
Minor companies operate in descending share value order.
Major companies operate in descending share value order.
If the stock values of two or more companies are equal, then the one whose stock market token is furthest to
the right operates first. If two or more stock market tokens are on the same square on the stock market, the
one on top operates first. The decision about which company is to run next is deferred until the end of the
Page 14
March 29, 2016
previous company's operations; sales of stock during an operating round (which in practice rarely occurs) may
affect this order.
5.3
Operating Round Actions
5.3.1
All decisions made on behalf of the company are made solely by its director. When a company operates, it
performs the following activities. Most are optional, but if done they must occur in this order:
Perform first turn housekeeping (first turn only) (compulsory).
Acquire private company from (willing) player.
Lay or upgrade track.
Check for connection to destination and place destination token if applicable (major companies only).
Place one station token (major companies only).
Run train(s), if any, to establish earnings (compulsory).
Pay, split, or withhold dividends (minor companies must split earning).
Buy rolling stock (usually optional but sometimes compulsory).
Acquire a minor company from (willing) player, or from phase 5 onwards, from the bidding boxes
(major companies only).
Issue or redeem corporate stock (major companies only).
5.4
Routes
5.4.1
Many of the activities of companies revolve around routes. A route of a company is a continuous un-branched
length of track, including on it at least one city or off board area with a station token on it belonging to the
company.
5.4.2
A route must not reach or pass through any city or town more than once. A company may have more than
one station token on the London hex, but a train's route cannot include the London hex more than once. Note
that other tiles and off board areas with more than one station token space count as a single city: this is
indicated by an additional oval outlining multiple station token spaces.
5.4.3
A route must not pass through any station completely filled with station tokens belonging to other companies,
although it may terminate and / or begin in such a city. A route must not use any segment of track more than
once.
5.4.4
The English Channel and France off board area count as a single stop for the purpose of the number of stations
that a train may stop at. The English Channel tiles have one station space in green, two in brown and three in
grey. If the English Chane[ is not tokened out, then any company running to the English Channel space can
count the revenue from the France off-board area. If the English Channel tile is fully tokened, then only those
companies with station tokens on the English Channel hex can stop at the French off board area: the English
Channel tile has a value of 0 to companies that can run to it, but are tokened out and cannot run through it.
A station token in the English Channel space therefore has several functions:
It allows E trains to stop at the France off-board area.
It blocks one of the station token spaces, allowing the owning company access to the France offboard area but potentially preventing other companies (without a station token in the English
Channel) from accessing it.
It counts as a normal station token, allowing a train to run a route.
PagelS
5.5
5.5.1
5.5.2
March 29, 2016
Rolling Stock
Trains come in several types, labelled L, 2, 3, 4, 5, 6, 7 and E. There are also 2P and Pullman+ trains (and an
additional 5 train) available as private companies. The available trains are shown in table 7.
All operating minor and major companies are required to own a train at the end of their operating turn.
5.5.3
L (local) trains operate in a city which contains a station token of the owning (minor or major) company. They
can additionally run to a single small station, but are not required to do so. They can thus be considered to be
1 (+1} trains. Both major and minor companies may own L trains, but only a minor company may buy a Local
train as part of its first turn housekeeping. Only one L train may operate on each station token.
5.5.4
For 2, 3, 4, 5, 6 and 7 trains, the number represents the number of stations which that train may reach when
operated. The trains count towns and cities and off board locations against this number. They can start and /
or end at towns.
5.5.5
The 5 train acquired with private company #1 (Butterley Engineering Company), once acquired by the private
company acquisition, is treated exactly like a normal 5 train and is not subject to any other restrictions. The
actual acquisition of the private company is not a train buying action and is not subject to the normal
restrictions of train buying actions.
5.5.6
The Pullman+ train converts a normal train into a N+ train. N+ trains do not count towns in their run: however,
they do earn the revenue from passing through them, i.e. they can stop at N cities or off board locations, but
additionally earn revenue from all towns between and beyond them: they can start and /or end at towns.
5.5.7
The Land 2 trains are printed double sided: when buying an L / 2 train the company director chooses which
option to buy. When upgrading from an L train to a 2 train the train card is flipped. Upgrading from an L to a 2
is considered as a train purchase.
5.5.8
Similarly, the 7 and E trains are printed double sided: when buying a 7/ E train the company director chooses
which option to buy. Once this decision has been made it cannot be changed: 7 trains cannot be upgraded to
E trains (or E trains downgraded to 7 trains). Electric (E) trains only stop at stations with station tokens of the
owning company. As long as an open station space exists they pass through other stations on their route NOT
counting the revenue earned by them. It follows that E trains can only stop at off board locations (and indeed
any station) if they have been tokened with a station token of the owning company. The value of each of the
stations that the train counts is doubled. There is no limit to the number of stations that an E train can stop at,
other than that imposed by the number of tokens on the map and the route between them.
5.5.9
E trains double the doubled value of destination cities. A company may only own a maximum of one E train. E
trains can run on the same track as other trains.
5.5.10
The 2P train is the same as a normal 2 train, except that it is permanent, not subject to the normal
obsolescence rules. Companies may never own more than one 2P train, nor may 2P trains ever be sold
between companies. 2P trains do not count as a train for the purpose of mandatory train ownership, i.e. a
company with only a 2P train is still forced to buy a train. 2P trains do not count against train limit.
5.5.11
The Pullman+ train is permanent. Companies may never own more than one Pullman+ train, nor may Pullman
+trains ever be sold between companies. Pullman +trains do not count as a train for the purpose of
mandatory train ownership, i.e. a company with only a Pullman+ train is still forced to buy a train. Pullman+
trains do not count against train limit.
5.5.12
The purchase of trains serves to advance the game's phase. Each time a new type of train is purchased, the
phase advances. At the start of certain phases some trains are phased out, i.e. become obsolete. An obsolete
train is removed from the game without compensation as soon as the phase change that caused the
obsolescence occurs.
5.6
5.6.1
First Turn Housekeeping

On its first turn of operation, the following actions are performed.
The director receives the company charter board and station tokens.
The company's earnings token is placed on the zero space on the earnings track.
The company places a free station token on its home city, marked on the map.
Page 16
March 29, 2016

5.6.2
Major companies place their destination station token on the appropriate space on their charter. The LNWR
places its destination token in Manchester; and this functions as a second home station until it connects North
London to Manchester
5.6.3
Major companies place one station token on the available tokens section of their charter and a further three
(four for LNWR} station tokens on the exchange token spaces of its charter for future use.
5.6.4
The initial capital is placed in the company treasury.
5.6.5
Minor companies only may buy a Local train.
5.6.6
Minor Company 14 has to pay 20 to place its home station marker and this placement also counts as its track
laying step. It places its token on one of the six spaces in the off board London roundel. The token is
considered to be co-located with whichever company occupies the corresponding token space in London.
5.7
Acquire Private Company
5.7.1
Generally, from phase 2 or 3, major and minor companies may take private companies from a consenting
player. No compensation is paid by the acquiring company to the player. Once acquired by a company,
private companies are flipped over and their power/ property can be used by the acquiring company. There
are several minor exceptions to these rules, as noted in the description for each private company.
5.8
5.8.1
Lay or Upgrade Track

In this part of its turn, a company may place track tiles on the map. Yellow tiles are laid on, and aligned with,
the uncoloured hexes on the map. These may be upgraded successively to green, brown, and grey, when those
colours become available. Development proceeds in order: intermediate colours must not be skipped. The
upgraded tile is returned to the bank and is available for reuse elsewhere. Some map hexes are pre-printed in
yellow. When available, green tiles may be laid directly on pre-printed yellow hexes.
Small cities are represented on the map by small solid black circles and on track tiles by a solid black bar on
yellow tiles or a small solid black circle on upgrade tiles. Large cities are represented by large open circles, and
are either unlabelled or labelled (one of L, B-M, Y, C, S, Tor EC}. Unlabelled large city tiles may be placed only
on un-labelled large city hexes. Labelled large city tiles may be placed only on correspondingly-labelled large
city hexes.
Note that yellow city tiles do not bear any distinguishing letters and can be placed on map hexes labelled S
and T as if they were unlabelled. EC B-M, Y and C tiles are pre-printed on the map as yellow tiles.
The pre-printed yellow tiles, together with London and the Swansea/ Oystermouth hex, start with existing
track upon them. The London hex shows track extensions into the adjacent hexes: each station has a track
extension leading out from it to its hex edge. The Swansea / Oystermouth hex is upgraded by a yellow #57
tile: this removes the track from Swansea to Oystermouth shown on the undeveloped hex, and is a legal
exception to normal track preservation rules when upgrading tiles.
5.8.2
5.8.3
5.8.4
At the start of the game, assuming that it doesn't lay any track; minor company 24 can therefore run for 30. In the
bidding example above, Minor Company 19 was also started in the first stock round, and operates before minor
company 24. In the first operating round it may lay a #8 yellow track tile between Cardiff and Swansea. In the
second operating round, it can then upgrade Swansea to #57 yellow city tile. In the second operating round, minor
company 24 can now only run for 20.
Page17

5.8.5
5.8.6
5.8.7
5.8.8
5.8.9
5.8.10
5.8.11
5.8.12
5.8.13
5.8.14
5.8.15
5.8.16
5.9
5.9.1
5.9.2
March 29, 2016
If the company has no route at all (i.e. there is no track in the company's home city) the company may lay any
suitable yellow city tile there. Otherwise, if upgrading plain track, some of the track on the newly placed tile
(not necessarily track which is present on the old tile, if any) must form part a route of the company, and all of
the track on the old tile {if any) must be present in the same orientations on the new one. Small and large city
track tiles may also be placed or upgraded if the operating company can trace a route to them. Tiles must not
be laid so that track runs off the hex grid.
Grey coloured off board locations are equivalent to large cities.
Off shore arrows (adjacent to various coastal towns) allow greater flexibility in track placement and upgrade
but have no other effect on the game.
The map contains a number of rivers, estuaries, rough terrain, hills, mountain ranges and the English Channel
crossing (a slow ferry in green phase, a fast ferry in brown phase and the Channel Tunnel in grey phase). Placing
yellow track tiles in these regions, known as "difficult terrain" costs the laying company the respective fee:
Large rivers are shown by marsh symbol and cost 40.
Small rivers are shown by marsh symbol and cost 20.
Estuaries are denoted as a thick blue line between hexes. It is possible to build normally on the hexes
either side of the estuary, but to place a track tile that has a track segment leading up to it costs 40
(thus to build an estuary crossing costs a total of 80).
Rough terrain is denoted by an outlined domed box (cost 40).
Hills are denoted by a solid black triangle (cost 60).
Mountains are denoted by a solid double black triangle (cost 80).
All upgrades to the English Channel cost 100.
All upgrades to London cost 20.
Some of the pre-printed yellow tiles have difficult terrain upgrade costs associated with them.
Track placements and upgrades are otherwise free.
If the company has insufficient funds it cannot lay a track tile.
The amount of track which may be placed in a single turn depends on the phase and type of company. In
Phase 2, a major company may lay a single yellow tile per operating round. From Phase 3 onwards it may lay
two yellow tiles or place one green, brown or grey upgrade tile. A minor company may only ever lay a single
tile in an operating round, and may only lay yellow or green track tiles.
A company may always place less than its full allowance and it may choose to play no track at all. If two tiles
are being played, the route extended by later tiles may include track on earlier ones, but need not.
The supplied quantity of plain yellow track is not intended to limit play. The mix of all other track is intended
to limit play. If a vital tile is in play, then it must first be upgraded in order to free it.
In Phase 3, green tiles become available, in Phase 5, brown tiles are available and in Phase 7, grey tiles are
available.
In brown and grey coloured track tiles, there are tiles for plain track, small stations and large stations with 5
track segments and equivalent tiles with 6 track segments. When playing these tiles, the 6 tracked tiles must
be used in preference to the 5 tracked tiles if possible, even if this incurs additional terrain (i.e. estuary
crossing) costs.
English Channel
The English Channel crossing hex is pre-printed yellow, so the first tile that can be placed is green. Each
upgrade of the hex (to green, to brown, and to grey) costs 100.
The English Channel, in brown and grey track has two tracks leading to France. This allows companies to run
two standard (i.e. non E) trains to France - one from Dover and one from Folkstone - subject to the normal
restrictions on routes. E trains run to France by stopping at a station token belonging to the operating
company in the English Channel.
Page 18
20
20
Kings Lynn
Peterborough
30
Norwich
31
32
33
Cambridge
Northampton
34
35
9
58
Ipswich
10
Hertford
36
10
Colchester
4
40
40
20
40
50
39
SECR
82
Maidstone
X10
30
X10
Folkstone
141
10
40
50
41
42
100 0
LBSCR
40
SECR
SECR
0 60 90 120
100
English Channel
EC
43
30
Dover
30
82
82
LBSCR
40LBSCR
SECR
SECR
Brighton
40
15
30
40
Canterbury
15
LBSCR
40
LBSCR
38
40
France
X9
SECR
SECR
10
545
London
GWR
20
20
37
60
40
40
LNWR
LBSCR
LNWR
LBSCR
40
LBSCR
SECR
SECR
20
39
Maidstone
82
SECR
15
30
40
Canterbury
Maidstone
30
X10
40
50
141
10
LBSCR
40LBSCR
Folkstone
Dover
41
42
82
SECR
SECR
Brighton
40
Dover
15
GWR
Brighton
100 0
LBSCR
40
SECR
SECR
100
English Channel
EC
X9
43
0 60 90 120
France
March 29, 2016
5.12
5.12.1
Station Token
Each major company has a total of eight tokens, except the LNWR which has nine. These comprise one each
to represent its stock price and latest earnings and up to six (seven for the LNWR) to represent stations on the
map.
5.12.2 Each major company starts being able to utilise three station tokens: a home station; a destination station
token; and a normal station token. Exception: the London and North West Railway starts with both its home
station token and its destination station token in play.
5.12.3
Each minor company has a single home station token.
5.12.4 Acquired minor companies give their station tokens to the acquiring major company, to a maximum of six
(seven in the case of the LNWR) (see minor company acquisitions).
5.12.5 Each turn a company may place a single station token. It may never place more than one of these per turn,
except that station tokens placed in first turn housekeeping do not count for this. Destination station tokens,
exchange station tokens and the station token gained by acquisition of the LC&DR private company (if
immediately placed in the English Channel) also do not count against this limit.
5.12.6 A company which has an available station token may place one on a vacant city or off board area space which
is on a route of the company. No more than one station token of any company may be placed in any single
city / off board area (a company can have more than one station token in London, but cannot run a train from
London to London). One space on each company's home hex is reserved to that company, and other
companies must leave a space free if that company has not yet had its first operating turn. (Note that there
must really be space there; it is not sufficient to claim that the track tile might be upgraded to create a space.)
5.12.7 Once placed, station tokens must not be moved, although minor company station tokens can be removed as a
consequence of acquisition or removal from the game at the end of a stock round.
5.12.8 Minor companies never receive additional station tokens.
5.12.9 A major company acquiring the London Chatham & Dover Railway (LC&DR) private company may immediately
place one of its exchange station tokens free of charge on a space in the English Channel or move one of its
exchange station tokens to the available station tokens area on its company charter for future use.
5.12.10 Station token placements other than home stations, destination stations and exchange stations must be paid
for: the cost is 100. If the company has insufficient money in its treasury, it may not place the station token.
5.13
Run Train(s)
5.13.1
If the company has one or more trains, it runs them on its routes to establish earnings. For the majority of
trains, the route used by each train must include at least two (large or small) stations but no more stations
(large or small, combined) than the number of the train. Intermediate stations cannot be skipped.
5.13.2
If a company owns more than one train, each must be run on a separate route. That is, the routes employed
must not have any track segments in common.
5.13.3
The exceptions to the above are:
5.13.4 L (local) trains operate in a city which contains a station token of the owning company. They can additionally
run to a single small station, but are not required to do so. They can thus be considered to be 1 (+1) trains.
Only one L train can run in a given station token.
5.13.5 Trains with + Pullmans attached to them count any number of small stations in addition to their standard
number of large stations.
5.13.6 E (Electric) trains only stop at station tokens belonging to the owning company and skip all other stations,
subject to the usual rules regarding routes and blocking station tokens. E trains may run on the same track as
other trains. The value of all stations is doubled when determining the dividend.
5.13.7 Every route must include at least one station token on it somewhere, and routes can't pass through stations
completely filled with other company's station tokens (though they may start and /or end at them).
5.13.8 The value of a route is equal to the sum of the values of the stations it passes through or reaches. The value of
a station is the number printed in the small circle, for constant values, or the rectangle, for values dependent
on the current Phase.
Page 21
10
Hertford
36
10
Colchester
4
40
LBSCR
40
LBSCR
SECR
SECR
20
20
39
Maidstone
82
Canterbury
SECR
Maidstone
30
X10
40
50
141
10
uth
LBSCR
40LBSCR
Folkstone
Dover
41
42
82
82
SECR
SECR
Brighton
40
Dover
15
30
40
38
40
15
GWR
37
80
60
40
40
9
20
London
LNWR
LBSCR
40
LNWR
Brighton
100 0
LBSCR
40
SECR
SECR
100
English Channel
EC
X9
43
0 60 90 120
France
March 29, 2016
5.14
Pay Dividends
5.14.1
Major companies may keep all of their earnings, pay all of their earnings as dividends, or pay half (rounded up
to the next multiple of 10) and keep the rest. 10% of the dividend is paid to the holder of each share.
Payments for shares in the company treasury go to the company, while payments for shares in the bank pool
are lost.
5.14.2
The revenue from a 2P train can be added to the revenue of the company's other trains (if it has any), or
treated separately. If the revenue is added to the revenue from its other trains then this is treated just as for
any other multiple train revenue (i.e. the sum of each train's revenue is added to determine the total revenue),
which can be paid in full, split, or retained. If the revenue is treated separately then:
If the company pays a dividend from any trains it owns other than the 2P, then it may (subject to value
of the dividend and stock) increase in value. The revenue from the 2P train can be retained or split
without altering this stock price movement (other than if the 2P revenue is split, the overall dividend
will be greater).
Alternatively, if a company retains its dividend from its other trains but pays a dividend (whether split
or full) from its 2P train, then this counts as a normal dividend for stock price movement purposes.
5.14.3
The stock market is shown as a row of columns of varying depth. The value of a company's shares (also known
as the share price) is indicated by the company's stock market token on this chart. Each space shows the share
value it represents.
5.14.4
If the company keeps all of its earnings, or if the earnings are zero, its price token is moved one square to the
left on the stock market, or one square down if the current square is marked with a downwards-pointing
arrow. If the price token is already at the bottom left, it does not move.
5.14.5
If the total dividend actually paid by the company is less than its share value, the price token does not move.
5.14.6
For a major company, if the total dividend paid by the company is equal to or greater than its share value, but
less than twice its share value the price token is moved one square to the right or up if the current square is
marked with an upwards-pointing arrow.
5.14.7
For a major company, if the total dividend paid by the company is equal to or greater than twice its share
value the price token is moved two squares to the right or up if the current square is marked with an upwardspointing arrow.
5.14.8
Minor companies must pay 50% to their treasury and 50% to their director. If they pay a dividend they move
one space to the right on the stock market, or up one space if they are on a space with an upwards pointing
arrow. If they do not pay a dividend they move one space to the left, or down one space if they are on a
space with a downwards pointing arrow.
5.14.9
In any case, if the price token moves to a square which is already occupied, the token goes to the bottom of
the pile, and retains its position in a pile if it does not move.
5.15
Purchase Rolling Stock
5.15.1
If the company has fewer trains than the current limit on rolling stock, then it may purchase a train from the
bank or, from Phase 3 onwards, from another company.
5.15.2
When purchasing a train from another company the selling company must consent to the transaction. The
price can be any amount, but must be at least 1 and must not exceed the purchasing company's treasury.
5.15.3
When purchasing a train from the bank, the train may be any from the bank pool, or the next available new
train in the bank; the price paid must be the face value. (Trains only get into the bank pool through companies
discarding excess trains when the rolling stock limit falls or on mergers.)
5.15.4
7 and E trains become available simultaneously.
5.15.5
The company may buy multiple trains each operating round if it has the room and resources, but the effects of
each train purchase apply immediately after each is bought. A company currently below its train limit may
purchase a train even if this triggers a phase change which causes the company to be over the limit.
5.15.6
If the purchase of a train lowers the limit on the amount of rolling stock which may be held, companies with
more rolling stock than the new limit must discard the excess without compensation. Discarded trains go into
the bank pool. If more than one company has excess rolling stock, they decide which to discard in descending
Page 23
March 29, 2016
order of price. Of companies having the same price, those whose price is furthest right on the stock market
discard first. Of companies with prices on the same square on the stock market, those whose tokens are on
top discard first.
5.15.7
A company currently at the train limit cannot buy a train, even if the purchase would trigger a phase change
and eliminate enough rolling stock to make room.
5.16
Forced Train Purchase
5.16.1
At the end of its operating turn, if a company (major or minor) does not own a train, it must buy one even if it
has insufficient resources.
5.16.2
If a company has sufficient money to buy a train from the bank pool or bank then it must either do so, or buy a
train from another company. In this case the director may not contribute additional money to allow the
purchase of a better train (or transfer additional money between companies).
5.16.3
If a company cannot afford to buy a train, it must buy either the cheapest train from the bank (including any
trains in the bank pool) with assistance from the company's director, or a train from another company. For the
double sided trains (L/2 and 7/E) this means that the cheaper version must always be the version purchased.
5.16.4
When buying a train from another company, the director may not contribute any of his own money. A
company is not compelled to buy a train from another company even if its price is lower than one from the
bank or bank pool.
5.16.5
When forced to buy a train from the bank or bank pool, the company first uses its own cash: stock in the
company treasury is useless at this time. If this is insufficient then the director must make up the shortfall
between the company's treasury and the cost of the train using his own cash (emergency money raising).
5.17
Emergency Money Raising
5.17.1
If the director has insufficient funds, he must sell stock. These stock sales are done immediately. The normal
constraints on stock sales apply; additionally, the director must retain the director's certificate of the active
company. The sales may be done in any order, and must stop as soon as the necessary cash is raised. As with
sales in a stock round, the director receives the full value of each share sold (i.e. its value at the start of the
train-buying action), even if the price drops as a result of those sales.
5.17.2
If the director is unable to raise the purchase price of the train, he must take a loan from the bank for the
shortfall. In addition, the bank charges 50% interest (rounded UP) on loans, so the amount of the debt will be
150% of the shortfall between the director's disposable assets (cash and saleable shares) plus the company
treasury and the purchase price of the train.
5.18
Acquisitions (Phase 2 To Phase 7 Inclusive)
5.18.1
A major company may acquire one (and only one) minor company each operating turn. The following
restrictions apply:
An acquisition cannot be made in the operating round in which either company operates for the first
time.
The major company must be able to trace a route from one of its station tokens to the home station
token of the minor company.
The directors of the two companies agree to the acquisition.
All assets required for the acquisition must be in place before the acquisition can be enacted.
5.18.2
The major company buys the assets of the director of the minor company, i.e. his stock certificates, and in
doing so acquires all of the assets of the minor company in the form of exchange station token, cash and trains
held by the minor company.
5.18.3
To effect the acquisition, the major company must compensate the owner of the minor company for the share
value of the minor company. The major company may contribute zero, one or two shares. The balance must
be paid in cash to or from the major company corporate treasury. If shares are exchanged, and their value is
greater than the value of the minor company, then the director of the minor company must pay change to the
treasury of the major company.
Page 24

5.18.4
March 29, 2016
For example: If a major company with a current market value of 160 and at least two shares of treasury stock
acquires a minor company with a market value of 90, the major company would have the following choices in
how to compensate the director of the minor company:
Pay 180 in cash.
Pay one share and 20 in cash.
Pay two shares and receive 140 in cash.
5.18.5
If a player is at share limit, he may only exchange a maximum of one share certificate for the minor company
director's certificate: i.e. he cannot force himself to go over share limit.
5.18.6
To complete the acquisition, transfer the cash holding of the minor company to the major company treasury;
transfer any trains held by the minor company to the major company. Trains in excess of the train limit must
be discarded, all other trains must be retained. If forced to discard trains, the major company can discard
trains that it or the minor company held before the acquisition (or possibly one of each). The major company
then decides whether to exchange the minor company token for one of its own exchange tokens, or remove
the minor company token from the board and transfer one of its exchange tokens to the available station
tokens area on its charter for future use.
5.18.7
If a major company has a station token in a city and acquires a minor company with a station token in the same
city, then the exchange token accessed by acquiring the minor company must be moved to the available
tokens section of the charter and cannot be placed on the map as an exchange token. London is an exception
to this rule as it is possible to have more than one station marker per company in London.
5.18.8
Once a minor company has been acquired, it is removed from play.
5.19
Acquisitions (Phase 5 to Phase 71nclusive)
5.19.1
As an alternative to acquiring a minor company that is already operating, from Phase 5 onwards a company
may instead buy a minor company from those (if any) remaining on the bidding boxes (at the beginning of each
stock round the bidding boxes are repopulated with any remaining minor companies in the start packet). The
acquiring major company must be able to trace a route to the minor company's home station.
5.19.2
As its acquisition step the major company pays 200 to the bank to acquire the minor company. The home
station token of the minor company becomes an exchange station token for the acquiring company - it may
either place an exchange station token in the home station of the minor company (for no additional cost) or
transfer an exchange station token to its available station tokens box on its charter for later use (at 100 cost).
5.20
5.20.1
Issue or Redeem Stock
The company may either issue or redeem its own stock, but not both in one turn. Issued stock is transferred
from the company treasury to the bank pool, and the company receives from the bank the final resting price
for each 10% sold. Issuing stock must not cause more than 50% of the stock to be in the bank pool. As with
sales, issuing stock may cause the company's price to drop: the company's stock market token moves vertically
down by a number of squares equal to the number of 10% shares issued or to the bottom of the chart if there
is insufficient room for the full drop. If the token is already on the ledge it does not move. If the token moves
to a square on the stock market which is already occupied, it is placed at the bottom of the pile; if the token
remains on its original square it retains its relative position in a pile.
For example, if a company is valued at 100 and issues three shares, the price drops 3 spaces to 70 and the
company receives 210 (i.e. three time 70) treasury from the bank.
5.20.2
A company may not issue stock in its first operating turn.
5.20.3
Redeemed stock is transferred from the bank pool to the company; the current price must be paid from the
company treasury to the bank. More than one certificate can be redeemed in a single operating turn.
Redeeming stock does not cause the company's price to change.
Page 25
March 29, 2016
VARIANTS
Players may wish to experiment with the rule allowing inspection of the three stacks of up-coming concession, minor
company and private company certificates. As an alternative to allowing players to examine the order of certificates
within the stacks, players could be forbidden from examining the stacks at all, or limited to only seeing the next batch
of certificates (based on the assumption that the bidding boxes will need to be completely restocked each stock
round). These variants might be particularly appropriate when a player, who is familiar with 1822, is playing against
players that are not familiar with the game.
SCENARIOS
1822 is one of the larger 18xx games available and is not particularly suited to evening games sessions (unless the
players are nocturnal!). For those players wishing to play 18xx, but operating with time constraints there are a number
of scenario options that reduce the game length - at the expense of a loss of some of the complexity, variety, and
strategy of the full game.
The scenarios fall into two groups- regional scenarios, involving the removal of specific companies from the game
and playing on a reduced area map; and full map scenarios with a random selection of companies being removed from
the game. These will be released as a free print and play expansion on the All Aboard Games website in the future.
STRATEGY GUIDE
A strategy guide, including suggested first time play set up, is available as a free print and play download on the All
Aboard Games website in the future.
CREDITS
Francis Tresham, for starting it all off with 1829.
Huw Webberley, Paul Heald, Steve Thomas, Rob Lecuyer for extensive assistance with the rules and map.
Leonhard Orgler, Helmut Ohley, lanD Wilson, David Hecht and Peter Minder for the concept of Minor
companies (1844, 1837, 1824, 18west, 18EU, 18Ardennes, 1861}.
Steve Thomas and Chris Lawson for the auction mechanism and the concept of a Railroad Convention, which
the early stock rounds mimic (1848}.
Steve Thomas for issuing a set of game rules (1848} as a word document, allowing easy plagiarising. And
digitising the original map and tile set.
Steve Thomas, Chris Lawson, Frederick Vellani and Manlio Manzini for the concept of concessions (1848, 1841}.
Leonhard Orgler, for the concept of player cash determining SR order (1844}
David Hecht for minor company acquisitions (18West)
David Hecht for the idea of Electric trains (a cross between Electric and TGV in 1826}.
Bill Dixon, Helmut Ohley, Peter Minder, David Hecht for the concept of destinations (1870, 1862, 1844, 1826}.
Bob Lecuyer for creating a Cyber Board version of the game and extensive contributions to art work.
Bob Lecuyer and Jonathan Sabean for insisting on the scenario options, making me revisit them as a concept
after originally discounting it.
Huw Webberley for planting the idea of a UK map.
Playtesters: David Nash, Huw Webberley, Jon Lawson, Paul Heald, Rob Turner, Steve Thomas, Chris Appleton,
Caroline Sandford, Tony Bromley, Richard Clyne, Jon Draper, Peter Eldridge, lanD Wilson, Danny Victor, Stephen
Webb, Ken Simpson, Rob Lecuyer, Jonathan Sabean, Jim Knight.
Huw Webberley, David Nash and Paul Heald have play tested so many times and made so many suggestions (a
reasonable number of which have been adopted) that they could be considered Co-Designers.
And of course Scott Petersen /All Aboard Games for producing 1822: turning my ideas into reality.
I have played other 18xx titles by these and other designers. No doubt other ideas have been developed
subliminally from these other titles, so I also thank those designers not listed above by whom I have been
influenced.
Page 26
March 29, 2016
DESIGNERS NOTES
My overarching objective was to create a game that did not have a scripted start or a combination of "the best
opening": I wanted to have a different opening with each outing.
My second most important consideration was to create a game with Minor companies in it, and to have flexibility in
which minor companies merged into which major companies. This offers an enhancement on the first objective and
extends the games flexibility, and hence ineffectiveness of scripted plans, into the mid game - hopefully creating a
game that has good replay potential.
Of all the initial auction mechanisms I have come across, the "Lawsonian" mechanism utilising bidding boxes has always
been my favourite. I personally think that the other mechanism all have weaknesses because, in one way or another,
they require a decision on some bids before other bid results are known. The adoption of the "Lawson ian" auction
mechanism was therefore a matter of personal choice. But I also feel that it addresses any inherent instability in the
random start packet by allowing the players to determine the value of each item in the start packet based on the
specific combination of privates, minors and concessions available.
The auction mechanism also allows the pace of the initial train purchasing to be set, with the intention that even the
advent of the 3 trains is difficult; and before the bottom of the stack of 3 trains is reached players are having to use
their major companies to acquire their minor companies.
On Game Balance
Some of the companies in the game are much better than others. Some Minors are good if floated in phase 2 or later,
but poor if floated in phase 1. Some minors, if floated in phase 1, will not merely under-perform, but actively lead the
director into difficulty. Some minors will be fine if floated early in phase 1, but will also be troublesome if floated just
before phase 2 starts.
The minors can work in combination with other companies if they float at the right time, so which company is "good"
and which is "bad" is not totally consistent from game to game, although some are inherently stronger than others.
Subject to which minor companies start, phase 2 might start in OR2, unless actively blocked it always can, (but might
not) start in OR3, and if it hasn't already done so it will very likely start in OR4. As a general rule, the later phase 2
starts, the more vulnerable companies starting late in phase 1 will be.
All of this is deliberate- the game is intended to be different each time it is played and to require careful
consideration of the order in which minors will become available.
On Geographical and Historical Accuracy
There are hundreds of historical railway companies, but there were only four big railway companies left by the time
the game enters phase 7, and only one of these (the GWR) retained its corporate identity through the grouping. Of
these hundreds, I have tried to select larger and geographically appropriate companies, but where this criteria gave me
a choice I have selected companies that I consider to be most appropriate. For the ten majors, I have selected from
the larger rather than largest companies, perhaps at the expense of a company that really ought to have been included:
some of these largest companies feature as Minor Companies, but in some cases it is only their precursors that are
included as minor companies. The other three companies emerging from the Railways Act, namely the London,
Midland and Scottish Railway; The London and North Eastern Railway; and the Southern Railway do not feature in the
game as they post date the majority of the game.
Page 27
March 29, 2016
UNUSUAL RULES SUMMARY

Game Setup
Private 1 (Butterley Engineering Company), Minor 24 (Swansea and Mumbles Railway) and Concession 1 (London
and North Western Railway) are always in the first bid boxes. All other company and concession certificates are
shuffled in their stacks.
End of Stock Round
End of stock round player cash determines player order for the next SR.
For every unsold minor a 2/L train is removed from play. If the minor company in bid box 1 is unsold it is
removed from the game, and the next available train in the bank (NOT pool) is also removed.
Concessions
Face value 100.
Allow floatation of associated major company, and provide 100 towards the cost of the director's certificate
of the associated major company.
Removed from the game at the start of phase 5.
Private Companies
Face value 0.
Generally can be acquired by minor or major companies from phases 2, 3 or 5. The owning player does not
receive any compensation for this.
Generally do not otherwise close; but generally count against certificate limit.
Minor Companies
Must own a train.
Must split earning (pay / retain 50%} and go up in value if they pay dividend.
Can only lay one yellow tile, or from phase 3 can upgrade a tile to green.
Directors certificate represents two shares, so is worth twice stock price.
Can buy an L train at the start of their first turn.
In phase 1, minors start with 100 capital at 50 on the stock market.
In phase 2, the bid price is halved and rounded down (50 to 100}. The company receives twice stock market
value as capital.
From phase 3, the bid price is halved and rounded down (50 to 100}. The company receives the sum bid as
start capital.
Floatation order is determined by sum bid, tie break is bid box number.
Major Companies
In phase 1 and 2 can lay one yellow tile. From phase 3 can lay two yellow tiles or perform one upgrade.
Until phase 5, the conversion of a concession to directors certificate floats a company. It receives incremental
capitalisation.
From phase 5, the directors certificate can be purchased directly from initial offerings. Once 50% of shares have
been sold the company floats.
From phase 6, the company receives 100% capitalisation on floatation and remaining 50% of shares are placed
in the bank pool.
Page 28
March 29, 2016
Companies receive a home station, a stock price marker and a dividend marker. Their destination token is
placed when they connect to their destination. (Doubles the value of the destination city for one train when
running a route from home to destination). They have one available token that can be placed for a cost of 100.
They have 3 exchange tokens, that can only be placed (or converted to available tokens) through acquisition of
minor companies or some private companies.
Minor Company Acquisition
A major company may acquire one (and only one) minor company each operating turn. The following
restrictions apply:
An acquisition cannot be made in the operating round in which either company operates for the first time.
The major company must be able to trace a route from one of its station markers to the home station
marker of the minor company.
The Directors of the two Companies agree to the acquisition.
All assets required for the acquisition must be in place before the acquisition can be enacted. The major
company buys the director's certificate of the minor company, and in doing so acquires all of the assets of
the minor company in the form of exchange station marker token, cash and trains held by the minor
company.
The major company must compensate the owner of the minor company for the share value of the minor
company. The major company may contribute zero, one or two shares. The balance must be paid in cash to or
from the major company corporate treasury.
If a player is at share limit, he may only exchange a maximum of one share certificate for the Minor Company
Directors certificate: ie he cannot force himself to go over share limit.
From phase 5 onwards a major company may buy a minor company from those remaining on the bidding boxes.
The acquiring major company must be able to trace a route to the minor company's home station.
As its acquisition step the major company pays 200 to the bank to acquire the minor company. The home
station marker of the minor company becomes an exchange station marker for the acquiring company - it may
either place an exchange station marker in the home station of the minor company (for no additional cost) or
transfer an exchange station marker to its available station markers box on its charter for later use (at 100 cost).
Issue Stock
The Company may either issue or redeem its own stock, but not both in one turn. Issued stock is transferred
from the Company treasury to the Bank Pool, and the Company receives from the Bank the final resting price
for each 10% sold. Issuing stock must not cause more than 50% of the stock to be in the Bank Pool. Issuing
stock causes the Company's price to drop vertically down by a number of squares equal to the number of 10%
shares issued.
LNWR
The LNWR has a 10% director's certificate. When converting the concession, the bank pays the value of a 10%
share into the treasury, not necessarily 100, as is the case for the contribution towards the 20% director's
certificate for all other concessions.
It has an additional exchange token (total four).
It has two home stations (London north and Manchester). When it runs a train between the two stations, the
station in Manchester becomes a destination station.
London
Every upgrade costs 20.
Although London counts as six separate stations, it is not allowed to run a train from one station to another.
Page 29
March 29, 2016
M14 starts in London. On its first turn it places its home station marker in one of the six stations circles in the
London roundellocated in the Thames estuary (cost 20}, which converts one of the six stations into a double
station. This counts as the company's track lay. M14 acquires the track rights of the company with which it is
co-located.
The six hexes around London are protected for the directors or concession holders of the adjacent company.
No company may lay a tile in these hexes without the agreement of the relevant director/ concession holder.
If there is no director or concession holder, then track may only be laid in these hexes if it links the adjacent
London station into the route network.
English Channel
The English Channel and France off board area count as a single stop for the purpose of the number of stations
that a train may stop at. If the English Chane[ is not tokened out, then any company running to the English
Channel space can count the revenue from the France off-board area. If the English Channel tile is fully
tokened, then only those companies with tokens on the English Channel hex can stop at the French Off Board
area: the English Channel tile has a value of 0 to companies that can run to it, but are tokened out and cannot
run through it.
Estuary Crossings
It is possible to build normally on the hexes either side of the estuary, but to place the first track tile that has a
track segment leading up to it costs 40 (thus to build an estuary crossing costs a total of 80}.
Trains
L trains run on a single large station. In addition, they can include a single small station on their route. Only one
L train may run on each token.
2, 3, 4, 5, 6 and 7 trains are standard trains. The number represents the total number of large and small stations
that the train can count.
E trains include every token of the owning company on its route, skipping all other stations, subject to the usual
restrictions on routes. The value of each tokened station is doubled. (Thus destination stations are quadrupled
if running from home to destination). They can run on the same track as other trains.
Permanent 2 Trains can treat their revenue separately to all other trains. They do not count against train limit.
They do not relieve the owning company of requirement to own a train. They cannot be sold.
Pullman+ Trains, when added to a normal train, allow it to include revenue from small stations but not count
them against the train number (i.e. it only counts large stations). They do not count against train limit. They do
not relieve the owning company of requirement to own a train. They cannot be sold.
Emergency Money for Forced Train Purchase
If a company cannot afford a train, and the director does not want to buy a train from another company, then
the director must pay the shortfall.
Note the director cannot contribute to the cost of trains bought from other companies. Therefore if a
company has no money, the director must buy a train. The cheapest available train must be purchased
including those in the bank pool and the cheaper option for double sided train cards.
If the director does not have enough cash, he must sell shares, subject to the normal restrictions, and without
causing a change in director for the operating company.
If he still does not have enough money, he borrows the remaining shortfall from the bank. Interest, at 50%, is
applied immediately, so his debt is 150% of the shortfall borrowed.
At the end of each SR, a further 50% interest is applied to any outstanding loan. A player may not buy or bid on
anything whilst he has a loan.
Page 30
March 29, 2016
Table 1: Certificate Limit, Start Money and Bidding Tokens

Number of Players
Maximum Share Holding
26
20
16
13
11
Start Money per Player
700
525
420
350
300
Bidding Tokens
Table 5: Examples of Bids on Minor Companies

Amount Bid ()
Phase
Share Price
Value
Start Capital
115
50
100
100
50
100
100
3 onwards
50
100
115
50
100
100
70
140
140
3 onwards
70
140
145
50
100
100
100
200
200
3 onwards
100
200
250
145
250
Table 6: Major Companies

Name
Location
Destination
London and North West Railway
L&NWR
London (N) & Manchester
Manchester
Great Western Railway
GWR
London (SW)
Bristol
London, Brighton and South Coast Railway
LBSRC
London (S)
Brighton
South Eastern & Chatham Railway
SECR
London (SE)
Dover *
In addition to its destination station in Dover, the SECR may place an available station token in an open token space in the
English Channel, free of charge. The SECR must be able to trace a route to the English Channel to utilise this power, which
counts as its standard token laying step.
Caledonian Railway
CR
Glasgow
Carlisle
Midland Railway
MidR
Derby
York
Lancashire & Yorkshire
L&YR
Liverpool
Manchester
North British Railway
NBR
Edinburgh
Aberdeen
South Wales Railway
SWR
Gloucester
Fishguard
North Eastern Railway
NER
York
Edinburgh
Page 31
March 29, 2016
Table 4: Minor Companies

Location
Name
Great North of Scotland Railway
GNoSR
Aberdeen
H1
Lanarkshire & Dumbartonshire Railway
L&DR
Highlands
E2-4
Edinburgh & Dalkeith Railway
E&DR
Edinburgh
H5
Newcastle & North shields Railway
N&NSR
Newcastle
K10
Stockton and Darlington Railway
S&DR
Darlington
J15
Furness railway
FR
Barrow
G16
Warrington & Newton Railway
W&NR
Warrington
H23
Manchester Sheffield & Lincolnshire Railway
MS&LR
Sheffield
K24
East Lincolnshire Railway
ELR
Grimsby
N29
10
Grand Junction Railway
GJR
Birmingham
I30
11
Great Northern Railway
GNR
Peterborough
M30
12
Eastern Union Railway
EUR
Ipswich
P35
13
Headcorn & Maidstone Junction Light Railway
H&MJLR
Maidstone
O40
14
Metropolitan Railway
MetR
London
(Optional)
M38
The MetR places its home station marker on the off board London Roundel: this costs 20 and counts as M14s track
lay. No other company may place a token on the London Roundel. The London Roundel effectively allows the MetR
to convert one of the London stations into a double station. The MetR acquires the track laying rights adjacent to
London of the company with which it is co-located.
15
London Tilbury & Southend Railway
LT&SR
London (NE)
M38
16
Wycombe Railway
WR
London (NW)
M38
17
London & Southampton Railway
L&SR
Southampton
J41
18
Somerset & Dorset Joint Railway
S&DJR
Bournemouth
I42
19
Penarth Harbour & Dock Railway Company
PH&DRC
Cardiff
F35
20
Monmouthshire Railway & Canal Company
MR&CC
Pontypool
F33
21
Taff Vale railway
TVR
Merthyr Tydfil
E34
22
Exeter and Crediton Railway
E&CR
Exeter
D41
23
West Cornwall Railway
WCR
Plymouth
A42
24
The Swansea and Mumbles Railway
S&MR
Swansea
D35
Page 32
L
-
Trains available
Trains obsolete
Train limit
(minor)
Train limit (major)
Buying trains
ORs between SRs
Tiles available
Off board area
value
Tile Lay per Turn:
Major
Tile Lay per Turn:
Minor
Major company
floatation
Capitalisation on
Flotation
Concession
certificates
Minor companies
Minor companies
Game start
Triggered by
Not applicable
Not possible
Cannot be
Converted
Float at 50
with capital of
100
1 Yellow
Brown
Y + G + Brown
5
Purchase of first
5 train
3, 4, 5, 2P
-
6
Purchase of first
6 train
4, 5, 6, 2P
3
Incremental capitalisation
Page 33
100% capitalisation
Float at between
50 and 100
Float at between 50 and 100 with capital of sum bid
with capital of
2* stock value
Can be acquired by major companies
Provide a 100 discount against the cost of directors
certificate when converted. For LNWR straight
Removed from play
exchange for directors certificate
Floated once directors certificate is exchanged by
Floated once 50% sold
conversion of concession certificate
1 Yellow or 1 green upgrade
2 Yellow or 1 upgrade
N/A
1 Yellow
Green
Yellow
4
Purchase of first
4 train
3, 4, 2P
2
3
From bank or other company
3
Purchase of first
3 train
2, 3, 2P
L
Y + Green
2
Purchase of first
2 train
L, 2, 2P
-
4
From bank only
1
Yellow
Phase
Table 2: Game Phases.
Grey
Y + G + B + Grey
7
Purchase of first
7 / E train
5, 6, 7, E, 2P
4
March 29, 2016
500
There are three 5 trains and one 5

train available with private
Unlimited
Electric (E)
300
1000
750
600
200
N/A
Two available with private

companies
Page 34
120
2P
L Trains can be flipped to

upgrade to 2 trains for 80
L / 2 (double
22
Sided)
Cost ()
60
Number Available
Train Type
Table 7: Rolling Stock
Makes
Obsolete
Permanent
Permanent
Phase 6 starts with the purchase

of the first 6.
Phase 7 starts with the purchase of

4
the first 7 / E.
Permanent
Permanent
7/E
Permanent
Made
Obsolete By

the first 5.

2
the first 4.

the first 3.
Phase 2 starts with the purchase or

upgrade of the first 2.
Game starts in phase 1
Effect on Game Phase
March 29, 2016
Revenue
10
Name
Butterley
Engineering
Company
(BEC)
Middleton
Railway
(MtonR)
Shrewsbury
and
Hereford
Railway
(S&HR)
South
Devon
Railway
(SDR)
Number
2P train.
2P train.
Remove
small station
5 train.
Special
property
Acquired
by minor?
Page 35
Acquired
from phase
Table 3: Private Companies (see section 3.1 of the rules for additional information)
Notes
This is a normal 5 train that is subject to all of the

normal rules. Note that a company can acquire this
Flip when
private company at the start of its turn, even if it is
acquired.
already at its train limit as this counts as an
Does not
acquisition action, not a train buying action.
close.
However, once acquired the acquiring company
needs to check whether it is at train limit and
discard any trains held in excess of limit.
Allows the owning company to place a plain yellow
track tile directly on an undeveloped small station
Flip when
hex location or upgrade a small station tile of one
acquired.
colour to a plain track tile of the next colour. This
Close when
closes the company and counts as the companys
power
normal track laying step. All other normal track
exercised.
laying restrictions apply. Once acquired, the private
company pays its revenue to the owning company
until the power is exercised.
2P train is a permanent 2 train. It cannot be sold to
Flip when
another company. It does not count against train
acquired. Does limit. It does not count as a train for the purpose of
not close.
mandatory train ownership and purchase. Dividends
can be separated from other trains and may be split,
paid in full, or retained. If a company runs a 2P train
and pays a dividend (split or full), but retains its
Flip when
acquired. Does dividend from other train operations this still counts
as a normal dividend for stock price movement
not close.
purposes.
Closes
March 29, 2016
Edinburgh
and
Glasgow
Railway
(E&GR)
10
10
10
10
London,
Chatham
and Dover
Railway
(LC&DR)
Leeds &
Selby
Railway
(L&SR)
Shrewsbury
and
Birmingha
m Railway
(S&BR)
Revenue
Name
Number
Mail
contract.
Hill &
mountain
terrain
Acquired
by minor?
Mail
contract.
Additional
station token
Special
property
Page 36
Acquired
from phase
Notes
The owning company may place an exchange station

token on the map, free of charge, in a token space in
the English Channel. The company does not need to
be able to trace a route to the English Channel to
use this property (ie any company can use this
power to place a token in the English Channel). If no
token spaces are available, but a space could be
Close when
created by upgrading the English Channel track then
acquired.
this power may be used to place a token and
upgrade the track simultaneously. This counts as
the acquiring companys tile lay action and incurs
the usual costs for doing so.
Alternatively it can move an exchange station token
to the available station token section on its
company charter.
After running trains the owning company receives
Flips when
income into its treasury equal to one half of the
acquired. Does
base value of the start and end stations from one of
not close.
the trains operated. Doubled values (for E trains or
destination tokens) do not count. The company is
not required to maximise the dividend from its run if
Flips when
acquired. Does it wishes to maximise its revenue from the mail
contract by stopping at a large city and not running
not close.
beyond it to include small stations.
Closes if free Either: The acquiring company receives a discount
token taken
token that can be used to pay the full cost of a
when
single track tile lay on a rough terrain, hill or
acquired.
mountain hex. This closes the company.
Otherwise,
Or: The acquiring company rejects the token and
flips when
receives a 20 discount off the cost of all hill and
acquired and mountain terrain (ie NOT off the cost of rough
does not close terrain). The private company does not close.
Closes
March 29, 2016
Revenue
10
10
10
10
Name
Midland
and Great
Northern
Joint
Railway
(M&GNR)
Glasgow
and SouthWestern
Railway
(G&SWR)
Bristol &
Exeter
Railway
(B&ER)
Leicester &
Swanningt
on Railway
(L&SR)
Number
10
11
12
Additional
track lay
Advanced
track
development
Estuary
crossing, river
terrain
Declare
double cash
for SR order
Special
property
Acquired
by minor?
Page 37
Acquired
from phase
Notes
If held by a player, the holding player may declare

double his actual cash holding at the end of a stock
Flips when
round to determine player turn order in the next
acquired. Does
stock round.
not close.
If held by a company it pays revenue of 0 (yellow)
/ 20 (green) / 40 (brown) / 60 (grey).
The acquiring company receives two discount
tokens each of which can be used to pay the cost
Flips when
for one track lay over an estuary crossing. They can
acquired.
be used on the same or different tile lays. Use of
Closes when
the second token closes the company. In addition,
second token
until the company closes it provides a discount of
used.
10 against the cost of all river terrain (excluding
estuary crossings).
The owning company may lay one plain or small
station track upgrade using the next colour of track
to be available, before it is actually made available
Flips when
by phase progression. The normal rules for
acquired.
progression of track lay must be followed (ie grey
Closes when
upgrades brown upgrades green upgrades yellow) it
power
is not possible to skip a colour using this private.
exercised
This is in place of its normal track lay action. Once
acquired, the private company pays its revenue to
the owning company until the power is exercised.
The owning company may lay an additional yellow
Flips when
tile (or 2 for major companies), or make one
acquired.
additional tile upgrade in its track laying step. The
Closes when upgrade can be to a tile laid in its normal tile laying
power
step. Once acquired, the private company pays its
exercised
revenue to the owning company until the power is
exercised.
Closes
March 29, 2016
Revenue
10
10
Pays 10 x
phase
number to
both
revenue
and
treasury
credits
Name
York,
Newcastle
and
Berwick
Railway
(YN&BR)
Kilmarnock
and Troon
Railway
(K&TR)
Highland
Railway
(HR)
Number
13
14
15
Pullman +
train
Pullman +
train
Special
property
Acquired
by minor?
Page 38
Acquired
from phase
Notes
When
acquired
Pays revenue of 10 x phase number.

Pays treasury credits of 10 x phase number. This
credit is retained on the private company charter.
When acquired, the acquiring company receives this
treasury money.
If not acquired beforehand, this company closes at
the start of Phase 7 and all treasury credits are
returned to the bank.
Flips when
acquired. Does
A Pullman carriage train that can be added to
not close.
another train owned by the company. It converts
the train into a + train. Does not count against train
limit and does not count as a train for the purposes
of train ownership. Cannot be sold to another
company.
Flips when
acquired. Does
not close.
Closes
March 29, 2016
(/))K_\IX`cnXpjf]>i\Xk9i`kX`e
10
10
4
20
20
143
142
141
207
10
10
142
141
30
30
30
30
14
30
30
14
40
405
40
619
15
( (
( (
40
619
15
208
80
82
83
24
80
81
82
405
619
C
30
83
50
83
82
X2
57
58
69
1 None
40
14
15
40
80
30
X1
B M
24
56
10
40
30
622
1 None
10
405
30
55
10
40
30
20
30
30
30
30
14
143
142
141
30
100
X4
40
X3
63
10
30
10
10
10
10
( (
S
619
15
X3
EC
144
145
10
30
146
40
10
30
611
147
63
611
544
545
546
545
81
546
82
30
83
10
141
10
142
63
546
40
544
546
545
611
8
4
40
544
10
30
10
30
50
546
545
X5
10
30
C
145
10
30
10
30
40
30
147
146
145
X6
10
30
BM
10
10
10
10
40
10
144
1 None
10
10
10
146
147
60
X7
Tile # Upgrades
1
S
40
EC
147
X9
40
50
50
X5
X10
40
X11
2 None
X12
1 None
611
C
40
30
60
50
X5
2 None
X14
1 None
X15
1 None
X16
2 None
X17
2 None
X18
2 None
X19
4 None
60
40
30
60
50
EC
S
40
005634
X8
60
0
100
EC
X13
80
60
X6
X7
X9
10
60
50
X19
10
10
10
50
X17
60
50
X17
X17
6
6
8
4
60
169
60
169
60
169
50
X18
60
50
X11
40
30
60
50
X16
2 None
50
169
40
40
30
X15
60
X10
60
50
005634
2 None
63
EC
60
40
50
X14
X5
50
40
30
60
50
X8
100
GX^\+'
DXiZ_)0#)'(-
10
30
BM
1 None
147
146
BM
10
10
30
143
BM
10
30
10
10
10
Tile # Upgrades
4
Tile # Upgrades
1 None
R`ej\ikk`c\dXe`]\jkT
10
X12
80
60
X13

1822 Rules

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Copyright:

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1822 Rules

Cargado por

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1822

Copyright 2016 Simon Cutforth

1822 The Railways of Great Britain

March 29, 2016

This rule book

Map Board (three bi-fold sections)

Initial Offering and Bank Pool Sheet

Dividend Tracker Sheet

10 Major Company Charters

24 Minor Company Charters

2 Private Company Charters

81 Major Company 10% Share

10 Concession Certificates (Printed

Private Company Tokens: 1large diameter mountain token

Stick the black triangle (mountain) sticker and the two

Minor Company Tokens -1large token per company for

Stick two of each number onto two separate discs and

London Value Token- 5 small diameter tokens, colour

Major Company Tokens -1large token per company for

Stick the pale green 20 sticker and one of the black 20

Stick two of each company shields onto large diameter

Stick the yellow 40 sticker and one of the black 20

Stick the 5 (6 for LNWR) white bannered company shields

Stick the green 60 sticker and one of the black 20

Stick the black bannered company shield onto the

Stick the brown 80 sticker and one of the black 20

SR/OR Token: 1large diameter token, placed on the

Stick the wheel symbol sticker to one of the large discs.

24 Minor Company Share Certificates

18 Private Company Share Certificates (printed double

7 Player order number cards

22 Nr L / 2 Trains (printed double sided) cards, 9 Nr 3 Train

Yellow, Green, Brown, and Grey track tiles (see manifest at

2 sheets of stickers for use on the tokens

Bid Tokens: 7 sets of 6 coloured cubes, one set per player

Various wooden round tokens (large diameter natural

1822 The Railways of Great Britain

March 29, 2016

OVERVIEW OF THE GAME

The game ends as soon as one of the following conditions is met:

immediately if the first stock round ends with nothing sold.

March 29, 2016

1822 The Railways of Great Britain

STTIMG UP THE GAME

March 29, 2016

1822 The Railways of Great Britain

Yellow and green tiles are available.

The game starts in phase 1.

Off board area count second value.

Minor companies start at stock value of [sum

Concessions may be converted to Director's

Major companies may acquire operational

Minor companies may lay 1 yellow or 1 green

Major companies may lay 2 yellow or 1 green

Minor company train limit is 2.

Phase 2 starts when the first L train is converted to a

Major company train limit is 4.

Two ORs between SRs.

L trains are available.

Trains may only be purchased from the bank/

Only yellow tiles are available.

Off board area count lowest value.

Minor companies start at stock value 50 (cost

Minor companies may lay 1yellow tile.