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'An Awkward Fence to Cross': Railway Capitalization in Britain in the Interwar Years

Crompton, Gerald W., Jupe, Robert E. (2002) 'An Awkward Fence to Cross': Railway Capitalization in Britain in the Interwar Years. Accounting, Business & Financial History, 12 (3). pp. 439-459. ISSN 0958-5206. (doi:10.1080/09585200210164593) (KAR id:10399)


This paper examines the related problems of the capitalization and financial performance of the railway companies in the inter-war period. It examines the critics' view that the railways were over-capitalized, and places the debate in context by analysing the dividend and accounting policies of the companies and the consequences for investment. It also examines the conflicting views of railway management and shareholders over capital expenditure. The paper concludes that the railways were both financially over-capitalized and physically under-capitalized, and so faced very serious financial problems that were incapable of resolution within the existing ownership structure.

Item Type: Article
DOI/Identification number: 10.1080/09585200210164593
Uncontrolled keywords: Railway History; Capitalization; Regulation; Investment; Dividends
Subjects: H Social Sciences
H Social Sciences > HE Transportation and Communications
Divisions: Divisions > Kent Business School - Division > Kent Business School (do not use)
Depositing User: G.W. Crompton
Date Deposited: 02 Oct 2008 22:33 UTC
Last Modified: 16 Nov 2021 09:49 UTC
Resource URI: (The current URI for this page, for reference purposes)

University of Kent Author Information

Jupe, Robert E..

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