The role of Britain and France in the finance of Portuguese railways, 1850-1890 : a comparative study in speculation, corruption and inefficiency
The object of this thesis is to study the underlying trends in railway finance in Portugal between 1850 and 1890. During these 40 years the building of the trunk lines was completed, with over 2,000 kilometres in operation at the beginning of 1890. Schemes for railways in Portugal were put forward in the mid-1840s but the unstable political situation, which culminated in a Civil War in 1847, delayed the commencement of railway services until 1856. Because of Portugal's continuing critical financial situation and the consequent meager resources of the Portuguese Treasury railway construction was largely financed by foreign capital. Allowing for the imperfection of the data it would appear that at least a third of total investment in Portuguese railways would have been financed by foreign investors. Both British and French railway promoters and speculators dominated the scene and set the pace for railway development throughout the period covered in this study. The initial railway schemes were experimental and then developed erratically, with an absence of a consistent and sustained railway policy on the part of the Government. Locomotives and materials, as well as the capital required for the construction of
Vieira, AntĂłnio Lopes
History
The role of Britain and France in the finance of Portuguese railways, 1850-1890 : a comparative study in speculation, corruption and inefficiency. The object of this thesis is to study the underlying trends in railway finance in Portugal between 1850 and 1890. During these 40 years the building of the trunk lines was completed, with over 2,000 kilometres in operation at the beginning of 1890. Schemes for railways in Portugal were put forward in the mid-1840s but the unstable political situation, which culminated in a Civil War in 1847, delayed the commencement of railway services until 1856. Because of Portugal's continuing critical financial situation and the consequent meager resources of the Portuguese Treasury railway construction was largely financed by foreign capital. Allowing for the imperfection of the data it would appear that at least a third of total investment in Portuguese railways would have been financed by foreign investors. Both British and French railway promoters and speculators dominated the scene and set the pace for railway development throughout the period covered in this study. The initial railway schemes were experimental and then developed erratically, with an absence of a consistent and sustained railway policy on the part of the Government. Locomotives and materials, as well as the capital required for the construction of
role britain_france finance portuguese railway comparative_study speculation corruption object study underlie trend railway finance portugal building line complete operation begin railways portugal put_forward mid unstable political_situation culminate civil_war delay railway service portugal continue critical financial situation consequent resource portuguese treasury railway construction largely foreign capital data would appear least third total investment portuguese railway would finance foreign investor british_french railway promoter dominate scene set pace railway development throughout_period cover study initial railway scheme experimental develop absence consistent sustain railway policy part government material well capital require construction