1866 Rulebook

Table of Contents

Table of Contents

• Section 1. Introduction
  • 1.1 Background and Overview
  • 1.2 Winning
  • 1.3 Etiquette
• Section 2. Components
  • 2.1 Map
    • 2.1.1 Overview
    • 2.1.2 National Boundaries and Operating Rights
    • 2.1.3 Lombardy-Venetia
    • 2.1.4 Ports
    • 2.1.4 Ferries
  • 2.2 Stock Turn Tokens
  • 2.3 Stock Market
  • 2.4 Shares and Share Certificates
  • 2.5 Trains
    • 2.5.1 Train Types
  • 2.6 Infrastructure
• Section 3. Game Setup
  • 3.1 Starting Companies Setup
  • 3.2 General Setup
  • 3.3 Initial Auction Round Setup
  • 3.4 Initial C Tile Distribution
  • 3.6 20230116 Optional Set Up for Additional Variability
    • 3.6.1 Introduction
    • 3.6.2 Company Destinations.
    • 3.6.3 Double Town Locations.
    • 3.6.4 City Adjustments.
• Section 4 Game Flow
• Section 5 Initial Auction Round
• Section 6 Operating Round Overview
  • 6.1 Operating Round Structure
  • 6.2 Game Phases
• Section 7 Stock Dealing
  • 7.1 ST Tokens
    • 7.1.1 General
    • 7.1.2 ST Token Attributes
    • 7.1.3 Purchase of ST Tokens
    • 7.1.4 ST Token Operation
  • 7.2 Change in Directorship
    • 7.2.1 Sale of Shares
    • 7.2.2 Purchase of Shares
    • 7.2.3 Check Operating Rights
  • 7.3 Sale of National Company Shares: Operating Rights
  • 7.4 Share Price Movement Due To Sales
• Section 8 Company Operations
  • 8.1 Company Types
    • 8.1.1 Concessions
    • 8.1.2 Major National Companies
    • 8.1.3 Minor National Companies
    • 8.1.4 Public Companies
  • 8.2 Company Actions in an OR
  • 8.2.1 First turn housekeeping
  • 8.2.2 Convert from 5-share to 10-share
  • 8.2.3 Lay track
    • 8.2.3.1 Public Company Track Building Allowances
    • 8.2.3.2 National Company Track Building Allowances
• Section 9 Floating a Public Company
• Section 10 Formation of National Companies
  • 10.1 Minor National Companies
  • 10.2 Major National Companies (excluding Germany and Italy)
    • 10.2.1 General
    • 10.2.2 Voluntary Conversion
    • 10.2.3 Forced Conversion
  • 10.3 Major National Companies - Germany and Italy
    • 10.3.1 Timing
    • 10.3.2 Start Price
    • 10.3.3 Method
    • 10.3.4 Un-floated Minor National Companies
    • 10.3.5 Director-less German and Italian National Companies
• Section 11 Emergency Money Raising and Company Loans
  • 11.1 Company EMR
  • 11.2 Company Loans
    • 11.2.1 General
    • 11.2.2 Loans Held By Companies at Game End
• Section 12 Player Emergency Money Raising and Loans
  • 12.1 Introduction
    • 12.1.2 Conversion of Concessions
    • 12.2.2 Repayment of Company Loans
    • 12.2.3 Funding Train Purchase
  • 12.3 Player Loans & Debt
• Section 13 Game End and Winning
  • 13.1 Game End Triggers
  • 13.2 Game End Process
  • 13.3 Loans Held by Companies at Game End
• Section 14. 2-Player Variant
  • 14.1 General
  • 14.2 Set-Up
  • 14.3 Robot Player Actions
    • 14.3.1 Robot Player General Rules
    • 14.3.2 Robot Actions in IAR
    • 14.3.3 Robot Actions in OR1.
    • 14.3.4 Robot Actions in All ORs (Inc OR1)
• Easily Forgotten Rules
• Designers Notes
• Tables
  • Table 1 Start Money, Certificate Limit & Stock Turn Tokens
  • Table 2 Stock Price Movement
  • Table 3 Concessions
  • Table 4 National Companies
  • Table 5 National Company Start Prices
  • Table 6 Public Companies
  • Table 7 Track Laying Cost
  • Table 8 German Minor National Companies
  • Table 9 Italian Minor National Companies
  • Table 10 Game Phase
  • Table 11 Train List

Section 1. Introduction

1.1 Background and Overview

1866 is a game in the 18xx series originally developed by Francis Tresham, without whom none of this might have happened.

Most games in the 18xx family consist of an alternating series of stock rounds, in which players buy and sell shares in companies, and operating rounds, in which players act as company directors to operate those companies.

1866 offers a twist on this normal sequence of play. There are no stock rounds. Instead players buy ST tokens, each of which provides a single stock turn action every operating round. Subject to stock turn action taken, the ST tokens move on the stock market. They operate interspersed with the companies also on the stock market.

The game comprises a series of rounds. These are:

An Initial Auction Round in which concessions, stock market tokens, directors certificates of public companies, and minor national companies are sold. These components are detailed in Section 2.

A number of Operating Rounds in which the companies operate and players take stock turns in order of descending stock market value.

1.2 Winning

At the end of the game, the winner is the player with the greatest personal wealth ― measured as personal cash in hand plus the value of their owned shares. Assets held in companies do not count towards player wealth. One of the fundamental concepts in 18xx games is that player assets and company assets are different and cannot be mixed.

1.3 Etiquette

Players should attempt to speed play as much as possible: players are encouraged to think about their turn during other players' turns. Other players should assist the banker(s) by claiming payments in a timely manner.

Any agreements made between players are non-binding and must be known to the other players: secret deals between players are not allowed.

Personal cash and shares, and company cash and other 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.

Section 2. Components

2.1 Map

2.1.1 Overview

The gameboard shows a map of most of western Europe superimposed with a hex grid. The countries and regions used in the game are shaded in different colours. Cities are shown as open white circles. Some cities have letters (C, Y) denoting that only similarly marked tiles may be placed on them. Towns are shown as black dots. City destinations beyond the map boundary are shown as grey shaded hexes with preprinted track (known as off board locations). These are either normal tokenable city locations or plain track.

A city location is a group of white spaces on a city hex that is surrounded by an outer white outline. Most city hexes have a single token space in yellow and multiple token spaces in a single city location in green, brown and grey upgrades. However, some of the "C" track tiles have more than one city location.

Some hexes have black track extensions leading into the sea. These allow track tiles to be placed legally but serve no other purpose.

2.1.2 National Boundaries and Operating Rights

The map features many nations of Europe shaded with a different colour for each one. Germany and Italy are each divided into five regions (which each have particular shading) to show the states that operated independently before the Germany and Italy unifications following the 7 weeks war in 1866.

Each public company in the game has a home country and operates natively within it. Additionally, public companies can extend their operations into other regions or nations if their directors can confer operating rights in those nations. They are granted rights to operate in other regions or countries when their director is also a shareholder in the (minor or major) National Company of that region or country.

National companies may only ever operate within their respective nation.

(add reference, probably 12.3 routes).

2.1.3 Lombardy-Venetia

At the start of the game the Lombardy-Venetia province (one of the five Italian regions) is considered to be part of the Austro-Hungarian Empire. All companies based in the Austro-Hungarian Empire (including the major national company) can operate in the Lombardy-Venetia province until the Italian major national company forms. The Lombardy-Venetia province is shown by the cross-hatching on the map.

The Lombardy-Venetia minor national company is restricted to operating within its borders: it cannot operate in Austria-Hungary. Similarly, the SFAI public company is only native to the Lombardy-Venetia Province, then later Italy. It can only operate in Austria-Hungary if its director owns a share in the Austro-Hungarian Empire, conferring operating rights to it.

The three public companies native to Austria-Hungary (BH, SB, FNR) can operate in Lombardy-Venetia (as if they were native) prior to the formation of the Italian Major National Company. Once the Italian Major National Company forms then they may only operate in Italy if their director owns a share in the Italian Major National Company and hence can confer operating rights to them. If they do not have operating rights, then any tokens that they may have placed in Lombardy-Venetia prior to the formation of Italy are returned to the most expensive empty space(s) on their charter without compensation upon its' formation.

2.1.4 Ports

Ports are indicated by anchor symbols printed on the map. Such hexes have a port bonus value that increases with the game phase as indicated in the coloured bar printed on the map in the "Port Bonus" box. Ports allow shipping of goods or transport of passengers overseas. Port tokens are provided to mark such hexes when the hex has been covered by a tile.

2.1.4 Ferries

Ferry routes are shown as solid black track on the map and are treated as regular track. Ferries cannot be used until the respective phase has been reached (a token is provided to serve as a reminder). Once the respective phase is reached, the ferry connection is available for the remainder of the game.

The routes between Sardinia and mainland Italy or between Sardinia and Corsica are available from the start of the game and may be used throughout the game. Note that the minor national company Kingdom of Sardinia can use the ferry between the island of Sardinia and the mainland region of the Kingdom of Sardinia, but it cannot use any other ferry routes.

The four ferry routes marked with coloured hexagons (three near England and one between Bari, Italy and Austria-Hungary) are phase restricted. They cannot be used until phase 3 (green) or 5 (brown). Track can be placed leading up to these hex edges but the ferry route cannot be used until phase 3 for green edges or phase 5 for brown edges. These routes are:

H4: available from phase 5 (brown track)

G7: available from phase 3 (green track)

F8: available from phase 5 (brown track)

S25: available from phase 3 (green track).

2.2 Stock Turn Tokens

Stock turn tokens (ST tokens) provide players with stock turn actions during operating rounds as, unlike typical 18xx games, there are no stock dealing rounds. They provide the mechanism for players to buy and sell shares during the course of the game, without there being a specific stock round as in other 18xx games.

2.3 Stock Market

Tokens on the stock market show the current market value of company shares and ST tokens. Entities operate in order depending upon stock market value. If several entities have stock market tokens in the same space, then the uppermost operates first.

The market comprises a table with three rows and 37 columns. Each row in a column has the same value. This value is the stock market price (aka value) of the company or ST token occupying the space.

There are several different coloured areas; there are:

White: the minor national companies are placed in these spaces to indicate operating order. (They are not actually part of the stock market, though they are placed adjacent to it).

Pink: a company ending its turn with its token in this area closes.

Pale Grey: no special features

Yellow: during train phases L and 2 (ie the yellow track phases), companies and ST tokens can only be started in this area

Green: during train phases 3 and 4 (ie the green track phases), companies and ST tokens can only be started in this area

Brown: during train phases 5 and 6 (ie the brown track phases), companies and ST tokens can only be started in this area

Dark Grey: during train phases 8 and 10 (ie the grey track phases), companies and ST tokens can only be started in this area

Blue: when a stock turn or company token enters the blue area the end game is triggered (see section 15.1 Game end triggers)

2.4 Shares and Share Certificates

There is an important distinction between shares and share certificates.

Company ownership is represented by share certificates. Players are limited to a maximum holding of share certificates which depends on the number of players. Public Company share certificates represent either one or two shares in a company. The director's certificate represents two shares (40% or 20%) and the other "ordinary" certificates represent one share (20% or 10%). Other share certificates represent one share (10% for national companies and 50% for minor national companies).

In addition to share certificates, there are also concession certificates that represent the right of the player to open a national company. All share and concession certificates count against the overall certificate limit, as do ST tokens.

Shares represent a percentage holding in a company. They are not a physical component in the game but are represented by the share certificates. Players are limited to holding a maximum of 60% in a company. The current market value (CMV) of a company share is indicated by the company stock market token on the stock market.

2.5 Trains

The train cards represent the trains that companies operate to earn revenue. The use of these cards is further described in section ??, Operate Trains.

2.5.1 Train Types

There are three types of trains:

Local (L) trains run in one city. They may optionally run to a single small town. Only one L train may operate from each token. However, operating an L train does not restrict the operation of other types of train from the token. L trains may not gain a port bonus, but may operate in a port city. An N train and an L train cannot run on the same track.

N trains (2-train to 10-train) run to the number of large cities represented on the train card. They also earn the value of all small towns on the route. 20230831 To form a legal run they must include at least two revenue centres (ie a tokened city and a small town, or two cities). They cannot skip cities. An N train and an E train may run on the same track, but only one N train can run on each track segment. An N train and an L train cannot run on the same track.

Express trains (4E to 6E) run to 4-6 large cities and double their value. They ignore small towns completely. They only count those cities where they have a token. They cannot skip cities. 20230831 To form a legal run they must include at least two tokened cities on their route. Cities without tokens count against the train run but earn zero revenue. They do not count the value of small towns. An N train and an E train may run on the same track, but only one express train can run on each track segment. When running an E train to a port, the value of the port bonus is not doubled.

Trains are printed double sided (L trains on the reverse side of 2 trains, 4E on the reverse of 6, 5E on the reverse of 8, and 6E on the reverse of 10 trains). The purchaser decides which side to use and cannot change this choice once the train has been purchased from the bank.

2.6 Infrastructure

Besides the train cards, companies can also purchase infrastructure. There are three types of infrastructure: Palace Cars, Distribution Hubs, and Mail Contracts. Their use is further detailed in section 8.2.5.2, Operate Trains. Only public companies may own infrastructure.

The infrastructure is represented by cards, similar to the train cards. These cards produce bonus capital that is paid directly to the company's treasury and does not count in the company's earnings.

Palace Car Cost £75: Available from Phase 1 (Yellow)

The Palace Car pays £10 per town visited from which revenue is collected, to the company treasury. Does not work with an E train.

Distribution Hub Cost £140: Available from Phase 3 (Green)

The Distribution Hub pays the value of any one city visited by a train to the company treasury. The operating company must have a token in the selected city.

Mail Contract Cost £200: Available from Phase 5 (Brown)

The Mail Contract pays a bonus to the treasury equal to the sum of the values of the start and end cities of a single train's route. The operating company must have a token in the city to claim the bonus. If the company only has a token in one of the two cities then it can only claim the bonus for the tokened city. The cities must be at the endpoints of the route. The route cannot extend to towns beyond either end city.

2.7 Other game components

2.7.1 Track tiles

Track tiles are placed on the map board to represent track development. Initially only yellow tiles may be placed, but later in the game, green, then brown, then grey tiles become available through phase progression. Development proceeds in order: a tile may be upgraded by replacing it with a tile of the next colour. 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. When available, upgrade tiles may be laid directly on pre-printed hexes.

Plain track is shown as a single solid black line on track tiles in the yellow phase. It is placed on blank hexes or hexes that only contain terrain costs.

Towns 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 upgraded tiles. Cities are represented by large open circles, and are either unlabelled or labelled Y, or C). Unlabelled city tiles may be placed only on un-labelled city hexes. Labelled city tiles may be placed only on correspondingly-labelled city hexes.

Offshore arrows (adjacent to various coastal towns) allow greater flexibility in track placement and upgrades but have no other effect on the game.

2.7.2 Round Tracker

The round tracker is used to track the status of the game. It tracks the Initial Auction Round, the intermediate operating rounds and then the game end sequence.

2.7.3 Dividend Tracker

The dividend tracker is used to record revenue earned by a company. It is an optional play aid to assist players in remembering the revenue earned by each company when it operates to either assess its value, or to operate the same route(s) without having to recalculate revenue.

2.8 Railway Companies

There are four company types represented in the game:

Concession: six are offered for auction in the Initial Auction Round. These give the right to launch Major National Railways (excluding Germany and Italy).

Minor National Railways: There are five German and five Italian regional companies that are offered for auction in the Initial Auction Round. Later in the game theses convert to shares in the German and Italian Major National Railways (respectively).

Major National Railways: Eight national companies that represent the government interest in building railways within their national borders

Public Companies: There are 16 public companies in the game, of which 11 are selected semi randomly for use in each game. These are formed by players as five-share companies and can later convert to 10-share companies.

Section 3. Game Setup

3.1 Starting Companies Setup

Randomly select one of the public companies based in each of France, AHE, Germany & Italy and place it in the initial offerings area. Randomly select a further seven of the remaining twelve public companies and place them in the initial offerings. Five public companies are not in play.

3.2 General Setup

Randomly determine player order.

Distribute the start money and set up the bank within reach of the table. The value of the bank is unlimited, but mixed denominations up to a total value of £25,000 might be required. Lay out all of the components so that they are accessible and visible to all players.

Place the home tokens for all public companies on the map in their home stations. Those companies not in play start with their tokens upside down to signify that they are unavailable. All public company home tokens, whether in play or not, block the station token space.

Place the certificates of all of the national companies in the Initial Offerings.

Note that the Director's certificates for Great Britain, France, Austro-Hungarian Empire, Benelux, Spain and Switzerland are printed on the back of the concession certificates. The German and Italian Director's certificates are printed on the back of Prussia and Kingdom of the Two Sicilies Director's certificates respectively.

3.3 Initial Auction Round Setup

Shuffle the six concession certificates together with the 10 minor national company certificates. Place them in a stack with only the top certificate visible. The order of the certificates in the stack is secret and players MAY NOT inspect the stack of remaining certificates. Once the top item in the stack has been auctioned it is given to the winning player, revealing the next item in the stack available for auction.

20230116 If all players agree, the stack of future certificates can be spread out allowing inspection of the order in which the certificates become available. This makes it easier to track which certificates have been sold and which are still to become available.

Randomly determine player seating order with the player order cards. Turn order varies throughout the game so it is not important for players to reseat in this order.

3.4 Initial C Tile Distribution

Randomly select and place one of the seven white track tiles with an image of a C tile configuration on each hex marked with a C. When a company first lays track in the C hex, it must use the C tile with the track configuration shown in the image. It can place the tile in any legal orientation.

Section 3.5 (Short Scenario) is struck through in the source revision and is omitted here.

3.6 20230116 Optional Set Up for Additional Variability

3.6.1 Introduction

The three optional set ups described below can be used separately, or in any combination, by agreement of all players. They are intended to add some variability to the game set up to reduce the extent to which some opening strategies (minor national company track laying in particular) can become somewhat scripted.

3.6.2 Company Destinations.

For each company in play, randomly draw a tile. If that tile is one from the company's home country, then discard and redraw, then return the tile to the draw pile for the next company selection. Otherwise the tile is placed on the company charter and indicates the (non-historical) destination for the company.

3.6.3 Double Town Locations.

Randomly draw one tile from the selection for each of the locations below and place on the map:

Austro Hungarian Empire: K24, L21

Benelux: H13

Germany: existing double town locations plus H19 and J17

France: existing double town locations plus L9.

Italy S22

The selection includes 5 blank tiles, 5 single town tiles and 8 double town tiles.

Add one of each yellow tile 630, 631, 632 and 633 to the tile mix available.

The tiles become the new base map hex type - blank, single town or double town, replacing the hex type as printed on the map. If the tile changes the base map, then leave the tile in place to indicate this map change. If the tile matches the base map, then it can be removed. Note that some of these locations have terrain costs. If the base map is changed by the tile, then the terrain cost is ignored for the game. If the base map is unchanged by the tile then the terrain cost still applies.

3.6.4 City Adjustments.

Randomly draw a tile from the selection for each city including the grey off board locations, but excluding C cities : Y cities; and company starting locations.

Each tile may modify the city as described below:

Blank tiles: remove and discard. No change for this game

+10: replace the tile with a +10 token. This city payout is increased for this game

One fewer token slot: replace the tile with an X/black token (ie a blocking token)

One additional token slot: replace the tile with a white station token

Terminus: leave this tile on the map

Section 4 Game Flow

The game starts with an Initial Auction Round (IAR). During this round the 5 German and 5 Italian Minor National Companies, and the Concessions for the six Major National Companies are auctioned one at a time. See section 5 for details of the IAR.

Following this there are a number of Operating Rounds (ORs). See section xxx for details of OR actions.

There are an unlimited number of L/2 trains available for purchase by Public Companies during OR1 and OR2. At the end of OR2 all unsold L/2 trains are removed from play and the 3 trains become available for purchase.

There are three game end criteria (purchase of the first 10/6E train, ST token or company token entering the blue area on the stock market). See section xxx for details of the game end process. The game ends at the end of the current OR when a company token enters the blue area. For the other two criteria a further three ORs are played, with the final OR having limited company actions.

Section 5 Initial Auction Round

The six concessions for the Major National Companies together with the ten Minor National Companies (five German and 5 Italian) are sold during the IAR. See section 3.3 for IAR set up. These certificates are placed in a stack and sold to the players as detailed below.

Player 1 must select the top item from the stack and either bid (starting at the minimum bid value, or more in multiples of £5) or decline to join the auction. Going around the table in player order number, players may either decline to join the auction, pass or increase the bid. Bids must be multiples of £5.

If a player declines to join an auction, they may instead purchase a ST token or form a public company. Once a player has joined an auction, they forfeit the opportunity to take either option if they later pass during that auction .

To purchase a ST token, they place it on the stock market in an empty yellow-shaded space and pay that amount to the bank.

To form a public company, they purchase the 40% director's certificate. Only the 40% director's certificate can be purchased during the Initial Auction Round. Secondary 20% certificates can be purchased only by using a ST token action in a later operating round, or as part of the conversion from a 5-share to a 10-share company.

If a player declines to join the auction or passes, they may not rejoin the auction for that concession or minor national company. Once all but one player passes, the auction is over and the winner pays the bank. If no player bids on a certificate, that concession or Minor National company is temporarily removed from the game (until phase 5 - see section ???).

Subsequent auctions are started by the next player in player order number. Thus auction 1 is started by player 1; auction 2 by player 2, etc. The winner of an auction does not affect who starts the subsequent auction.

Once all items from the initial auction are sold or passed, start the first Operating Round.

Players should note that, other than in the Initial Auction Round, or during conversion of Public Companies of which they are a director, from 5 share to 10 share companies, they can only buy or sell shares using a stock turn action granted by a ST token. Failure to purchase at least one ST token during the Initial Auction Round will therefore result in a long and disappointing game for the player concerned.

Section 6 Operating Round Overview

6.1 Operating Round Structure

Each operating round comprises the following actions:

Pay unconverted concession revenue

Operate the German Minor National Companies in order G1 to G5

Operate the Italian Minor National Companies in order I1 to I5

Stock turn tokens, public and major national companies operate.

Stock market price order is the order in which companies and player stock turns operate, based on their position on the stock market. Tokens operate in descending stock market price order. Although the three rows of the stock market all have the same value, in this context, the top row is considered to be higher price than the middle row, which in turn is higher than the bottom row. Of tokens in the same square on the stock market, the tokens operate in descending order from the top to the bottom of the stack.

6.2 Game Phases

When the first train of each type is purchased some of the conditions in the game change. The trains are numbered by their "level". The effects of entering a new phase is described below and summarised on the phase table.

When a phase changes, the new rules / conditions come into effect immediately.

Trains held by companies in excess of their train limit must be placed in the bank pool, without compensation.

The first operating round starts in phase 2.

L and 2 trains are available for purchase from the bank;

Level 2 infrastructure (Palace Cars) become available;

Only yellow track tiles are available;

The leftmost value is used for off board locations;

Train limit for 5 Share public companies is 4.

Companies and ST tokens can only start in the yellow shaded boxes on the stock market.

Public Companies may lay up to 4 yellow track tiles.

Note that all unsold L/2 trains are removed from the game at the end of the second operating round.

Phase 3 starts when the first 3 train is purchased. The 3 trains become available for purchase at the start of the third operating round.

L trains rust;

Green tiles available;

Second value is used for off board locations;

Public companies may convert to 10 share companies;

Trains may be purchased from another company. Public companies can pay any price from £1 to £available cash.

German and Italian National companies may form;

Train limits for 5 /10 Share public companies are 3 and 4 respectively;

Companies and ST tokens can only start in the green shaded boxes on the stock market.

Level 3 infrastructure (transport hub) becomes available;

Public companies may upgrade one yellow track tile to green as part of their 4 track tile allowance.

Phase 4 starts when the first 4 Train is purchased.

2 trains rust;

Phase 5 starts when the first 5 Train is purchased.

The German and Italian Minor National Companies must immediately close to form their respective National Companies. (Must float at the lowest legal price in the brown zone when forced to form.)

In addition, if they have not already done so, the concessions for Great Britain, France, Austro-Hungarian Empire, Benelux, Spain and Switzerland close and their owner must buy the 10% directors certificate. (May float at any legal price in the brown zone when forced to form.)

The formation / conversion to form the National Companies happens in set order: Switzerland, Spain, Benelux, Austro-Hungarian Empire, Italy, France, Germany, Great Britain.

Brown tiles available;

Third value is used for off board locations;

Train limits for 5 /10 Share public companies are 2 and 3 respectively:

Companies and ST tokens can only start in the brown shaded boxes on the stock market.

Level 5 infrastructure (mail contract) becomes available;

Public companies may make up to two track tile upgrades (yellow to green, or green to brown) as part of their 4 track tile allowance.

Phase 6 starts when the first 6 or 4E Train is purchased.

3 trains rust;

Phase 8 starts when the first 8 or 5E Train is purchased.

Grey tiles available

4 trains rust

Fourth value is used for off board locations

Train limits for 5 /10 Share public companies are 1 and 2 respectively:

Companies and ST tokens can only start in the grey shaded boxes on the stock market.

Public companies may make up to three track tile upgrades (yellow to green, green to brown, or brown to grey) as part of their 4 track tile allowance.

Phase 10 starts when the first 10 or 6E Train is purchased.

Triggers the end of the game: See section 13.1

Public companies may make up to four track tile upgrades (yellow to green, green to brown, or brown to grey) as part of their 4 track tile allowance.

Section 7 Stock Dealing

7.1 ST Tokens

7.1.1 General

Throughout the game, players will use ST tokens to buy and/or sell shares and other ST tokens. A ST token is a token on the stock market, which moves on the market in accordance with actions taken when it operates. The stock market token grants a stock buying or selling action to the owning player when it operates during the operating round.

The following restrictions apply to stock dealing:

Maximum holding in a public company for any player is 60%.

The maximum number of shares of any one company in the bank pool is 50%. Shares may not be sold into the bank pool if their sale would cause this limit to be exceeded.

It is permitted to sell shares in a company that has not operated.

When a ST token buy action is used to buy the directorship of a company or another ST token, the new token is placed on the stock market.

If the new token is to the right of or above the starting location of the purchasing ST token, then it will not operate in the current operating round. If it is on the same space, below or to the left of the purchasing ST token, then it will operate in the current operating round.

7.1.2 ST Token Attributes

Stock turn tokens have the following specific rules / attributes:

ST tokens provide stock turn actions during operating rounds.

They can only be owned by players.

Once purchased, they count against the certificate limit.

They can be closed during an operating round as part of their stock turn action.

7.1.3 Purchase of ST Tokens

Each player is allocated a number of ST tokens that are available for purchase, depending upon the number of players in the game. See Table 1

Stock turn tokens are purchased as a stock turn action either in the Initial Auction Round or by using another stock turn action in an operating round.

The player pays the stock market value of the token space to the bank. Initially only the yellow shaded spaces are available, but as the game progresses the green, brown and grey areas become available instead. Like the formation of the major companies, the choice of market price is restricted to the current game phase colour.

A ST token can only be purchased and placed on an empty space shaded in the current phase colour on the stock market. If there are no unoccupied spaces of the current phase colour, the ST token cannot be purchased. The shaded space must match the current phase: e.g. in phases 1 and 2, only the yellow shaded boxes; in phases 3 and 4 only the green shaded boxes etc.

Players are not obliged to buy all of their ST tokens. Any unplaced tokens are retained by the player and can be purchased by the player as a stock turn action in future rounds. Such unplaced tokens do not count toward the certificate limit.

7.1.4 ST Token Operation

When a ST token operates, the owning player may pass or take stock turn actions.

Before taking stock actions, the player may choose to close the currently operating ST token. The player receives the stock market value in cash from the bank. The ST token is permanently removed from play and no longer counts against the certificate limit.

If the player takes stock turn actions, the following actions may be chosen.

Pass

Or Sell share certificate(s).

Or Perform one of the following buy actions:

Repay player loan. If the loan is repaid in full, this counts as a buy action and the ST token moves one space to the right on the stock market.

Buy a share from the bank pool, initial offering, or company treasury, potentially including converting a concession to do so.

Buy a ST token.

Or sell certificate(s) and then perform one of the above buy actions.

After performing the actions, adjust the value of the ST token that was used for the stock turn according to the respective action taken.

If the player passes, the ST token moves two spaces to the right on the SM.

If the only action is to sell certificate(s), the ST token moves one space to the right on the SM.

If the only action is a buy action, then the ST token token moves one space right on the SM.

If the ST token is used both to sell certificate(s) and perform a buy action, then the ST token does not move on the SM.

If the player holds a personal loan at the end of the stock turn action, then the ST token will not move on the SM.

7.2 Change in Directorship

7.2.1 Sale of Shares

If a company director sells shares in a company, and as a consequence has fewer shares than another player in that company, the Director's certificate is exchanged. The outgoing director exchanges the directors certificate for two normal certificates from the new director. The exchange is made before completing the sale, allowing the outgoing director to sell just a single 10% (10-share) or 20% (5-share) certificate. It is not possible to sell the directors certificate directly to the bank pool: it must be exchanged for two normal certificates from another player to enable the sale to take place.

In the event of a Director's sale, the Director's certificate is transferred to the player with the largest holding. This is not a stock action on the part of the new director, so they do not need to have any ST tokens on the stock market.

In the event of a tie the Director's certificate is given to the tied player whose ST token would operate first, after the player selling the shares. This may be in the current or next operating round. In the event of a tie in which none of the tied players has any ST tokens on the stock market, then the sale cannot take place (because there is no tie break mechanism).

7.2.2 Purchase of Shares

If a player purchases shares and as a consequence holds a greater percentage than the current director, that player becomes the director.

The new director exchanges two ordinary 10%/20% share certificates for the 10%/20%/40% director's share certificate from the former director.

If the former director was at certificate limit, this exchange will result in them being over certificate limit. In this case, they must sell at least one certificate, to bring them back to within certificate limit as part of their next stock turn action. If they do not have any remaining ST tokens on the stock market, then they are unable to do this and the obligation is waived.

7.2.3 Check Operating Rights

When a transfer of directorship occurs, the new director must immediately review the map tokens of the company. If any tokens are within countries for which the public company no longer holds operating rights they must be removed from the map. They are placed on the company charter in the most expensive vacant token space without compensation to the company.

7.3 Sale of National Company Shares: Operating Rights

If a player sells all of their shares in a National Company, then all of the Public Companies, of which they are the director will lose their non-native operating rights in that country. Any tokens on the map in such a country are returned to the most expensive available station token space(s) on the company charter, without compensation.

7.4 Share Price Movement Due To Sales

Selling shares will cause the company stock market token to move:

If the company Director sells shares, or the company issues shares, the token is moved left one column per certificate sold, or two columns left for the director's certificate.

If the sale is made by a non-Director player the token is moved down one row per certificate sold.

Section 8 Company Operations

8.1 Company Types

8.1.1 Concessions

There are six concessions, which grant the right to start the Major National Companies (excluding Germany and Italy, which are started by merging the Minor National Companies).

Concessions have the following specific rules / attributes:

The concessions are for: France, Great Britain, Austro-Hungarian Empire, Benelux, Spain and Switzerland.

They are purchased during the Initial Auction Round.

They count against the certificate limit.

They have no value and provide no discount towards the purchase price of the associated company.

They pay £10 dividend at the start of each operating round.

They reserve the right to float the associated Major National Company: no other player may float the respective company.

The six concessions are automatically converted at the start of phase 5 if they have not been exercised before then. The concession owner is obliged to float the associated national company.

Concessions do not grant operating rights.

8.1.2 Major National Companies

The eight National Companies (Great Britain, Germany, France, Austro-Hungarian Empire, Italy, Spain, Switzerland and Benelux) each represent a country or area in Western Europe, and each is treated as a country for game purposes. These companies only operate within their national boundaries.

National Companies have the following specific rules:

France, Great Britain, Austro-Hungarian Empire, Benelux, Spain and Switzerland (ie the six Major National Companies with an associated concession) are formed by conversion of their respective concessions.

Italy and Germany start as multiple minor national companies, which may convert starting in phase 3 and are forced to convert in phase 5 to their respective Major National Companies.

They can only lay track and run trains within the borders of their country.

They don't have tokens and tokens don't block their route.

They can lay their first track in any city within its national boundary. Future track lays must either include a city hex; or extend the route of existing track; or upgrade a track tile on an existing route. In this context, a route is limited to the track within the national boundary of the company.

England and Spain are only off-board areas and as such do not actually operate. Their shares pay a fixed dividend as per table ???.

Track building allowance is one tile per shareholder. Starting with the Director, then continuing in seating order around the table.

The companies have no treasury cash or shares.

The Major National companies pay a fixed revenue in accordance with table 13.

The share structure is a 10% director certificate and four 10% ordinary share certificates, with the CMV representing the value of a 10% share. The other 50% of the company is held by the bank and cannot be purchased.

Ownership of a national company conveys the right to operate public companies within its national boundaries to the owning player. Example: To perform any operations in Switzerland, the director of the OU (a French public company) would need to own at least one share of the CH National company. Thus, ownership of the CH share conveys the operating rights to all of the public companies for which that player is the director.

8.1.3 Minor National Companies

The ten Minor National Companies (Germany 1 to 5 and Italy 1 to 5) each represent a region in Germany or Italy respectively. These companies only operate within their regional boundaries. During the course of the game, they will merge to become the German and Italian National Companies.

Minor National Companies have the following specific rules:

The five German and five Italian Regions begin the game as Minor National Companies.

Minor National Companies can only lay track and operate trains within their Regional border.

They don't have tokens, and tokens don't block their route.

A minor national company can lay its first track on any city within its regional boundary. Future track lays must either include a city hex, extend the route of existing track, or upgrade a track tile on an existing route. In this context, a route is limited to the track within the regional boundary of the minor national company.

Minor National Companies have no charter, treasury cash, or trains.

Minor National Companies' revenue is calculated by running a hypothetical train of infinite length, within its regional boundaries. This train is allowed to run a route of just a single station.

Minor National Companies are 2-share companies. The share structure of the 2-share German and Italian minor national companies is a single 50% director certificate. The other 50% of the company is held by the bank and cannot be purchased.

The German and Italian minor companies each convert to shares of their respective country's Major National Company.

Minor National Companies count against the certificate limit.

Ownership of a minor national company conveys the right to operate public companies within its regional boundaries to the owning player. Example: Prior to the formation of Germany, to perform any operations in Prussia, the BY (a Bavarian / German public company) would require its director to own the Prussia Minor National company. Thus ownership of the Prussia share conveys the operating rights to all of that player's public companies.

8.1.4 Public Companies

There are 16 public companies in the game of which 11 are semi-randomly selected to be in play. The other five companies are removed from play.

Public Companies have the following specific rules / attributes.

Start as 5-share companies, but can be converted to 10-share companies once the game has entered phase 3

The share structure of the 10-share public companies is a 20% director certificate and 8 single 10% share certificates, with the CMV representing the cost of a single 10% share.

The share structure of the 5-share public companies is a 40% director certificate and 3 single 20% share certificates, with the CMV representing the cost of a single 20% share.

Cannot lay track or tokens in a country (nor trace a route through a country for this purpose in another country), nor operate trains in a country, unless they have operating rights for that country.

Automatically have operating rights in their home country/region, Example: the Public Companies based in Germany and Italy only have operating rights within their Minor National regional boundaries until the formation of Germany and Italy respectively. Once the German and/or Italian National Companies form the German and /or Italian Public Companies gain operating rights within the whole country.

To gain Operating Rights beyond their home country, their director must own at least one certificate in the respective national or minor national company. Without Operating Rights for a country or region, public companies may not take any actions within that country or region. A company cannot trace a route along track, through a country or region, to perform operations in another country or region beyond it, unless it has operating rights in all intervening countries or regions.

Floated by purchase of the director's certificate.

Once floated, all unsold share certificates of a public company are held in the company treasury on the company charter. Shares held in company treasury pay dividends to the treasury, and their purchase price is also paid to the treasury.

The maximum share-holding in a company allowed by any player is 60%.

All companies must own a train at the end of their turn irrespective of whether they have a route or not.

Companies are restricted in the total number of loans that they can take.

Five share companies may take at most 5 loans

Ten share companies may take at most 10 loans.

If a public company loses operating rights, either through its director selling shares in that country / region, or as a consequence of a change in directorship of the public company (where the new director does not have any shares of the relevant national company), then it loses the right to operate in that Country or Region. Any tokens placed in such an area are removed immediately and returned to the most expensive free space in the available tokens area on the company's charter. The company is not compensated for the tokens.

8.2 Company Actions in an OR

During a company operating turn, the company performs the following actions. Some of these actions only apply to Public Companies (ie not to Minor or Major National Companies). Some of these actions are optional, but if the action is taken it must be taken in this strict sequence.

First turn housekeeping

Convert from 5-share to 10-share

Lay track

Place station tokens

Operate trains

Distribute revenue

Adjust SMP

Buy trains

Buy infrastructure

Pay loan interest

Repay loans

Issue / redeem shares

Check for company SMP £0

Check for company SMP in blue zone of SM

8.2.1 First turn housekeeping

First turn housekeeping is carried out at the beginning of a Public Companys' first turn.

Public companies may buy a single L train.

8.2.2 Convert from 5-share to 10-share

Public Companies can be converted from 5-share to 10-share starting in phase 3. The company share price does not change as a consequence of the conversion.

The company director announces the conversion and turns the last 5 shares of the company face up and places them in the company treasury. The company director may buy additional shares from the company treasury to increase their holding up to 60%. The company director may only use cash on hand to fund the purchase of additional shares: they may not sell any shares to raise the cash for the purchase.

Companies may still convert from 5 to 10 share once the game enters the end game sequence, but the director may not buy additional shares at this point.

8.2.3 Lay track

For Public Companies, 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. For National Companies, the company may lay any yellow city tile as their first tile lay. Future tile lays must either be on a city, upgrade an existing tile, or extend an existing route.

New track can be placed on the hex grid to extend the route of a company, initially from its home station marker, but in later operating turns to extend any route from any of its station markers.

When laying new track or upgrading a plain track, some of the track on the newly placed tile (not necessarily track which is present on the old tile) must form part of 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. Town and 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 or faces an impassable hex side. Small and large city track tiles may also be placed or upgraded if the operating company can trace a route to them.

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 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 brown and grey coloured track tiles, there are tiles for plain track, towns and cities with 4 or 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, and 5 in preference to 4, if possible.

There are seven different configurations of C tile. Once a C tile has been placed in yellow, its configuration cannot be changed, i.e. C1 cannot be upgraded to C10, C7 cannot be upgraded to C16, and C13 cannot be upgraded to C22.

Note that for all companies, track laying is subject to the restrictions noted in section 2.3 International Boundaries and Operating Rights.

The map contains a number of rivers, rough terrain, hills and mountain ranges. For Public Companies, placing yellow track tiles in these regions, known as "difficult terrain" costs the laying company the respective fee:

● Large rivers are shown as double marsh symbols (cost £40).

● Small rivers are shown as a single marsh symbol (cost £20).

● Rough terrain is shown as a black mound symbol (cost £60 or £40).

● Hills are shown by a black triangle (cost £90).

● Mountains are denoted by a double black triangle (cost £120).

National Companies do not pay terrain costs.

A company may always place less than its full allowance and it may choose to play no track at all. If multiple tiles are being played, the route extended by later tiles may include track on earlier ones, but need not.

In Phase 3, green tiles become available, in Phase 5, brown tiles are available and in Phase 8, grey tiles are available.

8.2.3.1 Public Company Track Building Allowances

Track Cost: first track lay is free, £10 for second tile, £20 for third, £30 for fourth (maximum).

Can lay and upgrade in the same hex.

Terrain costs are additional to these costs

May take loans to pay for track laying, but the company director may NOT contribute to the cost if the company cannot take sufficient loans.

Phase 1&2: 4Y; Phase 3&4: 4 track, max 1 Upg; Phase 5&6: 4 track, max 2 Upg; Phase 7&8: 4 track, max 3 upgrade; Phase 9&10: 4 track, max 4 Upg.

8.2.3.2 National Company Track Building Allowances

20260311 Each shareholder of a Major National Company may lay one track tile on its behalf per OR. The director lays the first tile and other shareholders take turn in clockwise order around the table.

Minor National Companies may lay one track tile per turn.

Track must either extend an existing route, upgrade a city or town, or start a new route in an undeveloped city.

They do not pay any costs associated with track laying.

Track laying allowances are summarised in table 12.

8.2.4 Place station tokens

Each Public Company has a total of eight tokens. These comprise one each to represent its stock price and latest earnings and up to six to represent stations on the map.

The PLM starts with two of its station tokens in play, the other Public Companies all start with just one. Note that there is no requirement for a public company to lay any track on its home hex.

Each turn a company may place a single station token. It may never place more than one of these per turn.

Note that token placement is subject to the restrictions noted in section 2.1.2 National Boundaries and Operating Rights.

A company which has a station token available may place it on a vacant city space which is on a route of the company. No more than one station token of any company may be placed in any single hex.

Once placed, station tokens may not be moved.

Station token placements other than home stations must be paid for: the cost is 1st 20, 2nd 40, 3rd 60, 4th 80, 5th 100. The company MUST use the cheapest available token. For the PLM, which starts with two tokens on the map, additional tokens cost is 1st 20, 2nd 40, 3rd 60, 4th 80.

The company may take a loan to place a station token, but the company director may NOT contribute to the cost if the company cannot take sufficient loans.

8.2.4.1 20230116 Optional rule - Company Destination Token

If company destinations are being used, as per rule 6.6.2, then the following rules apply.

When a company can trace a route to its destination city and chooses to place a token, take its home token (which has the destination sticker on the bottom side) and place it with its destination side up. The company then buys its next available token and places this on the home city.

If a company loses operating rights in the destination country, then return the destination token to the home city and return the normal token to the charter.

8.2.5 Operate trains

See section 2.5.1 for an overview of train types and section 8.3 for a definition of routes.

8.2.5.1 Train Operations

Cities are large open/tokened circles.

Towns are small black dots or cross bars on track.

Express trains (E-trains) run up to 3-6 cities and double their value. E-trains only generate revenue at their own station tokens. They pass through all cities where they do not have a token, earning no revenue, but counting the city against the train's run. Towns are ignored.

E trains may run on the same track as normal trains, however, only a single E train can run on each track segment.

N trains run up to 2-10 cities and an unlimited number of towns. Their route can start and /or end at a town. They cannot skip cities. N trains can run on the same track as E trains, however, only a single N train can run on each track segment.

L trains count one City and optionally one Town. Public Companies may only run one L train in / from each token.

Note that running trains is subject to the restrictions noted in section 2.1.2 National Boundaries and Operating Rights.

Minor and Major national companies cannot operate outside their national boundaries.

Minor National companies do not operate actual trains. Instead they count the value of all Cities and Towns in their Country / Province that are connected on a legal route by a hypothetical train of infinite length.

20260311: The revenue of Major National Companies is fixed as per table ??? and therefore they do not operate other than track laying.

One train cannot run to the same revenue location twice. For the avoidance of doubt, double dot tiles are two separate revenue locations. However, separate city locations on the L hex and some C tiles do count as one revenue location for this purpose.

Companies must run a train if they have one. There is no requirement to run for maximum revenue. (This allows the route to stop at a port to get the bonus or to stop at any city to use the mail contract infrastructure, rather than running beyond them to maximise revenue.)

8.2.5.2 20230116 Optional rule - Company Destination Revenue

If company destinations are being used, as per rule 6.6.2, then the following rules apply.

When a company runs a train between its home and destination cities, the value of the destination city is doubled. The run can extend beyond the home and / or destination. If the run is made by an E train, then the doubled city value is doubled again by the E train.

8.2.5.2 Infrastructure

Following the purchase of the first train of level 2, 3 and (20260311) 5 trains, infrastructure becomes available.

There are five infrastructure improvements of each level.

Infrastructure provides payments to company treasury, but has no direct impact on company revenue.

A 5 share Public Company can own one infrastructure card.

A 10 share Public Company can own up to two infrastructure cards. However, they must be different types.

Public companies cannot sell or discard infrastructure.

A public company can voluntarily take loans (subject to loan limits) to purchase infrastructure.

Each infrastructure card is added to a train during the run trains step of a company's operation. If a company owns two infrastructure cards, each card can be added to the same train or to different trains.

E trains do not double infrastructure bonuses.

Infrastructure bonuses do not affect each other.

8.2.6 Distribute revenue

Public Companies may pay full, split 50/50 or withhold dividends. Shares in the bank pool pay their dividends to the bank. Shares in the company treasury pay their dividends to the treasury.

National companies must pay full dividends. Shares that are not held by a player pay their dividends to the bank.

Minor National Companies must pay half dividends: 50% to the owning player and 50% to the bank.

For public companies, in the event of a half dividend being paid, stock price movement is subject to the value of the dividend paid to stockholders, not the total value of the routes run.

When a 10-share company pays a half dividend, it rounds the half paid to shareholders up to the nearest £10 and the half retained down to the nearest £10.

When a 5-share company pays a half dividend no rounding will be required: 50% is retained by the company with the balance of the total value of earnings paid 10% per 10% share.

8.2.7 Adjust SMP

Company actions may cause the stock market value to change.

The SMP of National Companies moves one space to the right each time they pay a dividend.

The SMP of Public Companies will move subject to dividend paid. The share price movement is calculated based on the total dividend paid in relation to stock price: not dividend paid per share in relation to stock price. Thus 10-share and 5-share companies are treated the same. For example if a 5 share and a 10 share company both had a stock value of 120 and paid a dividend of 120 their share price would move one space to the right. Even though the 5 share company paid a dividend of 24 per share it would only move a single space to the right. If a 5 share or 10 share company pays a half dividend, then the value of the half dividend that is distributed to shareholders would be used for this calculation:

If there is no dividend paid, then the SMP moves left one space.

If the dividend paid is less than the stock market value, then the SMP does not change.

If the dividend paid is equal to or greater than the stock market value, but less than twice the stock market value, then the SMP moves one space to the right

If the dividend paid is equal to or greater than twice the stock market value, but less than three times the stock market value, then the SMP moves two spaces to the right

If the dividend paid is equal to or greater than three times the stock market value, then the SMP moves three spaces to the right.

Fractions are rounded in favour of the shareholders. For example, a 10 share public company earns £210 revenue and pays a half dividend, then £11 is paid per share and the company retains the other £100

If an entity on the stock market operates but does not change price, its stock market token stays in place and retains its place within any stack of other tokens. If a stock market token does move to a space which already contains stock market tokens, it is placed underneath any other tokens already present.

If a stock market token should move down, but is on the bottom row of the market, it moves left instead.

If a stock market token should move up, but is on the top row of the market, it moves down one and right one instead.

Note that if a company share price drops to £0 it will close and if it enters the blue shaded area at the right hand end of the stock market it triggers the game end condition.

8.2.8 Buy trains

A company that is below the train limit may buy one or more trains up to the train limit as stated in table 11.

A company may not voluntarily take loans to buy a train.

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.

If the purchase of a train lowers the train limit, companies with more trains 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 stock market price order.

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.

Every public company must own a train at the end of its turn.

A company may buy a train from the bank, or from phase 3 from another company at a mutually agreed price of £1 or over.

If the company cannot afford a train from the bank or bank pool and cannot or does not choose to buy a train from another company, it must undertake Emergency Money Raising (EMR).

Following EMR, if the company has money remaining in its treasury, it may then use some or all of its remaining money to buy a train from another company.

8.2.9 Buy infrastructure

A company that is below the infrastructure limit may buy one or more infrastructure improvements up to the infrastructure limit. (Limit is one for a 5-share company and 2 for a 10-share share company. The 2 infrastructure improvements must be different: duplicates are not allowed).

Infrastructure becomes available at the start of phases 2, 3, and (20260311) 5.

Infrastructure cannot be sold to another company or discarded.

The company may take loan(s) to buy infrastructure, but the company director may NOT contribute to the cost if the company cannot take sufficient loans.

8.2.10 Pay loan interest

Loan interest at 20% (ie £20) is paid on each outstanding loan.

The company must undertake EMR (only taking loans) if required to cover the interest payment due. Interest must also be paid on any additional loans taken to pay loan interest.

8.2.11 Repay loans

Loans may be repaid if the company has sufficient funds. Repayment of loans is optional before the game end.

For each loan repaid, move the share price vertically up one space on the stock market.

8.2.12 Issue / redeem shares

The company may issue its own shares from its treasury. Once the sale is complete, for each share of the company sold, move the stock market token left one space.

Alternatively, the company may redeem a single share from the bank pool, paying the SMP for each share redeemed.

If the game end sequence has been triggered by a ST token entering the blue area of the stock market, or by the purchase of the first level 10 train, the issuing or redeeming of shares is only permitted in the company's first operating turn after the trigger.

8.2.13 Check for company SMP £0

At the end of its operating turn, if a Public Company is valued at £0 on the stock market, it closes. All shares are returned to the initial offering without compensation and all tokens, apart from its home token, are removed from the map and placed on the charter. Any loans held by the company are settled by the bank and do not need to be repaid. All assets (i.e., trains and infrastructure) are removed from the game. The company can be restarted.

8.2.14 Check for company SMP in blue zone of SM

If the company stock market token has moved into the blue area of the stock market the end game is triggered. See sections 13??.

8.3 Routes

Many of the activities of companies revolve around routes. A route of a company is a continuous un-branched length of track. For public companies, this must include at least one city with a station token on it belonging to the company.

For public companies, 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.

Minor National companies do not have tokens and are not blocked by station tokens on the map. However, their routes may not extend beyond their regional boundaries

For public companies, their route can only extend beyond the boundary of their native country / region if their director owns shares in the relevant national company.

A route must not use any segment of track more than once.

Also refer to section 2.1.4 reference ports

A route cannot include two separate city groups on the same hex: thus it is not allowed to trace a route from London to London or from one city group to another on the split C tiles. A company cannot have two tokens on the same hex: once one token has been placed it is illegal to place the second. A route may include both of the towns on the double town tiles.

If a company has a token in a port city and the port is the start or end of a route, then the port bonus is paid to the company treasury. This bonus can only be claimed by one train per company per port city token. A train can include two ports in a route (i.e., the start and end of the route) requiring a token in each port, claiming the bonus for each. An E train does NOT double this bonus.

8.4 Stock Price Movement

Company actions may cause the stock market value to change.

If an entity on the stock market operates but does not change price, its stock market token stays in place and retains its place within any stack of other tokens. If a stock market token does move to a space which already contains stock market tokens, it is placed underneath any other tokens already present.

If a stock market token should move down, but is on the bottom row of the market, it moves left instead.

If a stock market token should move up, but is on the top row of the market, it moves down one and right one instead.

For each loan taken, move the stock market token down one.

For each loan repaid, move the stock market token up one.

Section 9 Floating a Public Company

There are spaces on the stock market that are coloured yellow, green, brown, or grey. These colours correspond to the colours of track available during different phases. New companies must be started in one of the spaces whose colour matches the current phase track availability. When starting a Public Company it must be placed in an empty space on the stock market, or a space with only ST tokens on it: it cannot be placed in a space containing another company's tokens.

Place the new company's stock market token on the stock market before moving the ST token that was used to purchase it.

Once a Public Company's Director's certificate has been purchased, the company is floated and fully operational. The company treasury receives the money paid for the directors certificate.

Section 10 Formation of National Companies

10.1 Minor National Companies

Once a Minor National Company Director's certificate has been purchased, the company is floated and fully operational. The price is paid to the bank.

Minor National companies do not have a stock market price. They operate at the beginning of each operating round in order Germany 1 to Germany 5, followed by Italy 1 to Italy 5.

10.2 Major National Companies (excluding Germany and Italy)

10.2.1 General

There are spaces on the stock market that are coloured yellow, green, brown, or grey. These colours correspond to the colours of track available during different phases. New companies must be started in one of the spaces whose colour matches the current phase track availability. When starting a National Company, it must be placed in an empty space on the stock market, or a space with only ST tokens on it: it cannot be placed in a space containing another company's tokens.

Place the new company's stock market token on the stock market before moving the ST token that was used to purchase it.

Once a National Company Director's certificate has been purchased, the company is floated and fully operational. The price is paid to the bank.

10.2.2 Voluntary Conversion

As a stock turn action (from the first operating round), the owner of a concession may declare that the national company is forming. They flip the concession to the 10% directors certificate side and select any legal available start price. They pay this price for the directors certificate.

During phase 2, National Companies may only start in the yellow shaded spaces.

During phases 3 and 4, National Companies may only start in the green shaded spaces.

At the start of Phase 5, the unstarted major national companies all form by forced conversion.

10.2.3 Forced Conversion

National companies that have not been formed when Phase 5 begins are forced to do so at that time. The forced conversions happen in set order: Switzerland, Spain, Benelux, Austro-Hungarian Empire, Italy, France, Germany, Great Britain.

For all but Italy and Germany, each concession must be converted to the respective national company director's certificate. The holder of the concession must buy the 10% directors certificate, setting the stock price at any legally available price. In this case, for stock market spaces with equal value, the top row is considered to be a higher price than the middle row, which is considered to be a higher price than the bottom row. Companies may only start in the brown shaded spaces. If the player cannot afford to convert the concession then they undertake Player Emergency Money Raising - see section 12.

In the event that a concession was discarded from play because it did not receive a bid during the Initial Auction Round, then the company forms as a forced conversion and all its shares are placed in the bank pool. Shares in the relevant National Company will only become available for purchase once the forced conversion of the concession has taken place at the beginning of phase 5.

10.3 Major National Companies - Germany and Italy

10.3.1 Timing

From phase 3, as a stock turn buy action, the Director of the Prussia minor national company may declare that the German National company is forming. German Minor National companies cannot convert until Prussia's director has formed the German Major National company. At that point, all German Minor Nationals must convert.

Similarly, from phase 3, as a stock turn buy action, the Director of the Kingdom of the Two Sicilies minor national company may declare that the Italian National company is forming. Italian Minor National companies cannot convert until The Kingdom of the Two Sicilies' director has formed the Italian national. At that point, all Italian Minor Nationals must convert.

If they have not previously been formed, the German and Italian national companies form at the start of phase 5. These happen automatically and are not stock turn actions. In this case, the formation of the Italian national is resolved before the formation of the German national. See 9.5.2 Forced Conversion for the forced conversion order if other major national companies are forced to be converted at this point.

10.3.2 Start Price

In phases 3 and 4, the German and Italian national companies are restricted to starting in the green zone on the stock market. If forming at the start of phase 5, they are restricted to starting in a brown shaded space.

In either case, the start price must be the lowest legally available space on the stock market. In this case for stock market spaces with equal value, the top row is considered to be a higher price than the middle row, which is considered to be a higher price than the bottom row.

When starting a National Company, it must be placed in an empty space on the stock market, or a space with only ST tokens on it: it cannot be placed in a space containing another company's tokens.

10.3.3 Method

The Minor National company share certificates are flipped to their reverse side and become 10% certificates. The G1 Prussia Minor company gives a 10% directors certificate of Germany. Similarly, the I1 K2S Minor company gives the 10% directors certificate of Italy.

All of the other minor national company certificates are also flipped over to become ordinary 10% certificates of the German or Italian National Company.

Once all of the minor national companies have converted, review share holdings. If any player holds more shares than the current director, then they become the director, and swap one of their 10% ordinary certificates for the 10% directors certificate.

10.3.4 Un-floated Minor National Companies

If, at the start of phase 5, either of Prussia or Kingdom of the Two Sicilies have not been floated then the bank floats the related national company. The remaining minor national companies are then swapped for 10% share certificates in their respective national companies.

Once all of the minor national companies have converted review share holdings. The player with the largest percentage holding becomes the director. In the event of a tie the directors certificate is given to the tied player holding the lowest numbered precursor Minor National company.

Other Minor National companies that had not been purchased are flipped to become ordinary 10% shares and these are placed in the bank pool. Note that, prior to the formation of Germany or Italy respectively, un-floated minor companies can only be purchased as minor companies during the Initial Auction Round: it is not possible to purchase them as German or Italian National Company shares.

In either of these cases, the national company share(s) are placed in the initial offerings and will be available for purchase from phase 5.

10.3.5 Director-less German and Italian National Companies

In the unlikely event that none of the five minor national companies from either Germany or Italy are purchased by players, then, when the Major National Companies are formed, all of their shares will be in the bank pool and there will be no director.

If a legal route exists for the National Company (because of track laid by a native Public Company, or Warsaw in the case of Germany), then the company will pay a dividend and go up in value on the SM. If no route exists (not possible for Germany, as Warsaw is preprinted track), then the stock market token will move left one space.

10.3.6 German and Italian Operations

Because the precursor minor national companies will have operated at the start of the operating round, the national company will not operate in the operating round in which it is formed[a][b]. German and Italian Minor National companies convert to a 10% share of the respective national company upon formation of its respective major national company.

Section 11 Emergency Money Raising and Company Loans

11.1 Company EMR

Emergency money raising is required if a company does not own a train and cannot afford to buy one, or cannot afford to pay its loan interest.

First, the company may issue shares from its treasury. The bank pool limit of 50% applies in this case, as does the restriction preventing the issuing of shares during the game end sequence (once the game end sequence has been triggered, the issuing of shares during EMR is only permitted in the company's first operating turn after the trigger.) Each share sold moves the price down one row per share sold.

Then the company must take loans to make up the cash shortfall to the next available train or interest payment.

The company may only sell sufficient shares and take sufficient loans to buy the train. If the company has loans or takes loans during EMR, it only raises sufficient funds to purchase the train in the train buying EMR step. It may be required to undertake further EMR in the pay loan interest step to raise funds to cover loan interest.

For the avoidance of doubt, the company is obliged to buy the cheapest train, including the trains in the bank pool.

When undertaking EMR to purchase a train, the train may only be purchased from the bank or bank pool, not another company. However, following EMR, if the company has money remaining in its treasury, it may then use some or all of its remaining money to buy a train from another company.

If EMR cannot raise enough funds to purchase a train, the liability to fund the train passes up to the director, see section xx.xx

11.2 Company Loans

11.2.1 General

Companies are restricted in the total number of loans that they can take.

Five share companies may take at most 5 loans

Ten share companies may take at most 10 loans.

Each loan has a value of £100.

Companies can only take loans to buy a train during EMR or to lay track, place a token, buy infrastructure improvements, or pay loan interest. At each step, the company may only take sufficient loans to pay for the respective activity: the company may not voluntarily take additional loans.

For each loan taken, move its SMP down one space. For each loan repaid, move its SMP up.

When conducting EMR, 5-share companies are not obliged to convert to 10-share to take extra loans.

If a company cannot afford to pay loan interest then the obligation to pay the interest is passed up to its director. See section ??.

11.2.2 Loans Held By Companies at Game End

At the end of the game, all outstanding loans double in value from £100 to £200.

Any loans held by companies at game end must be paid off. Any loans that it cannot pay are passed up to its Director. The Director MUST pay off the loan. If the player does not have sufficient cash to pay off the loans then they undertake player emergency money raising. See section 12.

Paying off the loan(s) at game end does NOT cause the company's SMP to change.

Section 12 Player Emergency Money Raising and Loans

12.1 Introduction

Players can be required for pay for items under three circumstances:

Conversion of Concessions

Repayment of Company Loans and Paying Loan Interest

Funding forced company train purchase.

When this happens, players must first use cash in hand to pay the required amount.

If they do not have sufficient cash on hand, then they must undertake Emergency Money Raising: they are not permitted to sell shares.

12.1.2 Conversion of Concessions

If a player is forced to convert one of the national company concessions, but does not have cash in hand to do so they must undertake emergency money raising.

12.2.2 Repayment of Company Loans

Company directors are ultimately responsible for the repayment of loans held by their companies. If the indebted company cannot repay loans at game end the director must pay off these loans. See section 7.3. If they do not have cash on hand to do so they must undertake emergency money raising. If a company closes before game end as a result of its stock market token ending in the £0 column, any loans it holds are paid off by the bank.

12.2.3 Funding Train Purchase

If a company is forced to buy a train and cannot raise sufficient funds to do so through optionally selling shares and obligatory taking loans, then the director must make up the shortfall. If they do not have cash on hand to do so they must undertake emergency money raising.

12.3 Player Loans & Debt

When a player is required to undertake Emergency Money Raising, they take the necessary amount from the bank to meet their cash shortfall. 100% interest is immediately added to this sum. No further interest is added to the debt.

Players may repay this debt as a ST token buy action. Until the debt has been repaid, players may not make any other buy action: this restriction extends to directors' purchase of additional shares when a company grows from 5-share to 10-share, which is also not allowed.

Section 13 Game End and Winning

13.1 Game End Triggers

There are three game end criteria. The game end is triggered when any one of them is met for the first time.

Public Company Enters the Blue Area. The game ends at the end of the operating round in which a public company enters the blue shaded area of the stock market.

First 10-train is Bought. The game ends at the end of the third operating round after the operating round in which the first level 10 train is purchased.

Stock Turn Token Enters the Blue Area. The game ends at the end of the third operating round after the operating round in which a ST token enters the blue shaded area of the stock market.

Once one end game condition has been triggered, later end game condition triggers are ignored (i.e., once condition 2 or 3 has been triggered, condition 1 has no effect on the game end sequence)

13.2 Game End Process

If a public company enters the blue shaded area, the game ends at the end of the current operating round.

If instead, the game end is triggered by the first level 10 train being purchased, or a ST token entering the blue shaded area of the stock market, the game end is conducted differently. Follow the round chart printed on the board to keep track of the remaining operating rounds.

Give every company a "final stock action" card. This includes the company that purchased the level 10 train. When a company next operates it may issue shares during EMR or at the end of its turn and if it converts from a 5 to a 10 share company the director may buy up to 60% holding in the 10 share company. At the end of its turn it flips the "final stock action" card to the "no stock actions" side. In subsequent operating rounds it may no longer issue shares even for EMR and the director may no longer buy additional shares if the company converts.

Complete the current operating round and run the next two operating rounds normally, (although subject to stock dealing restrictions noted in this section). In the final operating round, companies are further restricted in their operations and may not lay track or tokens.

During these last three operating rounds, public companies are still allowed to convert from 5 to 10 share (gaining the ability to take additional loans), but purchase of additional shares by the director is not permitted.

Stock turn tokens operate one more time and are then forced to close: in addition to closing, they can be used to sell and/or buy shares but cannot be used to buy an additional ST token.

If a ST token is used to float a company once the end game sequence has been triggered, then that company enters play with a "no stock actions" card.

13.3 Loans Held by Companies at Game End

At the end of the game, all outstanding company loans double in value from £100 to £200.

Section 14. 2-Player Variant

14.1 General

The standard rules apply except as noted in this section.

The robot player is intended to add asymmetry between the players. Players may manipulate the robot player position to gain additional benefits from it. They may place track to connect to the robot public company or assist the robot minor national company if they choose and they may buy shares in the public company. Or they can choose not to assist the robot players' company, in which case the public company will probably not have a route on which to operate its' trains.

14.2 Set-Up

There are two options: the Northern option includes Germany, Benelux, Switzerland and Austro-Hungarian Empire; or the Southern option includes Italy, Switzerland and the Austro-Hungarian Empire.

Randomly select one German or Italian public company (subject to whether the Northern or Southern option is being used) and one Austro Hungarian Empire public company. These two companies are in play. Randomly select a further 4 public companies from those available in the option nations. These are also in play. The remaining companies are not in play (but all company home tokens remain on the board as per the standard rules).

14.3 Robot Player Actions

14.3.1 Robot Player General Rules

The robot player and all of the companies that it controls do not use money. Instead all of their actions are automatic. In addition, the companies controlled by the robot player will only take a limited range of actions.

14.3.2 Robot Actions in IAR

During the IAR the robot player will do the following:

Take the first minor national to be put up for auction with the exception of Prussia or K2S, on which it will pass.

Take the first national company concession to be put up for auction.

Once it has a minor national and/or a concession, when further minor national companies or concessions (respectively) are put up for auction it will take the following actions:

1: Take the most expensive available ST token slot available.

2: Take the 2P cert of a randomly selected public company and set its stock price at the most expensive available. The robot player will only ever select one public company presidency.

3: Take 3 further ST tokens in the cheapest slots available (as 3 separate actions).

14.3.3 Robot Actions in OR1.

The robot player will use its highest value ST token to buy 3rd share in the public company for which it holds the 2P certificate.

The public company takes an L at the start of its first turn and will run it if track exists in its home station.

14.3.4 Robot Actions in All ORs (Inc OR1)

The Minor National company of which the robot is the director lays no track and takes no actions. It will operate its hypothetical train if track exists.

The robot player always passes ST token actions (apart from as noted above to buy a 3rd share in starting public company)

The Public Company controlled by the robot player will:

Lay no track

Place a token if a slot is available. If more than one slot is available choose the highest value one, then one nearest to the home station (by route, not as the crow flies). Randomly break ties.

Run trains if possible and pay full dividend, adjusting stock price.

Take the next available train from the engine shed. (Take a 2 in preference to L; for 10/6E, 8/5E and 6/4E only buy the E version if the public company has the tokens out on the map to support optimal running of the train.) If the company is at train limit, discard from the game (not to the pool) its cheapest train(s) to create a slot to enable train "purchase".

Buy the cheapest available infrastructure, subject to the ownership limit of 1 per 5-share company and 2 per 10-share company.

Grow from a 5-share to a 10-share company on its first opportunity once the game enters phase 5. The robot player will take additional shares up to 60% holding.

Easily Forgotten Rules

As a player can do stock transactions during the operating round, if a player sells a share in one of their companies, then that company cannot redeem a share in the same operating round. The same goes if the company issues a share, then the director cannot buy shares in that company during the same operating round.

If a player sells a national share to hold none in that national then a check of the players public companies should be done to assure that any tokens in the national track rights zone are returned to the company charter.

In order to score the port bonus the run must terminate at a port token.

E and N trains can run on the same track.

Stock turn tokens must close during the end game sequence. In the 18xx.games implementation they automatically close.

Company loans held at the end of the game are doubled in value and must be paid off by the company director.

Designers Notes

The designer's background essay at the start of the source's Designers Notes, and the credits block, are omitted as not rules text.

The rules are intended to be an instruction set / list of things that are permitted in the game. The rules only specify actions that cannot be taken where it is necessary to eliminate ambiguity. Just because the rules do not include specific prohibitions does not mean that the action is permitted. For example, 1817 style stock shorting and 1870 style price protection are not permitted, but the rules are silent on this. Poking your opponent in the eye with a sharp stick, stealing money, hiding track tiles so others cannot use them, and playing naked in an effort to distract your opponent are also prohibited. (You can play naked by agreement of all players if you want to.) Again the rules are silent on these and many other things. The list could be endless. Please do not use the absence of a prohibition in the rules to justify taking an action that is not expressly permitted by the rules. (I know that I will come to regret saying this, as there are bound to be things missing or only permitted by implication.).

Clarification notes [a] and [b] from the source document, attached to section 10.3.6:

[a] This doesn't make a lot of sense -- the Major will form either in a stock turn, or in a company's turn when the 5 is bought. If this happens at a higher price than the Major is set, does that mean the Major's next operating turn is skipped? If it happens at a lower price?

[b] Yes, exactly, it won't operate in the OR in which it forms.

Tables

The tables below are reproduced from the source's table layouts. Where the source's merged cells did not survive export cleanly, the cell text is reproduced as it appears in the document and the rules text governs.

Table 1 Start Money, Certificate Limit & Stock Turn Tokens

Player Numbers	2	3	4	5	6
Start Cash (£2,700)		900	675	540	450
Scenario Start Cash (£2,100)		700	525	420	350
2P Northern Scenario Start Cash (£1,300)	650
2P Southern Scenario Start Cash (£1,200)	600

Table 2 Stock Price Movement

Situation	Movement
Top / Bottom of Row
If a stock price token is at the top of a column, but should move up one row.	Move the token right one column and down one row.
If a stock price token is at the bottom of a column, but should move down one row.	Move token left one column.
Dividend Payment
If a company pays zero or no dividend	Move token left one column.
If a company pays a dividend greater than zero but less than its stock price.	No change. The token retains its relative position in a stack.
If a company pays a dividend equal to or greater than its stock price but less than twice its stock price.	Move the token right one column.
If a company pays a dividend equal to or greater than twice its stock price but less than three times its stock price.	Move the token right two columns.
If a company pays a dividend equal to or greater than three times its stock price.

Table 3 Concessions

Private Number	Name	Minimum Bid	Revenue	Special Property
1	Great Britain	£10	£10	Concession for Great Britain National Company. Closes when concession exercised to purchase the company.
2	France	£10	£10	Concession for France National Company. Closes when concession exercised to purchase the company.
3	Austro-Hungarian Empire	£10	£10	Concession for AHE National Company. Closes when concession exercised to purchase the company.
4	Benelux	£10	£10	Concession for Benelux National Company. Closes when concession exercised to purchase the company.
5

Table 4 National Companies

National company	Notes	Public companies in Region
#1: Great Britain	Formed by closing concession, from the first operating round
#2: France	Formed by closing concession, from the first operating round	4 public companies, #4, #5, 6, #7
#3: Austro-Hungary	Formed by closing concession, from the first operating round	3 public companies, #11, #12, #13
#4: Germany	Formed between phase 3 and 5 by conversion of the minor national company.	3 public companies, #8, #9, #10
#5: Italy	Formed between phase 3 and phase 5 by conversion of the minor national company.	3 public companies, #14, #15, #16
#6: Benelux BNL	Formed by closing concession, from the first operating round	2 public companies, #20, #21
#7: Spain ESP	Formed by closing concession, from the first operating round

Table 5 National Company Start Prices

Company	Phase 2	Phase 3-4	Phase 5
Germany & Italy	Cannot Float.	Float in the Green Zone. Minimum Legal Price. Exchange for Minor Certificates.	Float in Brown Zone. Minimum Legal Price. Exchange for Minor Certificates.
Great Britain, France, Benelux, Spain, Switzerland, Austro-Hungarian Empire	Float in the Yellow Zone. Any Legal Price. Player Pays for Certificate	Float in the Green Zone. Any Legal Price. Player Pays for Certificate	Float in Brown Zone. Minimum Legal Price. Player Pays for Certificate

Table 6 Public Companies

The source table lists public companies 1 to 21. Numbers 1-3 and 18-19 have no names in the source and are shown blank.

No.	Public Company	Acronym	Country	Home City
1
2
3
4	Chemins de fer de Paris à Lyon et à la Méditerranée	PLM	France	Lyon
5	Chemin de Fer du Midi	Midi	France	Bordeaux

Note to the PLM row in the source: The PLM starts with a token in Lyon and Marseilles. It does not have a £100 token.

Table 7 Track Laying Cost

	First	Second	Third	Fourth
Public Company	£0	£10	£20	£30

Terrain cost is additional to this cost.

National Company: All track laying is free. Terrain costs also do not apply.

Minor National Company: (blank in source)

Table 8 German Minor National Companies

Minor	Minimum Bid	Game Phase Available	Notes
G1: Prussia	80	Initial Auction Round	Can be exchanged for 10% Directors certificate of German National company from phase 3 (as a stock turn action) and must be exchanged immediately phase 5 starts (as an automatic, immediate free action).
G2: Hannover	60		Must be exchanged immediately upon formation of Germany (as an automatic, immediate free action).
G3: Bavaria	60
G4: Württemberg	60
G5: Saxony	60

Table 9 Italian Minor National Companies

Minor	Minimum Bid	Game Phase Available	Notes
I1: Kingdom of the two Sicilies	80	Initial Auction Round	Can be exchanged for 10% Directors certificate of Italy National company from phase 3 (as a stock turn action) and must be exchanged immediately phase 5 starts (as an automatic, immediate free action).
I2: Kingdom of Sardinia	60		Must be exchanged immediately upon formation of Italy (as an automatic, immediate free action).
I3: Lombardy - Venetia	60
I4: Papal States	60
I5: Tuscany	30

Table 10 Game Phase

Game Stage	Public Companies Available	National Companies Available	Minor National Companies Available
Initial Auction Round	All (Directors' certificate only)	Concessions	German G1 – G5, Italian I1 - I5*,
First operating round	All	All Major National companies having concessions
Phase 3		Germany / Italy

Table 11 Train List

The source table's merged cells did not survive export cleanly. The cell text is reproduced below in document order, one train per line, with empty cells left blank. Where this differs from the phase rules in section 6.2, the phase rules govern.

• Local | 50 | U* | | | 3 | 4 Tiles | | 1 Tile | 4 | N/A
• 2 | 100 | | | | 4
• 3 | 200 | 6 | | L | 6 | 4 Tiles, inc max 1 upg | | 1 yellow or 1 upg | 3 | 4
• 4 | 300 | 5 | | 2 | 8 | 3 | 4
• 5 | 500 | 4 | | | Permanent | 4 Tiles, inc max 2 upg | | N/A | 2 | 3
• 6 | 600 | 3 | | 3 | 2 | 3
• 4E
• 8 | 800 | 2 | | 4 | Permanent | 4 Tiles, inc max 3 upg | All phases: one (colour phase restricted) tile per share holder | 1 | 2
• 5E
• 10 | 1000 | U | | | 4 Tiles, all may be upg | 1 | 2
• 6E

Table 12 Infrastructure Improvements

Item	Price	Availability	Number Available	Benefit
Standard Game
Palace Car	£75	From Phase 2	5	Pays 10 for each town visited and from which revenue is collected, to the company treasury. Does not work with E train.
Distribution Hub	£140	From Phase 3	5	Pay the value of any one city visited by a train to the company treasury. The operating company must have a token in the selected city.
Mail Contract	£200	From Phase 5	5	Pay the value of the start and end cities on a route that is operated by a train to the company treasury. The operating company must have a token in each of the cities to count them (it can count just one if it only has the start or end city)

Table 13 Company Operations

Serial	Optional	Type of Company	Action	Comment
1	Yes	Public	First Turn Housekeeping	Only on the turn that the company first operates
2	Yes	Public	Convert from 5 to 10 share	Only from phase 3. Director of the company may buy additional shares up to 60% holding (except in the game end sequence of the final 3 operating rounds). Can be done on the first turn a company operates
3	Yes	All	Lay Track	Public Co may take loan if required
4	Yes	Public	Place Station Tokens	Public Co may take loan if required
5	No

Table 14 Tile Manifest

The source table lists the C tile rows below; its remaining rows are blank in the source and are not reproduced.

Yellow Track Tile	Quantity	Green Track Tile	Quantity	Brown Track Tile	Quantity	Grey Track Tile	Quantity
C1	1	C7	1	C13	1	C19	1
C2	1	C8	1	C14	1	C20	1
C3	1	C9	1	C15	1	C21

Table 15 Major National Company Dividends

Major National Company	Dividend / OR
Great Britain	35
Germany	50
Italy	50
France	40
Austro-Hungary	40
Benelux	25
Spain	25
Switzerland	10