Bonavia argued the railway industry's early years that the boards of companies were formed from local
individuals who had ‘a financial interest in better transport’. Indeed, he
related how the formation of the Great Western Railway (GWR) was through a
committee of Bristol-based businessmen representing various local bodies, such
as the ‘Bristol Corporation, the Society of Merchant Venturers, the Bristol
Dock Company, The Bristol Dock Company and the Bristol and Gloucestershire
Railway.’ Casson
argued that these committees formed the basis of the early boards of directors,
but those chosen for them were more likely to have some ‘practical business
experience.’
Furthermore, Pollins stated that the directors of the Liverpool and Manchester
Railway were ‘all important Liverpool and Manchester merchants, traders and
civic figures.’
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