1825 for 1846 players

This isn't a complete guide to the rules, just a guide to the most
important differences.

Privates don't have special powers, and aren't drafted or auctioned.
They're just dealt out at the start to provide an order of play. They
do provide a modest income. They don't expire, but will normally be
sold later to raise cash or get an extra railway certificate in under
the certificate limit.

Major Companies have an initial stock price fixed by the rules. They
are made available in a specified order. They have "full
capitalisation"; once 60% of the company is sold, it floats, gets 10x
its stock price as initial cash, but there are no Treasury shares; the
only way for the company to get more money is to withhold. The
remaining four shares in the "IPO" remain for sale at the original
price, even if the market price of the company changes.

Minor Companies are traded in 20% lumps, with the Director's
certificate being worth 40%. They come with a "baked-in" train which
can't be sold. They don't have a fixed initial price, and they receive
money as shares are sold; they start to operate as soon as they can
pay for their baked-in train. They only get one token. There probably
won't be minors in our first game.

It is permitted to sell the Director's share; there is a
"Receivership" mechanism to run a company that no-one wants 20% of
which lets it lease a train from the bank and recover. Relatedly,
there's no requirement to own a train, forced money raising, or
bankruptcy.

Shares below £50 don't count towards the certificate limit.

Like 1822, there are "towns", small stations with no token spaces that
count against a train's run. Small station hexes can grow up into
large stations with token spaces.

Brown tiles are called "russet".

As the phase changes, the number of Operating Rounds increases from 1
to 3. In the closing phases of the game, there is no train limit.

"Company credit" is a separate stock of money to that held by players,
so only players accumulating money can break the bank. The game also
ends if any stock reaches the maximum price.

Only buying shares continues a stock round. If you only sell, it still
counts as a pass.

The running order of companies is the order in which they floated. It
does not change.

Construction is normally free except in difficult terrain.

You can upgrade one tile or lay two (but they can't be in adjacent
hexes). The first tile placed on a hex always counts as a "lay", even
if the printed hex was yellow or green.

When upgrading a hex, either you must be able to reach some of the new
track on it (like 1846) or increase the value of a route one of your
trains could actually run. The difference here is that in 1846 you can
upgrade a city on the other side of the map if you can trace a route
to it; in 1825, you need a big enough train to reach it from one of
your tokens.

Station tile upgrades are weird, particularly because there are "OO"
tiles with two separate large stations. Birmingham, Glasgow, and
Manchester have their own special 'BGM' tiles. London has its own
special six-way tile.

Some hexes are reserved for specific companies; only that company can
build on that hex first.

2-Trains can be "double-headed" - run as a single 3-Train. The autorouter
doesn't understand this so you have to put the route in by hand. Sorry.

You can't half-pay; you either pay out or withhold. Stocks can
quadruple-jump if the payout is 4x the stock price. There is no
obligation for a company to have a train, or mechanism for the
Director to contribute money to it buying one.