the funding came from the government, especially in the form of land grants that could be realized when a certain amount of trackage was opened. The emerging American financial system was based on railroad bonds. New York by 1860 was the dominant financial market. The British invested heavily in railroads around the world, but nowhere more so than the United States; The total came to about $3 billion by 1914. In 1914–1917, they liquidated their American assets to pay for war supplies. Inventing modern management Railroad management designed complex systems that could handle far more complicated simultaneous relationships than could be dreamed of by the local factory owner who could patrol every part of his own factory in a matter of hours. Civil engineers became the senior management of railroads. The leading American innovators were the Western Railroad of Massachusetts and the Baltimore and Ohio Railroad in the 1840s, the Erie in the 1850s and the Pennsylvania in the 1860s. Career paths The railroads invented the career path in the private sector for both blue-collar workers and white-collar workers. Railroading became a lifetime career for young men; women were almost never hired. A typical career path would see a young man hired at age 18 as a shop laborer, be promoted to skilled mechanic at age 24, brakemen at 25, freight conductor at 27, and passenger conductor at age 57. White-collar careers paths likewise were delineated. Educated young men started in clerical or statistical work and moved up to station agents or bureaucrats at the divisional or central headquarters. At each level they had more and more knowledge, experience, and human capital. They were very hard to replace, and were virtually guaranteed permanent jobs and provided with insurance and medical care. Hiring, firing, and wage rates were set not by foremen, but by central administrators, in order to minimize favoritism and personality conflicts. Everything was done by the book, whereby an increasingly complex set of rules dictated to everyone exactly what should be done in every circumstance, and exactly what their rank and pay would be. By the 1880s the career railroaders were retiring, and pension systems were invented for them. Transportation Railways contribute to social vibrancy and economic competitiveness by transporting multitudes of customers and workers to city centres and inner suburbs. Hong Kong has recognized rail as "the backbone of the public transit system" and as such developed