to build roadways, tunnels and bridges. Britain had a superior financial system based in London that funded both the railways in Britain and also in many other parts of the world, including the United States, up until 1914. The boom years were 1836 and 1845–47 when Parliament authorised 8,000 miles of lines at a projected cost of £200 million, which was about the same value as the country's annual Gross Domestic Product (GDP) at that time. A new railway needed a charter, which typically cost over £200,000 (about $1 million) to obtain from Parliament, but opposition could effectively prevent its construction. The canal companies, unable or unwilling to upgrade their facilities to compete with railways, used political power to try to stop them. The railways responded by purchasing about a fourth of the canal system, in part to get the right of way, and in part to buy off critics. Once a charter was obtained, there was little government regulation, as laissez-faire and private ownership had become accepted practices. The different lines typically had exclusive territory, but given the compact size of Britain, this meant that multiple competing lines could provide service between major cities. George Hudson (1800–1871) became the "railway king" of Britain. He merged various independent lines and set up a "Clearing House" in 1842 which rationalized interconnections by establishing uniform paperwork and standard methods for transferring passengers and freight between lines, and rates when one system used freight cars owned by another. By 1850, rates had fallen to a penny a ton mile for coal, at speeds of up to fifty miles an hour. Britain now had had the model for the world in a well integrated, well-engineered system that allowed fast, cheap movement of freight and people, and which could be replicated in other major nations. The railways directly or indirectly employed tens of thousands of engineers, mechanics, repairmen and technicians, as well as statisticians and financial planners. They developed new and more efficient and less expensive techniques. Most important, they created a mindset of how technology could be used in many different forms of business. Railways had a major impact on industrialization. By lowering transportation costs, they reduced costs for all industries moving supplies and finished goods, and they increased demand for the production of all the inputs needed for the railroad system itself. By 1880, there were 13,500 locomotives which each carried 97,800 passengers