more importantly, from cheap Bessemer steel. Losses accumulated until the company's debenture holders opted for voluntary liquidation in January 1878. The company would have probably survived the trade depression of the late 1870s were it not for the untimely intervention of one of the old Llynvi company's Debenture Holders, probably George Moffatt, former chairman of the Llynvi Coal and Iron Co Ltd. Moffatt decided to withdraw his large debenture holding in December 1877, a move which would have resulted in bankruptcy proceedings with disastrous consequences for the debenture holders. As a result, the holders opted for the lesser evil of voluntary liquidation. The merger of 1871–2 proved to be disastrous for the Brogdens as they forfeited effective control over their Welsh enterprises, and expanded their exposure to iron, at a time when the south Wales wrought iron trade was about to enter a period of terminal decline. Metropolitan Railway Brogdens had other difficulties. They owned the Bwllfa Colliery in the Aberdare Valley (see above) and since the beginning of 1870 had supplied coal weekly to the Metropolitan Railway at favourable prices. A draft contract had been initialled by Alexander but never formally completed and Alexander decided to cease deliveries without notice. The Metropolitan held that the draft contract was valid and had been breached. A case was tried at the Surrey Spring Assizes (1873), The Court of Common Pleas and the House of Lords (1877), each of which held for the Metropolitan. This case is an important precedent in the law of contract. Alpine Crossing from France to Italy The Mont Cenis Pass Railway between France and Italy was promoted and construction overseen by a partnership consisting of Alexander Brogden, The Duke of Sutherland, Sir James Hudson, Thomas Brassey, The Duke of Vallombrosa, Lord Abinger, Sir Robert Dallas, Edward Blount, Jervoise Smith, Thomas Crampton, W B Buddicom, J B Fell, and James Brunlees. Fell and Brunlees were the engineers. Fell designed the engine/rail system for mountain use and Brunlees designed the route in accordance with Fell's design. This temporary "Fell Railway" was the first mountain railway in the world. It operated from 1868 to 1871, and was replaced by the railway through the Mont Cenis Tunnel. Although the railway was successful in technical and service terms, it is doubtful whether the shareholders got any of their money back and Brogdens had invested a lot. Out of 8,678 shares issued (as