will find a [road] coach waiting to convey them, free of charge, between the Arbroath station of the Forfar railway and the Arbroath station of this railway." There was however a pooling arrangement for goods wagons across the two networks. Financial downturn In the first years of operation, the railway was running at a healthy profit; its financial difficulties were confined to lack of capital. It had resolved that problem by issuing 5% preference shares under the 1840 Act. That money significantly reduced the available money for distribution to ordinary shareholders. Moreover, the original permanent way was not as durable as had been hoped, and significant sums had to be expended on upkeep; in addition the government passenger tax was a heavy burden. In 1842 there was no dividend for ordinary shareholders and there was no money for necessary improvements on the line. Trunk railways The Arbroath and Forfar Railway had been a pioneering local railway. By the 1840s the English railway network was taking shape and a great deal of thought was given to connecting central Scotland with England, and bringing northern towns into the network. Amid considerable controversy, the Caledonian Railway was authorised in 1845 connecting Carlisle with Glasgow and Edinburgh; in the same session, there was a frenzy of railway authorisations, including the Scottish Central Railway, the Scottish Midland Junction Railway and the Aberdeen Railway. Together these lines were to link central Scotland with Stirling, Perth, Forfar and Aberdeen. In the preparation for the Bills for the 1845 Parliamentary session, the A&FR was approached in March 1844 by the promoters of the Aberdeen and East Coast of Scotland Railway. (This soon became simply "the Aberdeen Railway".) They wished to build a line from Aberdeen to Friockheim, and run trains from there via Arboath to Dundee over the D&AR. At the same time the promoters of the Scottish Midland Junction Railway were planning to build from Perth to Forfar, creating a through route from the south to Aberdeen partly over the A&FR. In the frenzy of railway schemes at this time, there was now to be a line between Dundee and Perth, and the Aberdeen Railway was considering using that route to Perth. The SMJR seem to have taken offence, and in retaliation declared that they would build their own line from Forfar via Brechin to Laurencekirk. The threat may have been an empty one, but the A&FR