"Railway companies?" Tressaguet asked cautiously. "Your Highness, shouldn't railways be managed by the Ministry of Transport?"
Joseph smiled and gestured for him to sit. "Believe me, the Ministry of Transport certainly won't be able to manage it all.
"It won't be just the French Railway Company. Many more railway companies will emerge in the future.
"Take the simplest example. Suppose a small town in northern Rouergue wants to build a railway. What should the Ministry of Transport do?"
Tressaguet had been about to say, "Then allocate funds to build it," but suddenly froze.
Rouergue was one of the poorest provinces in southern France—much of it was mountainous, with a sparse population. Building railways there would be an extremely low priority.
Thus, the Ministry of Transport's funding would certainly be spent first on places like Paris and Lyon. Rouergue would probably have to wait sixty or seventy years before any funds reached it.
Joseph continued, "Railway construction must rely on private capital.
"The French Railway Company will mainly be responsible for railway line construction needed by major cities or military strategy, and will openly raise shares nationwide.
"The government will invest through ownership of land along the railway routes and obtain management rights in the company. Any other capital may purchase company shares and receive a share of operating profits.
"At the same time, other companies will be allowed to build railways independently and possess independent operating rights. For example, in Rouergue, local merchants will most likely be willing to operate railway transport there. Only then can we ensure that railways are available throughout the country.
"Of course, these railway companies must also accept supervision from the Ministry of Transport.
"And after a certain period—ninety years, for example—those privately operated railway companies must still return ownership of the railways to the