@harrym nationalised and/or publicly owned railways were a fairly recent development; they emerged in the British imperial colonies (like Victoria) because London capital was skittish about supporting private ventures that could just take the money and run. In Europe, Japan, the Americas and of course, the birthplace of public railways (the UK), it was all initially private companies building lines. Sometimes there was public subsidy, sometimes the private ventures failed and got nationalised (again, this is what happened in Victoria - private railway companies went bust and steadily got nationalised in the 1860s up until total nationalisation in 1883). But it all started with private money originally, for better or worse.