1867: The Railways of Canada

1. Setting, map and number of players
1830 covers the northeastern USA for 2-6 players. 1867 crosses Canada from east to west, for 3-6 players (no 2-player option like 1830), and shares its core engine with designer Ian D. Wilson's earlier 1861 (Railways of the Russian Empire), but with its own map and its own stock price chart.

2. Two tiers of companies: shareless minors and majors
In 1830 every operating company is equal, with 10 shares at 10% each. 1867 splits companies into minors and majors: minors can merge or convert into majors over time, but they don't even issue shares — they always split revenue 50/50 between director and bank regardless of who holds them.

3. Majors can only be founded in disconnected cities from phase 4 on
Absent from 1830, where any company can found in any available city from the start. In 1867, once phase 4 arrives, new major corporations may only start in cities that aren't yet connected to the network (unless none remain).

4. Automatic loans instead of the president reaching into their own pocket
1830 has no loan mechanic at all — if a company can't afford something, it simply doesn't act. In 1867, companies automatically take out loans whenever they need money for a train, tile, or to pay interest, receiving only $45 in hand for every $50 of loan value — replacing 1830's usual expectation that the president covers the gap personally.

5. Practically impossible to go bankrupt as such
A direct consequence of the point above: where 1830 bankruptcy can force the president to bail out the company or see it liquidated, in 1867 a company that can't afford a train or its interest simply gets nationalized instead of declaring bankruptcy — the loan mechanic absorbs the shock before it gets that far.

6. A player-less national railway that acts as the game's clock
An entity with no equivalent in 1830. 1867 includes a national railway controlled by no player, which only places stations and buys trains; the game ends shortly after the first 8-train is bought, effectively making this national railway the game's built-in timer.

7. Waves of nationalization tied to specific rust phases
Another mechanic absent from 1830. In 1867, trainless minors get nationalized at the phase 4 and phase 6 rust events, and every remaining minor is nationalized once phase 8 begins; majors can also be nationalized at those same rust points (phases 4, 6, and 8) if they can't keep up.

8. The cost of placing a station depends on distance from your network
In 1830 a station token has a flat, printed price. In 1867 the cost of placing a new token is the company's current share price multiplied by the hex distance to its nearest existing token — expanding far from your existing network gets progressively more expensive.

9. Share price only falls when the president actually sells
In 1830 the share price reacts to a wide range of stock-round and operating-round events. In 1867 the price only drops as a direct result of the president selling shares, making the market noticeably gentler and more predictable than 1830's.

10. One named city with a doubled bonus for the top-end trains
1830 has no bonus of this kind tied to a single city. In 1867, Timmins pays $80 instead of the usual $40 if the route passing through it also reaches Toronto, Montreal, or Quebec — and that bonus doubles again for certain high-end trains (5+5E and similar), rewarding routes that stretch deep into eastern Canada.

1867 — Schematic summary (vs 1830)

SETTING

• Canada map, east to west, 3-6 players (no 2-player option like 1830)
• Same engine as 1861 (Ian D. Wilson), with its own map and stock price chart

COMPANIES

• Shareless minors (fixed 50/50 split) that can merge or convert into majors
• From phase 4 on, new majors can only be founded in still-disconnected cities

FINANCES

• Automatic loans whenever money is needed ($45 received per $50 of debt), no personal contribution from the president
• Practically impossible to go bankrupt: companies get nationalized instead of collapsing
• Share price only falls when the president sells shares (gentler market than 1830's)

NATIONAL RAILWAY AND NATIONALIZATION

• Player-less national railway: only places stations and buys trains; the game ends shortly after the first 8-train
• Trainless minors nationalized at the phase 4 and 6 rust events; all remaining minors nationalized at phase 8; majors can also be nationalized at those points

MAP AND BONUSES

• Station placement cost = share price × hex distance to the nearest existing token
• Timmins: $80 (instead of $40) if the route also reaches Toronto, Montreal, or Quebec; doubles again with high-end trains