1. Issue Starting Capital

[Establish a bank of 12,000円. From the bank, distribute starting capital to the players.]

2. Determine Turn Order

The game includes seven turn order cards, marked '1' to '7'. If there are less than seven players, remove high numbered cards until you have one card per player. Shuffle and deal out the remaining turn order cards. The player receiving the '1' card remains in his or her seat, and takes the priority deal card (marked 優先売買). The other players seat themselves clockwise (in ascending order of card number) from the player holding the '1' card. Play proceeds clockwise.

3. Initial Stock Round (Private Company Auction)

In the initial stock round the private company certificates will be bought by players. Public company certificates may not be purchased at this time, and no certificates of any type may be sold during the initial stock round. The #4.5 private company is only used in a 7 player game, and should be removed from the game if playing with less than 7.

Arrange the private companies on the table in numerical order. The lowest numbered private company certificate that has not been purchased by a player is the currently offered certificate. This means that first certificate to be offered will be #1, the Gihoku Light Rail (岐北軽便鉄道).

Beginning with the holder of the priority dealer (優先売買) card, each player in turn must either:

1. purchase the currently offered certificate at face value, or;
2. place a bid on another unowned private company certificate, or;
3. pass

4. Private Companies

[The ordinary share that may be taken by the owner of the KGH or NT follows the same rules as 1830 with respect to timing, with the explicit exception that the share may also be taken at any time during a merger or acquisition. Taking such a share does not count as a purchase, and the priority deal card (marked 優先売買) does not change hands as a result of such a share being taken.]

5. Public Information

Player assets and company assets are both public. Cash of players and companies must be clearly separated.

6. End of Game

The game ends when either:

a) a player is bankrupted (game ends immediately)
b) the bank runs out of money (play out the current set of ORs)
c) the Pacific War begins (this happens at the beginning of the second SR in phase D -- don't play out that SR) [i.e the game ends after the 1st full set of ORs in phase D -- the wording here is to note that the set of ORs in which the first diesel is bought is part of the previous phase prior to that purchase and thus doesn't qualify]

7. Game Winner

The winner is the player with the highest value of combined cash and assets at the end of the game. A bankrupt player may win.

8. Floating Public Companies

The director's double share must be purchased first. This share counts as one certificate for the purposes of the certificate limit.

When the director's share is purchased from the initial offering, purchasing player sets the company's stock price.

Except for the Government RR (官営鉄道), a company floats when 6 shares are sold. It immediately receives 6 x its par value as starting capital. It receives the remainder of its capital as the remaining initial offering stock is sold (or traded out from private companies).

When a company floats, place its marker on the stock chart.

When a company floats, it places its initial station marker on its home base at the beginning of the next OR.

9. Government Railroad (GRR)

The Government RR (官営鉄道) floats when the director's share is purchased, and receives its capital piecemeal as each share of the initial offering stock is sold.

The GRR has two types of station markers: red and white. Red GRR station markers can only be placed in red hexes: hex A16 Gero (下呂), hex O20 Hamamatsu (浜松), or hex E20 Nakatsugawa (中津川). Only red GRR station markers may be placed in these hexes (white GRR markers, or the markers of other companies may not be placed in these hexes). The presence of a red GRR marker does not prevent other companies from obtaining revenue from a red hex.

The GRR may place red station markers on its reserved offboard hexes without needing a track connection, creating further railheads. These represent government track coming into the board from the Tokyo area.

White GRR station markers function normally.

At the end of the stock round in which it floats, the Government RR must place one of its red station markers on one of its red hexes: A16 Gero (下呂), hex O20 Hamamatsu (浜松), or hex E20 Nakatsugawa (中津川). This marker is not the GRR's home base; rather, it represents government railways from neighbouring areas building into the Nagoya region. At the same time, the GRR will place a white station marker on M10 Taketoyo (武豊), as its home base.

There will therefore be a total of two station markers placed by the GRR before it lays track for the first time: its free white station marker on Taketoyo (the GRR home base), and one of its free red station marker on one of the red hexes.

The red station marker placed by the GRR during this process does not require a track connection to any existing GRR track, and can be used as a railhead (to extend track from and run trains from).

At the end of each stock round, the GRR may lay as many yellow tiles as the number of shares (not certificates) that were bought from the initial offering during that stock round. Keep track of how many bonus tiles the Government RR has placed this way. It may only place one tile per Government RR share sold from the initial offering, i.e. a maximum of ten bonus tiles per game. Laying bonus tiles at the end of an SR does not prevent the GRR from laying or upgrading tiles in an OR.

Example: A player buys the GRR director's double share during a stock round. All players pass in turn, signalling the end of the stock round. As a final step before moving on to the OR, the GRR director places a free red station marker on Gero and its free white station marker on Taketoyo, then lays two yellow tiles. An operating round then begins. When the GRR operates, the GRR director does not place a home base token, since it was already placed at the end of the SR. The GRR may then lay one tile.

During the regular ORs, in its turn, the GRR can either lay 1 or 2 yellow tiles, or upgrade one tile.

Until the Tōkaidō line (東海道本線), Chūō line (中央本線), and Kōzen line (高山本線) are all complete, the Government RR may only pay a half dividend [keeping the balance] or withhold and pay no dividend. When all three lines are complete, it gains the option of paying a full dividend, and the half dividend option remains available.

The Tōkaidō line (東海道本線) is complete when there is track connecting hex F1 Maibara (米原) with hex O20 Hamamatsu (浜松)

The Chūō line (中央本線) is complete when there is track connecting hex J9 Nagoya (名古屋) with hex E20 Nakatsugawa (中津川)

The Kōzen line (高山本線) is complete when there is track connecting hex E6 Gifu (岐阜) with hex A16 Gero (下呂)

Station markers of other companies are ignored for the purpose of completing a line.

The Government RR cannot close due to entering the red region of the stock market. [If a stock movement would place its marker in the red region, it stops one square away.]

The Government RR pays half price when placing track tiles.

The Government RR may choose to lay two tiles in its operating turn, providing both tiles are yellow tiles.

The Government RR may only buy and sell trains at face value.

The Government RR cannot be absorbed or participate in a merger, but it can absorb other companies via acquisition.

10. Forced Sale of Shares

If a player holds certificates in excess of the certificate limit, he or she must sell the excess certificates at the first opportunity (this will usually be the player's first action of the next stock round).

11. Certificate Limit

The certificate limit changes depending on the number of players, and on the number of companies currently in the game. At the beginning of the game, all 11 companies are in play, so the top row of the certificate limit table is used. The limit may change whenever a company closes due to merger, acquisition, or bankruptcy. A player may not buy certificates if such a purchase would exceed the limit. A player must meet the limit at the end of each stock turn, i.e. must sell any excess certificates during that turn.

In phase 6 only, the certificate limit is calculated using only floated companies (i.e. don't include companies that haven't yet sold enough shares to float).

12. Mergers and Acquisitions

A merger or acquisition occurs when one company absorbs the assets of another, by reimbursing its shareholders with stock or cash from the absorbing company.

One company (the absorbed company) will be removed from the game, and the other (the absorbing company) will remain in the game.

Companies merge or acquire two at a time. If a group of 3 or more companies wishes to merge or acquire, the situation must be resolved as a series of two-way mergers and / or acquisitions.

Mergers and acquisitions may occur in phase 4 or later. Any public companies may merge or acquire during an OR. The Government RR may acquire other companies, but may never participate in a merger, and cannot be acquired itself. A merger or acquisition must be proposed by the director of one of the participating companies, at any time during an OR, but in case of a merger, before the company to be absorbed has operated. In the case of a merger, the company to be absorbed must have a stock price equal to or lower than that of the absorbing company.

A track connection on the board is not required for a merger or acquisition, and a floated company may be absorbed without ever having operated. The company whose director is proposing the merger must have a home base token on the board before a merger or acquisition can occur.

If trains have been run by the absorbing company, the revenue must be withheld or paid out (as usual) before the merger or acquisition goes ahead.

The proposal will detail:

a) which two companies are participating
b) which company is absorbing and which is being absorbed
c) whether the absorbed company will be merged (reimbursing its shareholders with stock) or acquired (reimbursing its shareholders with cash)
d) in the case of an acquisition, how much the absorbing company will pay for each share (50% to 200% of the absorbed company's current share value) -- the total amount to be paid must not exceed the value of the absorbing company's treasury.

It doesn't matter which company is the absorbing company and which company is the absorbed company, as long as the proposed merger has sufficient shareholder support. Exception: If the Government RR participates in an acquisition, it is always the absorbing company.

For each merger or acquisition company, 60% of the shares in each company must support the merger or acquisition, otherwise it does not go ahead. Stock in the initial offering is deemed opposed to the merger / acquisition, stock in the open market is deemed in favour of the merger / acquisition.

13. Phases

14. Stock

Similar to 1830. Players may sell-buy or buy-sell. Outside the period of the Showa depression (Phase 6), once a token hits the lowest row it cannot go further. [I take this to mean that shares that would drop below the ledge don't move left, rather than meaning that no companies can close by entering the red zone during the depression.]

Buy one share or player held private company at a time, plus any number of shares in the green zone. Players may purchase private companies from each other for any agreed price. [Public companies, including the GRR, purchase privates as per 1830 (at 50% to 200% face value, during an OR).]

A fully subscribed company (all shares in player hands) rises one row on the SPI at the end of an SR. If it's already in the topmost row, it goes one row down and one column to the right.

Stock purchases from the open market are paid to the bank.

In the Showa depression, shares can't be bought from the initial offering, and each time a share is sold, the price drops two rows instead of one. At the end of the stock round, any companies that have shares in the open market have their share price drop one row. If the price falls while the token is already on the bottom row during the Showa depression (for any reason), the counter is moved one row up and one to the left.

Shares in yellow zone can be held in excess of certificate limit. Shares in green zone can be held in excess of certificate limit, and in excess of 60% ownership. Companies in the red zone close without compensation, and are entirely removed from the game (shares, markers, etc). Check whether the certificate limit has changed after a company closes in this manner. Government RR can't enter the red zone.

You can't buy a share in a company and sell shares in the same company in the same buy-sell or sell-buy action.

15. Operating Rounds

16. Public Company Descriptions

17. Scrip Manifest

12000円 bank, comprised of:

14 x 500円
30 x 100円
20 x 50円
30 x 20円
26 x 10円
20 x 5円
10 x 2円
20 x 1円

18. Glossary

愛知電気鉄道 = aichi denki tetsudou = Aichi Electric RR (public)
愛知馬車鉄道 = aichi baja tetsudou = Aichi Horsecar (private)
熱田神宮 = atsuta jinguu = Atsuta Shrine (J11)
渥美鉄道 = atsumi tetsudou = Atsumi RR (public)
飯田 = iida = Iida (K20)
伊勢神宮 = ise jinguu = Ise Shrine (Q8)
伊勢電気鉄道 = ise denki tetsudou = Ise Electric RR (public)
市場 = ichiba = Open Market
一宮 = ichinomiya = Ichinomiya (G8)
員弁 = inabe = Inabe (L1)
犬山 = inuyama = Inuyama (D11)
揖斐 = ibi = Ibi (C2)
岩倉 = iwakura = Iwakura (G10)
円 = en = Yen
大垣 = oogaki = Ōgaki (F3)
太田川 = ootagawa = Ōtagawa (L9)
大府 = oobu = Ōbu (K12)
岡崎 = okazaki = Okazaki (L15)
尾鷲 = owase = Owase (Q4)
各務ヶ原鉄道 = kagamigahara tetsudou = Kagamigahara RR (private)
春日井 = kasugai = Kasugai (G12)
可児 = kani = Kani (D15)
官営鉄道 = kanei tetsudou = Government RR (public, also private in 7P game)
亀山 = kameyama = Kameyama (O2)
刈谷 = kariya = Kariya (L13)
関西鉄道 = kansai tetsudou = Kansai RR (public)
岐阜 = gifu = Gifu (E6)
岐北軽便鉄道 = gihoku keiben tetsudou = Gihoku Light Rail (private)
黒野 = kurono = Kurono (C4)
桑名 = kuwana = Kuwana (L5)
下呂 = gero = Gero (A16)
高師 = takashi = Takashi (P17)
高山本線 = kouzen honsen = Kōzen line
河和 = kouwa = Kōwa (O10)
小牧 = komaki = Komaki (F11)
挙母 = koromo = Koromo (K16)
参宮鉄道 = sanguu tetsudou = Sangū RR (private)
参宮急行電鉄 = sanguu kyuukou dentetsu = Sangū Electric Rail (public)
社長株 = shuchuu kabu = Director's Share
関 = seki = Seki (B9)
瀬戸 = seto = Seto (H15)
瀬戸電気鉄道 = seto denki tetsudou = Seto Electric RR (public)
武豊 = taketoyo = Taketoyo (M10)
多度大社 = tadotaisha = Tadotaisha (J3)
多治見 = tajimi = Tajimi (F17)
谷汲山華厳寺 = tanigumisan kegonji = Kegon Temple, Mt. Tanigumi (B1)
樽見 = tarumi = Tarumi (A6)
知立 = chiryuu = Chiryū (K14)
中央本線 = chuuou honsen = Chūō line
津 = tsu = Tsu (O6)
津島 = tsushima = Tsushima (I6)
東海道本線 = toukkaidou honsen = Tōkaidō line
東美鉄道 = toumi tetsudou = Tōmi RR (public)
常滑 = tokoname = Tokoname (M8)
豊川稲荷 = toyokawa inari = Toyokawa Inari Shrine (M18)
豊橋 = toyohashi = Toyohashi (N17)
中川 = nakagawa = Nakagawa (P3)
中津川= nakatsugawa = Nakatsugawa (E20)
名古屋 = nagoya = Nagoya (J9)
名古屋電気鉄道 = nagoya denki tetsudou = Nagoya Electric RR (public)
西三軌道 = nishisan kidou = Nishisan Tramway (private)
西枇杷島 = nishi biwa jima = Nishi Biwajima (I8)
浜松 = hamamatsu = Hamamatsu (O20)
尾西鉄道 = bisai tetsudou = Bisai RR (private)
碧南 = hekinan = Hekinan (M12)
米原 = maibara = Maibara (F1)
松阪 = matsusaka = Matsusaka (P7)
三河鉄道 = mikawa tetsudou = Mikawa RR (public)
美濃 = mino = Mino (A10)
美濃太田 = mino oota = Mino Ōta (C14)
美濃電気軌道 = mino denki kidou = Mino Electric Tramway (public)
柳ヶ瀬 = yanagase = Yanagase (D7)
優先売買 = yuusen baibai = Priority Deal
湯の山温泉 = yunoyama onsen = Yunoyama Hot Springs (N1)
養老 = yourou = Yōrō (H1)
四日市 = yokkaichi = Yokkaichi (M4)