I've just uploaded 18GB version 26 to the Google Drive where playtesters can access it.
As the change notes say, the changes in this version reflect feedback and observations from playtests with a broader group of players.
Rules
Insolvent Companies may no longer lay track or place Station Markers. This makes the option of entering Insolvency incur some disadvantage.
The rules for the Orange zone of the Stock Exchange have been modified. Shares valued in the Orange zone do not count against your certificate limit at all (instead of counting half). If you buy shares from this zone above your share limit, you do not have to sell back down to your limit until the shares are worth more than £115. (More precisely, you may ignore any shares worth £115 or less when determining whether you have to sell back down to the certificate limit).
The rules for Characters and for WW1 have been grouped together as the Advanced Game and are described in the main rule book. The remaining optional rules are listed as variants in the Setup and Scenarios booklet; they are not recommended for normal play.
Scenarios
Grey tiles are no longer used in the four-player scenario; the number of equivalent brown tiles has been increased to match. I found that the grey tiles were undoing the impact of station markers placed in the late game so that the markers became just a minor irritation instead of significant game players.
Companies
The Director’s Certificate of the LNWR costs an
additional £20 when first purchased (i.e. from the Initial Offering). I noticed that the LNWR was usually a better buy than the other companies at the start of the game; this £20 cost is an attempt to balance that advantage.
The Midland Railway has a free upgrade for its Home city. It is the only Company to have a special ability.
The GSWR has only three Station Markers, like the LYR and MSLR, for game balance.
Private Railways
The ability of the Taff Vale has been changed to give a free upgrade for Cardiff. The station marker in Cardiff was rarely used or useful. The ability of the Leicester & Swannington has also been changed.
In East Anglia, the NE has been replaced with the EU, to reflect the map changes.
Map
There are a number of minor changes throughout the map. In Scotland, Aberdeen is one hex further away. Trains may not run to Inverness until the Blue Phase (although track may be laid to connect to the Inverness red hex). These changes stop the Caledonian from being too strong in the first pair of ORs.
London increases income in every phase (30/40/50/60/70).
In the Midlands, Warrington has been removed. In the South-West, Exeter has been removed and Taunton added. In South Wales, Merthyr Tydfil has been added in the TV’s hex. Two extra brown hexsides have been added in Mid-Wales.
The representation of East Anglia has been changed. This doesn't actually affect the game much; it just makes the routes more historically accurate.
Holyhead now has a fixed income of 20. The Irish Mail bonus has been increased to 40 and may be scored for any one of Holyhead, Pembroke or Aberystwyth.
Characters
When setting up the game, randomly select a number of Characters to auction equal to the number of players, instead of having all Characters available in every game. This adds more variety to the game setup.
Characters are no longer auctioned. Instead, players choose one each after the Private Railways auction. They choose in reverse player order and then commence the first Stock Round in normal player order. There are a number of tweaks to the Characters' abilities, for game balance.
Minor Changes
4+2 trains now cost £300, the same as 4+1 trains. 5+2 trains cost £500 instead of £450 and 4X Trains cost £550 instead of £500. Companies can now be started at £115 during the Brown Phase.