 In 1849 he exercised effective control over nearly 30% of the rail track then operating in Britain, most of it owned by four railway groups – the Eastern Counties Railway, the Midland, the York, Newcastle and Berwick, and the York and North Midland – before a series of scandalous revelations forced him out of office.The economic, railway, and accounting literatures have treated Hudson as an important figure in railway history, although concentrating largely on the financial reporting malpractices of the Eastern Counties Railway while Hudson was its chairman, which were incorporated into the influential Monteagle Committee Report of 1849.He did away with accountants and manipulated funds – paying large dividends out of capital because profits were low – but no one knew that until his system collapsed.