This is the 2nd Edition printed by FRED Distribution (released in November 2008). It can be distinguished from the Warfrog / Fred 1st Edition distribution (from Essen 2007 and distributed in the U.S. by FRED in February 2008) by :
1. Revised rulebook. Mostly the same material, but it has been reorganized, and some troublesome areas have been rewritten. Player aid page has been revised as well. E.g., the 'Industry Counter Details' table now includes 'Flips when ...' column for each industry type, and columns now line up across industries.
2. Level 1 shipyard tiles now have a canal icon.
3. '£' symbols have been removed from values in Cotton Demand box on the board.
4. Colors discrepancies between tile fronts & backs for certain colors have been fixed.
5. Box, cards, board, and tiles have a heavier linen finish (the guy on the front of the box now looks like he's wearing corduroys).
6. "Printed in China" (Warfrog Edition was printed in Germany).
7. Larger coins.