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Make sure you also have plenty of convoys in reserve, cause you can get raided during war and outside of war and that can impact your market access of states not connected to your capital state by land.
although i do have issues with keeping market access above 100% for me more industrialised states. usually because the train network has trouble staying cash positive
is there much point on incorporating over seas territories as i own most of Africa?
Incorporate for taxes. Leave unincorporated for whatever colonialism institute benefits you have set, and the lower wages. Incorporated states can get costly in bureaucracy though.
some industries just don't make money --- railroads are more for infrastructure and things like power generation and engines are often break even.
have you updated the game? there was an issue in earlier patches where wages grew too much from profits such that a long standing profitable business increased wages too much so that the same industry in a new state would undercut it. It took a while to equalize again.