the reason for the unusual figure is lost in the mists of time. but probably the best trivial reason could be that road carts traditionally had wheels set 5'0" apart, measured across the outside edges (so that a good sized horse fitted between the drawspars). railways work best if the wheel flanges are on the insides of wheels, so 5'0" - 2"x2 = 4'8", which was the gauge used on many mine tramways in the north of england. george stephenson added half an inch to reduce binding on sharp curves and hey-presto, 4'8 and a half.....