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The Welshpool & Llanfair Light Railway Co., £1 ordinary share, 1902, black on white. * Black print on white with handwritten details completed in black ink. Ornate border at left. Embossed company seal at bottom left. Five £1 shares numbered '4876' to '4880'. Certificate number '94'. Dated 6th June 1902. Issued to Mr Richard Hughes of Dolymaen, Garthbeibio. Signed by ? and Charles Shuker (Directors) and John Evans (Secretary).

A nine mile long narrow gauge railway constructed under a Light Railway Order of 1899. Financial difficulties necessitated an application in 1902 - which was successful - for an extension of time allowed under the 1899 Order, the line opening in 1903. This certificate pertains to the additional capital raised in 1902. Whilst an independent company, the line was operated by the Cambrian Railways Company for a percentage of the gross receipts. Both the Welshpool & Llanfair and the Cambrian were absorbed by the Great Western Railway in 1922 and the line survived until 1956. Moves towards preservation began in 1959 and the line reopened in 1963.