The existing railway from Newton to Moreton was projected in 1858, and was carried out under the Moretonhampstead and South Devon Railway Act, 1862. My grandfather writes to my father, 8 February 1863:--“Mr Brassey has been down, and gone over the line marked out, but I cannot find what he thinks of it. He is staying at Torquay for the benefit of his health, and rides over some part of it every fine day. So I suppose something will be done, that is, if they can get the money, but people are not so forward with their money as heretofore for railroads.” Work was begun on 10 August 1863, but not near here till 9 November. In the autumn of 1864 surveys were made for an extension of the line from Moreton to Chagford; but nothing ever came of that. The line was opened to Moreton on 4 July 1866. Financially the railway was a failure. There was a capital of £105,000 in shares and £35,000 in debentures, but the expenditure was £155,000. And the company was amalgamated with the South Devon company on 1 July 1872, the £105,000 in shares being exchanged for £52,500 in ordinary stock, and the £35,000 in debentures for £35,000 in debenture stock. And then the South Devon company was amalgamated with the Great Western company on 1 February 1876, each £100 of South Devon ordinary stock being exchanged for £65 of Great Western ordinary stock, and each £100 of South Devon debenture stock for £100 of Great Western 5% debenture stock. Thus £100 in [Illustration: MAY DAY (_p. 58_)] shares came down to £32. 10_s._ 0_d._ in stock; but part of the loss was wiped out afterwards, when Great Western stocks went up, £32. 10_s._ 0_d._ of the ordinary stock selling for nearly £60, while £100 of the 5% debenture stock sold for nearly £200.