Incorporated on 2nd August 1877
Originally the Whitland and Taff Vale Railway (1869), a 16 mile line from the South Wales branch of the Great Western Railway. The line was authorised to extend to Cardigan in 1877 and was re-named accordingly. It opened in 1886 and passed to the Great Western Railway in 1890.
Capital £37,000 in £10 shares and £12,300 in loans. Increased by £10,000 and £3,300 respectively.