Incorporated on 24th July 1851
Originally the Taw Vale Extension Railway (inc. 1846), the line ran from Barnstaple to Crediton, the scheme heavily supported by the London and South Western Railway. It was finally opened as a broad-gauge line in 1854 and re-named the North Devon Railway, later converted to mixed gauge allowing LSWR and B&ER traffic. The line passed to the London and South Western Railway system in 1863.
Original Capital £15,000 in 750 shares of £20 each. Loans of £5,000. Further raised of £533,000 and loans £177,666. The total reached £970,666 but was subsequently reduced to £441,400 and loans of £147,100.