Incorporated on 20th May 1825.
A narrow gauge (3ft 6in) horse-drawn line between Carnarvon and Nantlle, serving slate quarries in the area. It opened in 1828, amalgamated with the Carnarvonshire Railway in 1867, and passed to London and North Western in 1870 who widened it to standard gauge. The line was closed in 1932.

Capital £20,000 in shares, later increased to £40,000. No loans.