Formation of The Company
The Railway Mania of 1845 found the Potteries still without a railway, although the surrounding towns of Stafford, Crewe, Derby and Macclesfield were all connected to the fledgling railway system. The Staffordshire Potteries Railway promoted a route from Macclesfield to the Grand Junction Railway mainline at Norton Bridge plus a spur to Crewe. At the same time the Churnet Valley Railway promoted a line from Macclesfield to Derby with a branch to Stoke. After these two companies applied for the necessary powers to build the lines, Parliament suggested a pause of a year "to afford time for consideration and for maturing some more complete scheme for the accommodation of that important district".
The two companies decided to join forces to make a new approach to Parliament. They also incorporated in the scheme a proposal to join the Trent Valley Railway into the Potteries. To do this they promoted the North Staffordshire or Churnet Valley and Trent Junction Railway. This prospective company issued its prospectus on 30 April 1845 from offices at 1 Old Palace Yard, Westminster, London. There was to be a share capital of £2,350,000 (£189 million as of 2012). in £20 shares (117,500 shares).
The prospectus outlined the NSR's plans for two main lines. The Pottery Line running from a junction with the Manchester & Birmingham railway at Congleton to the Grand Junction Railway at Colwich was promoted, as 'giving the most ample accommodation to the towns of Tunstall, Burslem, Newcastle-under-Lyme, Hanley, Stoke, Fenton, Longton and Stone'. The Churnet Line was to run from Macclesfield though Leek, Cheadle and Uttoxeter to join the Midland Railway line between Burton-upon-Trent and Derby forming a direct link between Manchester and Derby.
The company was formally incorporated in April 1845 under the shorter name of the North Staffordshire Railway. As a way of eliminating opposition to the Company's Bills in Parliament, and to allow it to promote a line to Liverpool, the company made an agreement to take over the Trent & Mersey Canal Company. This was achieved by T&M shares being swapped for preference shares in the NSR. These preference shares paid a guaranteed annual dividend of 5% once the entire railway was open. The total purchase cost of the T&M to the NSR £1,170,000.
On 25 November 1845 the Derby and Crewe Railway was absorbed into the NSR Scheme. This was a line that was being supported by the Grand Junction Railway (GJR) running between Derby and Crewe via Uttoxeter and Stoke. It was to eliminate the opposition of the Grand Junction company to the other NSR proposals that the NSR agreed to absorb the Derby and Crewe. However part of the deal was that the proposed line from Harecastle to Liverpool was abandoned. Despite having arranged to purchase the T&M canal for a considerable sum, to obtain support for the Liverpool extension the NSR agreed to the GJR demand. All that survived of the NSR Liverpool plan was the short branch to Sandbach from Harecastle.
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